YOSHINO, Naoyuki

写真a

Affiliation

Faculty of Economics Professor Emeritus of Economics, Keio University ( Mita )

Position

Professor Emeritus （ Professor Emeritus of Economics, Keio University ）

E-mail Address

E-mail address

Remarks

Monetary and Fiscal Policy, Green Finance, Infrastructure Finance

External Links
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Profile 【 Display / hide 】

  • PhD. Johns Hopkins University, 1979 (Thesis supervisor, Sir Alan Walters;British Prime Minister Margaret Thatcher's Economic Advisor)
    Assistant Professor, State University of New York at Buffalo (1979-1981)
    Associate Professor, GRIPS (1982-1990)
    Professor, Faculty of Economics, Keio University (1991-2014)
    Dean & CEO, Asian Development Bank Institute(ADBI) (2014-2020)
    Visiting Professor, New South Wales University, Australia
    Visiting Professor, Sciences Po, Paris, France
    Visiting Professor, Goteborg University, Sweden
    Visiting Professor, Martin Luther University of Halle-Wittenberg, Germany
    Visiting Professsor, University of Malaya, Kebansan (UKM), Malaysia
    Visiting Scholar, MIT, USA
    Visiting Scholar, Central Bank of Japan (Research Institute)
    Visiting Lecturer, University of Tokyo, Graduate School of Public Policy, (2020-2022)
    International Green Finance Lifetime Achievement Scientific Award, 2021 (Central Award: European Green Finance Conference, Central Bank of Hungary, Planet Budapest Sustainable EXPO Summit, December 2021) https://zoldpenzugyek.mnb.hu/green-finance-scientific-awards/international-green-finance-lifetime-achievement-scientific-award
    https://econ.jhu.edu/2021/12/12/prof-naoyuki-yoshino-phd79-receives-the-international-green-finance-lifetime-achievement-scientific-award/
    Visiting Professor, GRIPS (Graduate Research Institute for Policy Studies) (2020-2024)
    President, Foreign Exchange Council、MOF
    President, Financial System Council, Government of Japan
    Chief Advisor, Financial Research Center, Financial Services Agency (FSA) (2024-present)
    Professor Emeritus of Economics, Keio University,(2014-present)
    Republic of Palau (Member of Economic Advisory Group, 2022-present), https://pitiviti.org/palau-eag-members#:~:text=The%20Palau%20Economic%20Advisory%20Group,by%20the%20President%20of%20Palau.
    Specially Appointed Professor, Tokyo Metropolitan University (International Economics) (2023-Present)
    Advisory Board (Chair), Stockholm School of Economics (EIJS) (2024-Present).
    Honorary Fellow, Asian Development Bank Institute (ADBI)

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Profile Summary 【 Display / hide 】

  • Green Finance, Infrastructure Finance, Fiscal sustainability, Postal Savings, Fiscal Policy, Monetary Policy, Exchange Rate System
    https://scholar.google.com/citations?user=qe3wShkAAAAJ&hl=en

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Other Affiliation 【 Display / hide 】

  • 2020-2023 University of Tokyo-Visiting Lecturer, Graduate School of Public Policy, Visiting Lecturer

  • 2022-Present、Member, Economic Advisory Group, Republic of Palau，https://pitiviti.org/palau-eag-members

  • 2024-Present, Stockholm School of Economics, EIJS, Advisor (Chair), https://www.hhs.se/en/research/institutes/eijs/board/advisory-board/

  • 2023-Present, Special Professor, Tokyo Metropolitan University, Economics

  • 2025-Present.Honorary Fellow-Asian Development Bank Institute, 2025-Honorary Fellow, Asian Development Bank Institute (ADBI)

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Career 【 Display / hide 】

  • 1979
    -
    1981

    Assistant Professor State University of New York at Buffalo

  • 1982
    -
    1990

    Associate Professor Graduate school of Policy Science Saitama University

  • 1990.04
    -
    1991.03

    Associate Professor, Keio University, Faculty of Economics, Associate Professor

  • 1991.04
    -
    2014.03

    Professor of Economics, Keio University, Professor

  • 1991.04
    -
    2014.03

    Graduate School of economics, Keio University, Professor

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Academic Background 【 Display / hide 】

