YOSHINO, Naoyuki

写真a

Affiliation

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

Position

Professor Emeritus （Professor Emeritus, (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 Chief 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)
    Professor Emeritus, Keio University (Economics) (since 2014-present)
    Visiting Professor, New South Wales University, Australia
    visiting Professor, Science Po, Paris, France
    Visiting Professor, Goteborg University, Sweden
    Visiting Professor, Martin Luther University of Halle-Wittenberg, Germany
    Visiting Professsor, University of Malaya, Kebansan, Malaysia
    Visiting Scholar, MIT, USA
    Visiting Scholar, Central Bank of Japan (Research Institute)
    Green Finance Lifetime Achievement Award, 2021 (Central Award: European Green Finance Conference, Central Bank of Hungary, Planet Budapest Sustainable EXPO Summit, December 2021)

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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-Present,Visiting Lecturer, University of Toyo, Graduate School of Public Policy

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

  • 2020-Present, Director, Financial Research Center, FSA, Government of Japan

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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, 教授

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Academic Background 【 Display / hide 】

  • 1973.03

    Tohoku University, Faculty of Economics

    University, Graduated

  • 1975.03

    Tohoku University, 経済学部

    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 】

  • Studies in International Economics and Finance

    Naoyuki Yoshino, Rajendra Paramanik and Anooop Kumar, Springer, 2022.04,  Page： 662

    , Accepted

    　View Summary

    The Indian economy is one of the fastest growing economies of the world with India being an important g-20 member. This festschrift volume has 32 chapters and covers a wide range of topics in international economics and finance. The papers were presented in a virtual conference which was jointly organized by Indian Institute of Technology and Gulati Institute of Finance and Technology.

  • Investment in startups and small business financing

    Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Chul Ju Kim, Peter J. Morgan, Daehee Yoon, Investment In Startups And Small Business Financing, 2021.08

    　View Summary

    Successful startups and small businesses can play a significant role in economic growth and job creation. They also contribute to economic dynamism by spurring innovation and injecting competition. Startups are known to introduce new products and services that can create new value in the economy. It is notable that most startups exit within their first ten years, and most surviving young businesses do not grow but remain small. Startups and small businesses face several obstacles to their development. Accessing capital is a crucial constraint on their growth. Most startups and small businesses have difficulties getting the funds they need because of their lack of a performance track record and lack of collateral, making it difficult for lenders or investors to assess their risk. Besides, they are in the early stages of development and face a very high possibility of failure, which significantly raises financing and investment risk. Investment in Startups and Small Business Financing provides 12 thematic and case studies on new methods for bringing private investment (loans or equity) to startups and easing small businesses' access to finance (debt and capital). The contributors are senior-level policy experts and researchers from governments, think tanks, academia, and international organizations. The chapters are authored in a policy-oriented way to be understandable for the readers with a different background. This book is a precious source for the governments for adopting the right policies to develop small businesses and startups and valuable for the researchers in economics, business, and finance.

  • DEVELOPING INFRASTRUCTURE IN CENTRAL ASIA Impacts and Financing Mechanisms

    Naoyuki YOSHINO, Bihong Huang, Dina Azghayeva, Asian development Bank Institute, 2021

  • Reforming State Owned Enterprises in Asia, Springer

    Springer, 2021

  • Utilising Green Finance for Sustainability: Empirical Analysis of the Characteristics of Green Bond Markets

    Taghizadeh-Hesary F., Mortha A., Yoshino N., Phoumin H., Economics, Law, and Institutions in Asia Pacific, 2021

    　View Summary

    With increasing concern over climate change, many see green finance as a solution to fund sustainable projects. In particular, green bonds—a type of debt instrument which aims to finance sustainable infrastructure projects—are growing in popularity. While the literature does not contest their effectiveness in fighting climate change, research highlights the high level of risks and low returns associated with this instrument. This research investigates green bonds’ characteristics, depending on the issuing region, with a special focus on Asia and the Pacific. Our findings prove that green bonds in Asia tend to show higher returns but higher risks and higher heterogeneity. Generally, the Asian green bonds market is dominated by the banking sector, representing 60% of all issuance. Given that bonds issued by this sector tend to show lower returns than average, we recommend policies that could increase the rate of return of bonds issued by the banking sector through the use of tax spillover. Diversification of issuers, with higher participation from the public sector or de-risking policies, could also be considered.

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Papers 【 Display / hide 】

  • Measuring concentration in the Japanese loan and deposit markets

    Uesugi I., Hiraga K., Manabe M., Yoshino N.

