KEIO RESEARCHERS INFORMATION SYSTEM

Profile 【 Display / hide 】

Profile 【 Display / hide 】

• PhD. Johns Hopkins University (Thesis supervisor, Sir Alan Walters, British Prime Minister Margaret Thatcher's Economic Advisor)
  Assistant Professor, State University of New York at Buffalo
  Professor, Faculty of Economics, Keio University (1991-2014)
  Former 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)

Profile Summary 【 Display / hide 】

Profile Summary 【 Display / hide 】

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

Other Affiliation 【 Display / hide 】

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

Career 【 Display / hide 】

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 】

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 of Economics, PhD Course

  USA, Graduate School, Completed, Doctoral course

Academic Degrees 【 Display / hide 】

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

Research Areas 【 Display / hide 】

Research Areas 【 Display / hide 】

• Monetary and Fiscal Policy

Research Keywords 【 Display / hide 】

Research Keywords 【 Display / hide 】

• Fiscal Policy

• Monetary Policy

Research Themes 【 Display / hide 】

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

Books 【 Display / hide 】

Books 【 Display / hide 】

• 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.

• Financing infrastructure investment through spillover tax revenue sharing: Evidence from some Asian countries

  Yoshino N., Hossain M., Hendriyetty N., Lakhia S., Bangladesh’s Macroeconomic Policy: Trends, Determinants and Impact, 2020.01

  　View Summary

  In the context of growing demand for infrastructure investment in Asian countries including Bangladesh to support higher growth, this chapter discusses various alternative approaches of financing investments. This chapter particularly focuses on the use of spillover tax revenue to attract more private investments in infrastructure. Sharing spillover revenue with private investors will raise the rate of return of the private investors and improve infrastructures to a great extent with less burden on the government’s fiscal budget. Therefore, this approach is expected to create a win-win situation for both the government and private investors. Solving land acquisition related disputes is another key aspect for successful implementation of infrastructure investment projects. Therefore, we propose to use land trust method for acquisition rather than direct acquisition from landowners in order to reduce the cost and minimize the delay in implementation of infrastructure projects. Some innovative financing aspects practiced in Japan and other countries are also discussed.

• Equitable land use for Asian infrastructure

  Tiwari Piyush, Stillman Grant B., 吉野 直行, Asian Development Bank Institute, 2020

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Papers 【 Display / hide 】

Papers 【 Display / hide 】

• Power purchase agreements with incremental tariffs in local currency: An innovative green finance tool

  Taghizadeh-Hesary F., Yoshino N., Rasoulinezhad E., Rimaud C.

  Global Finance Journal （Global Finance Journal)  50 2021.11

  Research paper (scientific journal), Joint Work,  ISSN  10440283

  　View Summary

  Investment volume in green projects, specifically in the green electricity market, suffers from limitations such as inadequate long-term financing, various risks, and a low rate of return on investment. Renewable energy power purchase agreements (PPAs), as a direct legal contract between a power provider and a power buyer, are one of the most popular instruments to increase investment. In this study, we model an adjusted PPA in the local currency framework to lower exchange rate risk and incremental tariffs by having the government pay part of the spillover tax revenues to the PPA, leading to a higher return on investment. The major conclusion of this study is that the use of tax revenue through the spillover effect of green electricity supply is a suitable source of financing for PPAs. As one policy implication, we recommend that developing countries allocate 50% of the tax revenue originating from power supply and adopt incremental PPAs to encourage private investment in green projects.

  • Access to Document (DOI)

• Determinants of the Russia and Asia–Pacific energy trade

  Taghizadeh-Hesary F., Rasoulinezhad E., Yoshino N., Sarker T., Mirza N.

  Energy Strategy Reviews （Energy Strategy Reviews)  38 2021.11

  Research paper (scientific journal), Joint Work,  ISSN  2211467X

  　View Summary

  Asia remained the largest energy consumer in 2020. The Russian Federation hopes to gain a greater share of the Asian energy market. This study examined the Russian Federation–Asia and Pacific energy trade patterns using gravity trade theory and GMM panel estimation for 17 selected Asia and Pacific economies. We found that the Russian Federation's energy exports to the Asia–Pacific region (APR) followed the Linder hypothesis, and economic growth positively influenced Russian energy exports in the region. Furthermore, The results indicated that the sanctions against Russia since 2014 stimulated an increase in Russian energy exports to the APR. To improve the region's energy security, we recommend developing an energy trading hub in the APR to increase regional pricing power.

  • Access to Document (DOI)

• Greenness index: IPO performance and portfolio allocation

  Mumtaz M.Z., Yoshino N.