  • 1973.03

    Tohoku University, Faculty of Economics

    University, Graduated

  • 1975.03

    Tohoku University, Faculty of Economics

    Graduate School, Completed, Master's course

  • 1975.09
    -
    1979.03

    Johns Hopkins University, Graduate School of Economics, Graduate School, PhD in Economics

    United States, Graduate School, Graduated, Doctoral course

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Academic Degrees 【 Display / hide 】

  • PhD(Economics,Johns Hopkins University), Johns Hopkins University, Coursework, 1979.03

  • Honorary Doctorate (Goteborg University, Sweden), Goteborg University, Sweden, Dissertation, 2004.10

  • Honorary Doctorate Martin Luther University of Hale Wittenberg (Germany), Martin Luther University of Halle-Wittenberg (Germany), Dissertation, 2013

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Research Areas 【 Display / hide 】

  • Humanities & Social Sciences / Money and finance

  • Monetary and Fiscal Policy

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Research Keywords 【 Display / hide 】

  • Public Finance

  • Fiscal and Monetary Economics

  • Fiscal Policy

  • Monetary Policy

  • Money and Banking

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Research Themes 【 Display / hide 】

  • Green Finance, Infrastructure Finance, SME industries, Infra finance(Revenu Bond),Asian Bond Market, Basket Currency System, Fiscal Investment and Loan Program, Postal Savings, Effectiveness of Public Works, 

    2002
    -
    Present

    　View Summary

    Green Finance, Infrastructure finance, A comparative analysis of Floating exchange Rate and Basket-peg, Asian Bond Market, Effectiveness of Public Works, Revenue Bond

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Books 【 Display / hide 】

  • FOSTERING GREEN GROWTH IN ASEAN BY STRENGTHENING SME CONTRIBUTIONS TO CARBON NEUTRALITY

    Yoshino N., Rasoulinezhad E., Phoumin H., Taghizadeh-Hesary F., Vandercamme L., Sustainable Growth and Green Policies Navigating Energy and Environmental Challenges, 2025.01

    　View Summary

    In numerous Asian nations, small and medium-sized enterprises (SMEs) are pivotal to economic growth, yet often remain beyond the reach of environmental regulations, which predominantly target larger corporations. This research investigates the link between SME activities and carbon emissions in ASEAN countries from 2010 to 2020, utilizing a fully modified ordinary least squares (FMOLS) model. The analysis reveals that SME operations substantially contribute to CO2 emissions, indicating a disconnect between environmental protection efforts and sustainable development goals. To guide SMEs toward carbon neutrality, the study recommends implementing specific green finance policies, expanding environmental regulations to encompass SMEs, and overhauling banking lending practices to promote sustainability based on SMEs’ environmental performance. These strategies aim to incorporate SMEs into ASEAN’s broader green growth and sustainable development agenda.

  • Energy Security, Pollution, and Health in Selected Developing Asian Economies

    Taghizadeh-Hesary F., Rasoulinezhad E., Yoshino N., Chang Y., Taghizadeh-Hesary F., Morgan P.J., Energy Security Transition and Economic Growth, 2025.01

    　View Summary

    Increased dependence on nonrenewable energy sources contributes to greater air pollution, which in turn leads to negative health outcomes. This chapter examines the relationship between fossil fuel consumption (FFC) and health issues using the generalized method of moments (GMM) for data from 18 developing Asian economies spanning 1991 to 2022. The findings show that fossil fuel use elevates the risk of lung and respiratory diseases (LRD), with CO2 emissions and FFC significantly affecting undernourishment and mortality rates. Additionally, higher gross domestic product (GDP) per capita and healthcare expenditure are found to reduce undernourishment and death rates (UDR). The chapter concludes that transitioning from fossil fuels to renewable energy can improve energy security and reduce greenhouse gas emissions.