    Japan and the World Economy （Japan and the World Economy)  63 2022.09

    Joint Work,  ISSN  09221425

    　View Summary

    This study is the first to exhaustively calculate the degree of concentration in regional banking markets using the outstanding amount of loans and deposits at branches and headquarters of financial institutions in Japan. Calculating the Herfindahl-Hirschman Index (HHI) for loans and deposits for each prefecture and for each urban employment area for the period 2005–2019, we show differences in the HHI across regions and developments in these differences over time. Furthermore, we decompose the level of and changes in the HHI into two components: the contribution of the number of financial institutions and the contribution of the deviation of individual financial institutions’ market share from the mean. We also examine the extent of the increase in the HHI caused by mergers of financial institutions and its persistence. The main results obtained are as follows. First, while the HHIs for loans and deposits show an upward trend, the HHI for loans in large metropolitan areas, which was already low, continued to further decline, indicating that competition among financial institutions in large metropolitan regions, which already was severe, has continued to intensify. Second, increases in the HHI are not only due to reductions in the number of financial institutions but also to the growing variation in financial institutions’ market share. And third, while an increase in the loan HHI due to a merger of financial institutions is sustained for a certain period, the duration of such an increase tends to be shorter in regions with a low market concentration.

  • INTRODUCTION: WAYS TO ACHIEVE GREEN ECONOMIC RECOVERY AND MITIGATE GREENHOUSE GASES IN THE POST-COVID-19 ERA

    Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Muhammad Mohsin, Nawazish Mirza

    CLIMATE CHANGE ECONOMICS （WORLD SCIENTIFIC PUBL CO PTE LTD)  13 （ 03 ）  2022.05

    Joint Work,  ISSN  2010-0078

  • Nonlinear tail dependence between the housing and energy markets

    David Stenvall, Axel Hedstrom, Naoyuki Yoshino, Gazi Salah Uddin, Farhad Taghizadeh-Hesary

    ENERGY ECONOMICS （ELSEVIER)  106 2022.02

    Research paper (scientific journal), Joint Work,  ISSN  01409883

    　View Summary

    This paper examines the quantile dependence between energy commodities (oil, coal, and natural gas) and the real housing returns of the nine US census divisions for the period 1991-2019. In contrast to the literature on the association between oil and housing markets, we contribute by studying the effect of additional commodities on the housing market returns. We use a cross-quantilogram and quantile regression approach and find regional variation in the impact of energy commodities on housing returns. The effect within the same region varies over the quantile distributions. In general, we observe that all energy commodities are negatively associated with real housing returns. Significant correlations are found more often when the oil and housing returns are in similar quantiles. Coal and natural gas show a stronger relationship with higher quantiles of housing returns. Further, the results for coal and natural gas remains relatively stable after controlling for macroeconomic variables.

  • LEVERAGING on ENERGY SECURITY to ALLEVIATE POVERTY in ASIAN ECONOMIES

    Farhad Taghizadeh-Hesary, Abdulrasheed Zakari, Naoyuki Yoshino, Irfan Khan

    Singapore Economic Review （WORLD SCIENTIFIC PUBL CO PTE LTD)   2022.01

    Research paper (scientific journal), Joint Work,  ISSN  0217-5908

    　View Summary

    This study examines the role of energy security in poverty reduction in the 12 poorest Asian economies from 2000 to 2019. We postulated an energy security index using principal component analysis. We adopted the system generalized method of a moment technique to manage endogeneity and dynamism in the model. For robustness, we applied a panel-corrected standard error (PCSE). We found a negative relationship between energy security and poverty reduction, suggesting that energy security helps reduce poverty. We conclude that energy security promotes sustainable poverty alleviation and recommends feed-in tariffs, net metering, tax credits, and energy resource diversification away from fossil fuels.

  • Greenness, mood, and portfolio allocation: A cross-country analysis

    Mumtaz M.Z., Yoshino N.

    Environmental Challenges （Environmental Challenges)  5 2021.12

    Research paper (scientific journal), Joint Work

    　View Summary

    This study estimates the utility function, including the rate of return, riskiness, greenness, and mood across selected countries. We incorporate mood as investors’ sensitivity or momentum towards environmental issues. This study assumes that higher sensitivity of environmental issues compels the firms to follow green measures. We report that the proportion of investment is higher if the firms account for greenness measures. This study compares the results of five Asian economies and reports that Japanese and South Korean firms are following the greenness measures. However, the firms locating in developing countries are far behind in implementing greenness measures. Our regression results also suggest that greenness and mood x greenness positively influence stock returns.

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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 】

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

    　View Summary

    地域経済で大きな役割が期待される地域金融機関は、地域金融市場の構造変化の中で変革が求められている。少子高齢化による人口構造の変化が、地方企業の生産活動低下をもたらし、借入需要の減退へと結びついている。本研究課題では「貸出市場をどのように捉えるか」「預金を受け入れて貸し出す金融機関は地域金融市場でどのような仲介機能を発揮しているか」「個々の金融機関や地域金融市場は、地域経済にどのような影響をもたらしているか」という3つの問いに答えることを目指す。

  • 21-COE

    2003
    -
    2005

    Research grant, Principal investigator

  • COE

    2000
    -
    2002

    Research grant, Principal investigator

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Awards 【 Display / hide 】

  • Green Finance Lifetime Achievement Scientific Award

    Naoyuki YOSHINO, 2021.12, Central Bank of Hungary (Central European Green Finance Conference, Planet Budapest 2021 EXPO), The first Green Finance Lifetime Achievement Scientific Award

    Type of Award： Award from international society, conference, symposium, etc.,  Country： Hungary

    　View Description

    Contribution to the field of Green Finance Research

  • 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)

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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

    　View Remarks

    財務省理財局

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