  Research in International Business and Finance （Research in International Business and Finance)  57 2021.10

  Research paper (scientific journal), Joint Work,  ISSN  02755319

  　View Summary

  This study examines how the greenness of the firm affects the short- and long-term performance of IPOs. To measure the greenness of the firm, we develop the Greenness Index based on the emissions produced. We find that the greenness of the firms operating in services and financial sectors is higher than in other sectors. To examine the short- and long-run performance of IPOs, we classify our sample into high and low green firms. In the short-run, high green firms obtain a lower return than low green firms. However, high green firms perform better than low green firms in the long-run. This study also determines the factors that cause short- and long-run performance, and the results suggest that the firm's greenness negatively influences initial returns and underperformance of IPOs. Finally, we develop a theoretical model in terms of the portfolio's allocation and assert that investors participate in high-green firms to optimize their portfolio.

  • Access to Document (DOI)

• Analyzing the factors influencing the demand and supply of solar modules in Japan – Does financing matter

  Taghizadeh-Hesary F., Yoshino N., Inagaki Y., Morgan P.J.

  International Review of Economics and Finance （International Review of Economics and Finance)  74   1 - 12 2021.07

  Research paper (scientific journal), Joint Work,  ISSN  10590560

  　View Summary

  This paper analyzes the influence of certain factors on the demand and supply of solar modules by employing the fully modified ordinary least squares method using Japanese data. Our regression analysis shows that interest rates and money supply (M2) significantly impact the solar photovoltaic module supply, indicating that lower interest rates and more funding channels for the renewable energy sector will increase solar photovoltaic module production. Based on this finding, the paper concludes that, for Japan to increase its energy self-sufficiency rate, the Government of Japan should implement green financing policies, providing renewable energy business owners with a wider variety of funding channels with lower interest rates, and ultimately invigorating investments in solar photovoltaic installation.

  • Access to Document (DOI)

• Analyzing the characteristics of green bond markets to facilitate green finance in the post-covid-19 world

  Taghizadeh-Hesary F., Yoshino N., Phoumin H.

  Sustainability (Switzerland) （Sustainability (Switzerland))  13 （ 10 ）  2021.05

  Research paper (scientific journal), Joint Work

  　View Summary

  The COVID-19 pandemic and the global recessions have reduced the investments in green projects globally that would endanger the achievement of the climate-related goals. Therefore, the post-COVID-19 world needs to adopt the green financial system by introducing new financial instruments. In this regard, green bonds—a type of debt instrument aiming 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 study analyzes the green bond markets in different regions with a focus on Asia and the Pacific. It aims to fill the gap in the literature by conducting a comparative study of the characteristics, risks, and returns of green bonds based on the region. The study is based on theoretical background and empirical analysis using the data retrieved from Bloomberg New Energy Finance and the Climate Bonds Initiative. The empirical results are based on several econometrics tests using panel data analysis estimation methods, namely pooled ordinary least squares and generalized least squares random effects estimator. 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. In the era of post-COVID-19, diversification of issuers, with higher participation from the public sector and de-risking policies, could also be considered.

  • Access to Document (DOI)

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

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

• Optimal basel capital requirement ratio and economic effect of infrastructure investment

  Yoshino, Naoyuki

  Mita journal of economics （慶應義塾経済学会)  107 （ 2 ） 139(1) - 156(18) 2014.07

  ISSN  00266760

• Optimal premiums for the deposit insurance system : an empirical work on the deposit insurance system of Japan

  Yoshino, Naoyuki

  Keio Economic Society discussion paper series （Keio Economic Society, Keio University)  13 （ 1 ）  2013

• An Empirical Analysis of Japanese Banking Behavior in a Period of Financial Instability

  Yoshino, Naoyuki

  Keio economic studies （Keio Economic Society, Keio University)  45   1 - 15 2008

  ISSN  00229709

• The Optimal Exchange Rate System in a Model of Two Countries with the Rest of the World : A Comparative Analysis of the Fixed Exchange Rate , Basket-Peg and Flexible Exchange Rate Regimes

  YOSHINO, Naoyuki

  Keio economic studies （Keio Economic Society, Keio University)  41 （ 2 ） 27 - 75 2004

  ISSN  00229709

• Strategies for efficient use of social capital

  Yoshino, Naoyuki

  Keio journal of economics （慶應義塾経済学会)  93 （ 1 ） 91 - 107 2000.04

  ISSN  00266760

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Reviews, Commentaries, etc. 【 Display / hide 】

Reviews, Commentaries, etc. 【 Display / hide 】

• Introduction

  Taghizadeh-Hesary F., Panthamit N., Yoshino N.