  • ENERGY SECURITY, TRANSITION, AND ECONOMIC GROWTH

    Taghizadeh-Hesary F., Chang Y., Yoshino N., Energy Security Transition and Economic Growth, 2025.01

    　View Summary

    This book, Energy Security, Transition, and Economic Growth, provides a timely and comprehensive analysis of these interconnected issues. It brings together insights from a range of regional- and country-level case studies, offering new perspectives on how different nations are navigating the complex landscape of energy security and transition while maintaining the pace of economic growth. The book is structured into two parts: regional-level analyses and country-level studies, comprising 10 chapters. Each chapter presents empirical research, practical policy recommendations, and innovative solutions that can be applied to different countries and regions worldwide. The findings in this book are particularly valuable for policymakers, energy practitioners, and researchers. Each chapter contributes to a broader understanding of how countries can navigate the transition to renewable energy while maintaining or enhancing their energy security and economic growth.

  • SUSTAINABLE GROWTH AND GREEN POLICIES: Navigating Energy And Environmental Challenges

    Taghizadeh-Hesary F., Yoshino N., Mirza N., Mohsin M., Sustainable Growth and Green Policies Navigating Energy and Environmental Challenges, 2025.01

    　View Summary

    Sustainable Growth and Green Policies: Navigating Energy and Environmental Challenges explores the intersection of green finance, energy transition, and sustainable policies, offering innovative solutions to today's environmental and economic challenges. The book is divided into two sections: Green Policies for Sustainable Growth and Carbon Neutrality and Green Finance and Economic Recovery, featuring empirical research, innovative frameworks, and policy recommendations. The first section focuses on strategies for achieving carbon neutrality and promoting green growth across various economic contexts. Topics include the role of small and medium-sized enterprises (SMEs) in ASEAN's decarbonization, the relationship between financial development and greenhouse gas mitigation in BRICS economies, and behavioral factors influencing private investment in renewable energy. It also explores China's carbon market design and the impact of socioeconomic progress on environmental sustainability. The second section examines the role of green finance in economic recovery, particularly in the post-COVID-19 era. It assesses the interconnectedness of clean and conventional energy markets, the implications of renewable energy financing in Asia, and the effects of green finance on carbon intensity in OECD countries. Additionally, it explores fiscal policies for greening China's economy and macroeconomic frameworks for achieving sustainable development in the EU.

  • A modern guide to energy economics

    Farhad Taghizadeh-Hesary, Ehsan Rasoulinezhad, Naoyuki Yoshino, A Modern Guide to Energy Economics, 2024.08

    　View Summary

    With a sharp focus on sustainability, this book offers a nuanced understanding of the intricate interplay between economics and the evolving energy landscape. Editors Farhad Taghizadeh-Hesary, Ehsan Rasoulinezhad and Naoyuki Yoshino bring together a diverse range of authors to address emerging priorities in the energy sector, such as sustainability, transitions and energy security. Offering valuable insights, this book provides readers with a holistic understanding of the economic implications and opportunities inherent in sustainable energy practice. Chapter authors cover important facets of modern energy economics, including topics such as renewable energy, energy transitions, electricity markets, energy security, finance and investment. Providing a thorough assessment of the present research landscape, the book also explores significant trends and contemporary issues, drawing from state-of-the-art discussions. This is an invigorating read for energy economics researchers, as well as economics and finance scholars more broadly. Policymakers and energy analysts will also greatly benefit from the book's focus on sustainability, transitions and security.

