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).

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Profile Summary 【 Display / hide 】

  • Green Finance, Infrastructure Finance, Fiscal sustainability, Postal Savings, Fiscal Policy, Monetary Policy, Exchange Rate System'''''''

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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

  • 2020-2025,Visiting Professor of GRIPS, (National Graduate Institute of Policy Studies)

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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 】

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Papers 【 Display / hide 】

  • Enhancing private infrastructure financing through capturing spillover effect: Conceptual development and an empirical case study of Vietnam’s expressways

    Yoshino N., Abe M., Truong H.T.

    Journal of Infrastructure, Policy and Development (Journal of Infrastructure, Policy and Development)  8 ( 5 )  2024

    Joint Work,  ISSN  25727923

    　View Summary

    While infrastructure provides necessary public services and is vital for the socio-economic development of a nation, public funds alone cannot finance all infrastructure needs in society, especially after the COVID-19 pandemic, where many countries are facing budget deficits. Although private financing schemes, such as public-private partnerships (PPPs) and land value capture, have been considered intensively, they have yet to produce adequate private capital flows to infrastructure projects due to a lack of incentives for private investors. Against the background, this paper proposes a new financing mechanism in which governments might divert some of the increased tax revenue from the spillover effects of newly constructed infrastructures to fund the private sector through grants or subsidies. The empirical work in Vietnam shows a significant increase in tax revenues after completing two expressways, supporting our idea about spillover effects, which includes small-and medium-sized enterprise (SME) development. This study’s results suggest that spillover effects can bring new opportunities for governments and multilateral development banks (MDBs) to implement infrastructure projects with greater private sector involvement in the region. It also proposes some financial schemes, such as land capture and financing for business startups, including SMEs, to enhance the spillover effects of infrastructure.

  • Comparison of various fiscal policies in the face of different demographic stages

    Naoyuki Yoshino, Keigo Kameda, Hiroaki Miyamoto, Zhenkun Lu

    Singapore Economic Review (Singapore Economic Review)  69 ( 4 ) 1473 - 1497 2024

    Joint Work,  ISSN  02175908

    　View Summary

    This study examines the impact of aging on the effectiveness of various fiscal expenditures, including government consumption, one-time government transfers to households, public investment and R&D spending, using a dynamic stochastic general equilibrium model. Our findings reveal that (1) Aging enhances the effects of the transfer on augmenting GDP. (2) Regardless of aging, R&D expenditure consistently stands out over all time spans, with younger society benefiting more. (3) Public investment ranks second among for different fiscal policies in the long run, while shows bigger impact in younger society. (4) One-time transfer has only a temporary effect and is the least effective in boosting GDP in both young and old societies. (5) Multipliers for public investment and R&D expenditure increase with the accumulation of public capital and TFP. Their multiplier of young society is larger than old society because impact on consumption is much more effective.

  • Diversified ESG Evaluation by Rating Agencies and Net Carbon Tax to Regain Optimal Portfolio Allocation

    Naoyuki Yoshino, Tomonori Yuyama, Farhad Taghizadeh-Hesary

    Asian Economic Papers (Asian Economic Papers)  22 ( 3 ) 81 - 96 2023.09

    Joint Work,  ISSN  15353516

    　View Summary

    Environmental, Society, and Governance (ESG) investments have become increasingly popular in recent years, and, at the same time, many rating agencies provide ESG scores for each company. This means that the ESG investment model may have moved from the traditional two-factor model of risk-return to a three-factor model adding an ESG component to it. This paper highlights the potential for distor tion of asset allocation through the shift from traditional risk-return considerations to ESG score considerations. This is equally true for green bonds, resulting in the potential for asset allocation to be distor ted by green bond criteria. Fur thermore, we show that imposing a net carbon tax on greenhouse gas (GHG) emissions is a measure to correct this distor tion in asset allocation and make asset allocation more risk-return based, in addressing global environmental issues.

  • Financial literacy, behavioral traits, and ePayment adoption and usage in Japan

    Trinh Quang Long, Peter J. Morgan, Naoyuki Yoshino

    Financial Innovation (Financial Innovation)  9 ( 1 ) 101 2023.06

    Joint Work

    　View Summary

    This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment (ePayment) services in Japan. We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey. We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services: electronic money (e-money) and mobile payment apps. Using an instrumental variable approach, we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services. The empirical results suggest that individuals with higher financial literacy use payment services more frequently. We also find that risk-averse people are less likely to adopt and use ePayment services, whereas people with herd behavior tend to adopt and use ePayment services more. Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.

  • Sustainable Financing Strategies for the SMEs: Two Alternative Models

    Monzur Hossain, Naoyuki Yoshino, Kenmei Tsubota

    Sustainability (Switzerland) (Sustainability (Switzerland))  15 ( 11 )  2023.06

    Joint Work

    　View Summary

    A sustainable financing strategy for SMEs should aim to enhance a low-cost collateral-free supply of loans to SMEs with good track records of repayments to banks. In this paper, we suggest two alternative financing models for SMEs that address certain borrowing constraints of SMEs. First, the model incorporates institutional mechanisms involving the government, banks, and SMEs. The strategy employs a two-pronged approach: (i) the government enhances the supply of loanable funds to banks, and (ii) identifies good SME borrowers through skills development programs and introduces them to banks. This model will reduce default risk and allow banks to offer lower-interest and collateral-free credit to SMEs, thereby improving their access to finance and performance. Second, the model could be extended to accommodate digital finance using a data-driven credit risk score of the borrowers to reduce banks’ default risks and transaction costs with or without government funds. The proposed model could resolve the moral hazard and selection bias problems. Our proposed models are based on a public-private partnership approach and therefore could solve certain borrowing constraints of SMEs. Our empirical results support the model outcomes and therefore are consistent with the predictions of our theoretical models.

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

    　View Summary

    少子高齢化とグローバル化に加えて、COVID-19に伴うデジタル化の急加速は社会経済構造を大きく変化させている。特に、COVID-19を契機としたデジタル化により、地理的な制約は薄まりつつある。また、地域金融機関は貸出資金供給だけではなく、経営改善、事業再生や事業転換支援といった役割を期待されている。そこで本研究では、(i)地域金融市場の再定義、(ii)地域金融サービスの再定義、という新たな2つの視点に基づいた研究を推進する。本研究課題における「問い」は、COVID-19を経て変化が加速する中で、現行の地域金融機関、及び地域金融機関が中心的な役割を担う地域経済は持続可能なのか、という点である。

  • 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

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    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

    　View Summary

    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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