  Economics, Law, and Institutions in Asia Pacific (Economics, Law, and Institutions in Asia Pacific)     vii - xi 2021

  Research paper,  ISSN  21998620

• Introduction: Investment in Startups and Small Business Financing

  Taghizadeh-Hesary F., Yoshino N., Kim C.J., Morgan P.J., Yoon D.

  World Scientific Series in Finance (World Scientific Series in Finance)  17   IX - XVII 2021

  Research paper,  ISSN  20101082

• Introduction: Energy efficiency financing and market-based instruments

  Liu Y., Taghizadeh-Hesary F., Yoshino N.

  Economics, Law, and Institutions in Asia Pacific (Economics, Law, and Institutions in Asia Pacific)     v - x 2021

  Research paper,  ISSN  21998620

• Comments on reforms and crises in government statistics: The case of japan

  Yoshino N.

  Asian Economic Papers (Asian Economic Papers)  19 ( 2 ) 38 - 40 2020.06

  Research paper,  ISSN  15353516

  • Access to Document (DOI)

• Regional economic integration in asia: Challenges and recommended policies

  Taghizadeh-Hesary F., Yoshino N., Kim C.J., Morgan P.J.

  Journal of Economic Integration (Journal of Economic Integration)  35 ( 1 ) 1 - 9 2020.03

  Research paper, Joint Work,  ISSN  1225651X

  　View Summary

  Regional economic integration is one of the most effective ways of fostering stability, addressing regional challenges, and increasing rates of economic growth. Strengthening regional cooperation and integration in different Asian sub-regions offers great potential for eliminating poverty and achieving inclusive and sustainable development. Hurdles remain, however, for further integration. The willingness to commit to “unity in diversity” is important to overcoming this, requiring the acceptance of cultural, linguistic, social, religious, and political differences. Such complex unities have been achieved in the European Union (EU) and elsewhere (Fella, 2002). Currently, in most Asian sub-regions, such political ambitions for economic integration have been scarce. This implies that a more cautious approach is needed in Asia than in other places. However, by studying the European context, we can derive valuable lessons for better fostering economic integration. Regional economic integration should first ensure the maximization of benefits for all participants. With this, complete cooperation is required to develop an effective and uniform regional business environment. Second, a well-developed infrastructure with an absence of trade barriers is needed. Various Asian sub-regions (e.g., Central and South Asia), however, suffer from a lack of infrastructure, which hinders trade opportunities. Difficulties in accessing capital also presents a key obstacle. In this regard, the role of infrastructure financing is very important. In the EU, their European Investment Bank maintains equitable financing for intra-EU projects. Open engagements with partner countries also play a key role. Third, over the past 30 years, different institutional mechanisms have sprung into existence in Europe that have created the basis for strategic economic integration. Such institutional mechanisms and initiatives are needed in Asia.

  • Access to Document (DOI)

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

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

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

  2021.04

  -

  2024.03

  Hitotsubashi University, 植杉 威一郎, 眞鍋 雅史, 平賀 一希, 吉野 直行, Grant-in-Aid for Scientific Research (B)

  　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

Awards 【 Display / hide 】

Awards 【 Display / hide 】

• Honorary Doctorate, Martin Luther University of Halle Wittenberg

  2013

  Type of Award： International Academic Awards

• Fukuzawa Award

  2013, Keio University

  Type of Award： Keio commendation etc.

• Honorary Doctorate, Goteborg University, Sweden

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

  Type of Award： International Academic Awards

• 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.

Educational Activities and Special Notes 【 Display / hide 】

Educational Activities and Special Notes 【 Display / hide 】

• Financial Asset Market:2000-2014

  2000

  -

  2014

• Seminar Class

  1990

  -

  2014

• Monetary Economics

  1990

  -

  2014

Social Activities 【 Display / hide 】

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

  　View Summary

  財務省理財局

• 金融庁金融審議会

  2009

  -

  2014

• 財務省、国有財産審議会

  2005

  -

  2013

  　View Summary

  財務省理財局

• 財務省/国債投資家懇談会

  2004

  -

  Present

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Memberships in Academic Societies 【 Display / hide 】

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

• 日本金融学会, 

  2001

  -

  Present

• 生活経済学会, 

  2000

  -

  Present

• 日本財政学会, 

  2000

  -

  Present

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Committee Experiences 【 Display / hide 】

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

• 2015

  -

  Present

  会長, 日本FP学会(日本Financial Planning学会)

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  日本ＦＰ学会

• 2005

  -

  2014

  委員, 財務省、国有財産審議会

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  財務省理財局

• 2004

  -

  Present

  座長, 財務省、国債投資家懇談会

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  財務省理財局

• 2004

  -

  2008

  委員, 文部科学省、中央教育審議会

  　View Remarks

  文部科学省

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