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Papers 【 Display / hide 】

  • The Next Generation Virgo Cluster Survey (NGVS). II. A Catalog of Galaxies in the Virgo Cluster

    Laura Ferrarese, Patrick Cote, Lauren A. MacArthur, Joel C. Roediger, John P. Blakeslee, Michele Cantiello, Jean-Charles Cuillandre, Puragra Guhathakurta, Stephen Gwyn, Max M. Kurzner, Eric W. Peng, Matthew Santos, Eleanore B. Todd, Elisa Toloba, Pierre-Alain Duc, Patrick R. Durrell, Nicholas Fantin, Yuting Feng, Ariane Lancon, Sungsoon Lim, Chengze Liu, Deborah Lokhorst, Alessia Longobardi, Simona Mei, J. Christopher Mihos, Sanjaya Paudel, Thomas H. Puzia, Anand Raichoor, Ruben Sanchez-Janssen, Kaixiang Wang, Hongxin Zhang, Alessandro Boselli, Michael L. Balogh, Samuel Boissier, Eric Emsellem, J. J. Kavelaars, Alan W. McConnachie, Cameron R. Morgan, Chelsea Spengler, James E. Taylor, Matthew A. Taylor, Toby Brown, Sebastien Fabbro, Raphael Gavazzi, Hendrik Hildebrandt, Rashi Jain, Andres Jordan, Rory Smith, Solveig Thompson, Haruka Yoshino, Wim van Driel, Ludovic van Waerbeke, Tyrone E. Woods, Jade Yeung

     2026.07

    Joint Work

    　View Summary

    The Next Generation Virgo Cluster Survey (NGVS) is a deep, high resolution imaging campaign that used the 1 deg$^2$ MegaCam instrument on the Canada-France-Hawaii Telescope to carry out a comprehensive optical survey of the Virgo cluster, from its core to its virial radius. The NGVS covers a contiguous area of 104 deg$^2$ (8.63 Mpc$^2$ at the 16.5 Mpc distance of Virgo) in the $u^*$-,$g$-,$i$-, and $z$-band, with additional limited coverage in $r$. In this paper, we present the final catalog of Virgo galaxies across the entire NGVS area. The catalog includes 3680 galaxies considered to be $bona~fide$ members of the cluster, spanning a factor of 2.5 million in luminosity, from $g = 8.42$ mag to $g = 24.41$ mag ($M_g = -22.67$ mag to $M_g = -6.68$ mag). With 2100 previously uncataloged galaxies, the NGVS catalog augments the number of known Virgo members by a factor 2.3. The catalog is complete down to $g = 18.6$ mag ($M_g=-12.5$ mag, corresponding to a stellar mass $M_* \sim 1.6\times10^7~M_{\odot}$ for an old stellar population) and 50% complete at $g = 22.0$ mag ($M_g=-9.1$ mag, $M_* \sim 6.2\times10^5~M_{\odot}$), three magnitudes deeper than the venerable Virgo Cluster Catalog (VCC), which for over 40 years has served as the reference standard for Virgo. Photometric and structural parameters are derived for all NGVS galaxies and presented in a series of tables, alongside nuclear and morphological classification, as well as stellar masses and, when available, radial velocities.

  • Cyber risk under stress: Bank cyber shocks and systemic fragility

    Chida, M; Kim, S; Yoshino, N

    FINANCE RESEARCH LETTERS 100 2026.06

    Joint Work,  ISSN  1544-6123

    　View Summary

    Cyber risk in banking is often studied as an operational or idiosyncratic shock, but it may also matter for financial stability and long-horizon asset pricing. We show that declines in a bank intermediation-capacity index predict a lower ten-year Treasury term premium three to four quarters ahead, with stronger effects when system-wide financial stress is elevated, whereas VIX responds mainly contemporaneously. Using quarterly U.S. data from 2001Q2 to 2025Q3 and incident-level cyber records, we further show that the delayed response is more clearly concentrated in intermediation-capacity disruptions than in theft/extortion events, and that it remains visible in medium-horizon block, innovation-based, and timing-falsification checks. We interpret the evidence as consistent with a gradual intermediation channel rather than as a point-identified structural mechanism. These findings suggest that incident-based bank cyber indicators may provide useful information for financial-stability monitoring and macroprudential surveillance.

  • Structure of Regional Financial Markets in Japan: A Comparison between 1990 and the Present

    Uesugi Iichiro, Hiraga Kazuki, Manabe Masashi, Yoshino Naoyuki

    THE ECONOMIC REVIEW (Institute of Economic Research, Hitotsubashi University)  77 ( 1 ) 1 - 24 2026.04

    Joint Work,  ISSN  00229733

    　View Summary

    <p>Because Japan’s financial system is bank-centered, understanding the structure of the loan and deposit markets is of central importance. However, prior to the mid-2000s, there was limited statistical evidence concerning competition in regional financial markets and interregional flow of funds, despite the potentially significant changes driven by financial crises and deregulation. We address this issue by proposing a methodology for estimating loans and deposits at the financial institution–prefecture level using available data. Based on these estimates, we measure the degree of concentration in the loan and deposit markets and develop indicators of interregional fund flows mediated by lending and deposit activities. Our 1990 estimates yield the following findings: First, consistent with the post-2005 period, market concentration in both the loan and deposit markets was lower in metropolitan areas than in rural areas. Second, while market concentration increased between 1990 and 2005, regions that initially exhibited high loan market concentration experienced a decline in concentration, indicating heterogeneous dynamics across regions. Third, our indicators of interregional fund flows suggest that while lending is primarily financed by deposits from the same prefecture, deposits from other prefectures are also used. This implies that inter-regional fund flows, facilitated by loans and deposits, were already active in 1990. At the same time, the extent of such flows changed substantially between 1990 and 2005, reflecting financial institution failures and mergers during the financial crisis as well as more proactive branch location policies.</p>

  • INTRODUCTION: SUSTAINABLE FINANCE, ESG INVESTMENT AND THE GREEN TRANSITION OF SMALL AND MEDIUM-SIZED ENTERPRISES

    Yoshino, N; Taghizadeh-Hesary, F

    SINGAPORE ECONOMIC REVIEW  2026.03

    Joint Work,  ISSN  0217-5908

  • Rethinking the Domar (<i>r-g</i>) Condition: Its Application to Greece, Japan, and China

    Naoyuki Yoshino, Hiroaki Miyamoto, Akiko Terada-Hagiwara

    ASIAN ECONOMIC PAPERS 24 ( 3 ) 53 - 66 2025.11

    Joint Work,  ISSN  1535-3516

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Papers, etc., Registered in KOARA 【 Display / hide 】

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Reviews, Commentaries, etc. 【 Display / hide 】

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Research Projects of Competitive Funds, etc. 【 Display / hide 】

  • Present, past, and future of the regional financial market

    2024.04
    -
    2027.03

    Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), No Setting

    　View Summary

    貸出・預金を介した地域間資金循環指標と市場集中度を長期に拡張した上で、地域金融市場の効率性に係る研究を推進する。第1に、集中度と地域間資金移動程度のコロナ禍の下での変化を把握するとともに、日本の高度成長期から現在に至る時期における構造変化の有無を検証する。第2に、地域金融市場と地域経済との相互連関の状況を明らかにする。第3に、地域間の資金移動を考慮した金融機関行動の構造推定を通じて、地域金融市場の機能に関する理論的な分析を行う。これらの研究のうちのいくつかを、国際的な協同により推進する。以上の取り組みを通じて、地域金融市場の過去から現在に至る動向を把握し、将来に向けた変化の方向性を展望する。

  • Redefining Regional Financial Markets and Services: Sustainable Regional Economy and Regional Finance

    2022.04
    -
    2025.03

    Grants-in-Aid for Scientific Research, MANABE MASASHI, Grant-in-Aid for Scientific Research (C), No Setting

    　View Summary

    In this study, we conducted three main quantitative studies to examine what quantitative and qualitative changes the COVID-19 pandemic that began in early 2020 has caused in interregional flow of funds and regional financial markets.
    First, we analyzed changes in concentration in the loan and deposit markets. Specifically, we measured the concentration (Herfindahl-Hirschman Index) for each prefecture. Second, we measured the interregional flow of funds index through loans and deposits. Finally, we examined whether cross-border loans are of lower quality than loans in the prefecture where the head office is located (home base loans).

  • Efficiency of Regional Financial Market and the Impact of the Covid-19 Infections

    2021.04
    -
    2024.03

    Hitotsubashi University, Grants-in-Aid for Scientific Research, UESUGI Iichiro, Grant-in-Aid for Scientific Research (B), No Setting

    　View Summary

    This project implemented research on the following five issues:(1) measurement of competition in regional financial markets;(2) construction of inter-regional flow of funds indicators via loans and deposits; (3)impact of competition on firms' credit availability; (4)interaction between inter-regional flow of funds, competition, and market efficiency; and (5)impact of COVID-19 on the efficiency of regional financial markets. The project published five articles in English peer-reviewed journals. At the same time, it publicized the research outputs by publicly posting data on the concentration in the regional financial markets and those on interregional flow of funds. It also held an international workshop.Finally, the project published a Japanese book "Economics of Small and Medium Enterprise Finance: Role of Financial Institutions and Role of the Government,”which received several awards including the 65th Nikkei Prize for Excellent Books in Economic Science.

  • 21-COE

    2003
    -
    2005

    Research grant, Principal investigator

  • COE

    2000
    -
    2002

    Research grant, Principal investigator

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Awards 【 Display / hide 】

  • International Green Finance Lifetime Achievement Award

    Naoyuki YOSHINO, 2021.12, Central Bank of Hungary, Planet Budapest sustainable EXPO summit 2021, Green Finance

  • Fukuzawa Award

    2013, Keio University

    Type of Award： Keio commendation etc.

  • Honorary Doctorate, Martin Luther University of Halle Wittenberg

    2013

    Type of Award： International academic award (Japan or overseas)

  • Honorary Doctorate, Goteborg University, Sweden

    YOSHINO NAOYUKI, 2004, Optimal Exchange Rate System in Asian Region

    Type of Award： International academic award (Japan or overseas)

  • 慶應義塾賞

    YOSHINO NAOYUKI, 2003, Postal Savings and Fiscal Investment in Japan, Oxford University Press, 2003

    Type of Award： Keio commendation etc.

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Educational Activities and Special Notes 【 Display / hide 】

  • Financial Asset Market:2000-2014

    2000
    -
    2014

  • Seminar Class

    1990
    -
    2014

  • Monetary Economics

    1990
    -
    2014

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Social Activities 【 Display / hide 】

  • 金融庁金融研究センター

    2020
    -
    Present

    　View Summary

    金融庁

  • 財務省、国債市場の在り方懇談会

    2015
    -
    Present

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    財務省理財局

  • 財務省、国有財産審議会

    2005
    -
    2013

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    財務省理財局

  • 文部科学省、中央教育審議会

    2004
    -
    2008

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    文部科学省

  • 財務省、関税・外国為替審議会

    2004
    -
    2008

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    財務省国際局

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Media Coverage 【 Display / hide 】

  • 金融庁金融審議会

    2009.

  • 財務省/国債投資家懇談会

    2004.

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Memberships in Academic Societies 【 Display / hide 】

  • Japan Academic Association of Financial Planning , 

    2015
    -
    Present

  • 日本ファイナンス学会, 

    2010
    -
    Present

  • Japan Association of Financial Planning, 

    2010
    -
    Present

  • 日本金融学会, 

    2001
    -
    Present

  • 生活経済学会, 

    2000
    -
    Present

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Committee Experiences 【 Display / hide 】

  • 2020
    -
    Present

    金融庁金融研究センター長, 金融庁研究センター

    　View Remarks

    金融庁

  • 2018
    -
    Present

    Presidend, Japan Association of Financial Planning

  • 2015
    -
    Present

    会長, 日本FP学会(日本Financial Planning学会)

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    日本ＦＰ学会

  • 2010
    -
    Present

    Chair person, Meeting on JGB Investers

  • 2005
    -
    2014

    委員, 財務省、国有財産審議会

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    財務省理財局

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