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

External Links

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

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

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

  • 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 of Economics, PhD Course

    USA, Graduate School, Completed, Doctoral course

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

  • Monetary and Fiscal Policy

Research Keywords 【 Display / hide

  • Fiscal Policy

  • Monetary Policy

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

  • 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

  • Equitable land use for Asian infrastructure

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

  • Routledge handbook of banking and finance in Asia

    Volz Ulrich, Morgan Peter J., 吉野 直行, Routledge, 2020

  • Land acquisition in Asia: Towards a sustainable policy framework

    Yoshino N., Paul S., Land Acquisition in Asia: Towards a Sustainable Policy Framework, 2019.01

     View Summary

    This book explores the existing and diverse institutional bottlenecks of land acquisition, ranging from legal and social to political and even environmental within the Asian context. It identifies the short- and long-term risks associated with land sale through regional case studies and aims to propose a more sustainable policy framework. One such policy framework proposed is that of Land Trust for mitigating some of these risks. For instance, recent studies argue that land trust or land lease is one of the best ways to increase the rate of return to invite private investors into infrastructure investment and industrialization. A rare snapshot of a continent in the process of rapid development, this book offers an invaluable resource for scholars, activists and politicians alike.

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Papers 【 Display / hide

  • 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

    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.

  • 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

    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.

  • Energy insecurity, renewable energy and economic growth

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

    Singapore Economic Review (Singapore Economic Review)  66 ( 2 ) 313 - 322 2021.03

    Research paper (scientific journal), Joint Work, Accepted,  ISSN  02175908

     View Summary

    Energy security, a multidimensional concept that encompasses the notion of resource availability, accessibility, environmental acceptability and cost affordability, has been widely discussed. However, the same cannot be said about energy insecurity, a concept that may not necessarily mirror energy security, but also comprises the various consequences of energy unavailability. Energy insecurity mostly affects the poorest and can lead to deepened inequalities and poor health at the household level. One solution for tackling energy insecurity could be adoption of renewable energy. Power generated from renewable sources could help in mitigating energy price fluctuations and reduce health issues, as well as encourage stable economic growth. This special issue discusses the interaction between the three concepts through careful case studies and panel analysis and proposes various policy implications for energy policymakers. This introductory paper introduces the articles selected for this special issue.

  • The energy-pollution-health nexus: A panel data analysis of low-and middle-income asian countries

    Taghizadeh-Hesary F., Rasoulinezhad E., Yoshino N., Chang Y., Taghizadeh-Hesary F., Morgan P.J.

    Singapore Economic Review (Singapore Economic Review)  66 ( 2 ) 435 - 455 2021.03

    Research paper (scientific journal), Joint Work, Accepted,  ISSN  02175908

     View Summary

    Increased consumption of nonrenewable energy sources may lead to more air pollution, resulting in negative health impacts in a society. The main purpose of this study is to investigate the relationship between fossil fuel energy consumption and health issues using generalized method of moments estimation technique for data from 18 Asian countries (both low-and middle-income) over the period 1991-2018. The findings demonstrate that fossil fuel energy consumption increases the risk of lung and respiratory diseases. In addition, the results demonstrate the significant effect of CO 2 emissions and fossil fuel consumption on undernourishment and death rates. Furthermore, we find that increases in the gross domestic product per capita and healthcare expenditure may help reduce undernourishment and death ratio. The conclusion recommends that diversification of energy in low-and middle-income countries from too much reliance on fossil fuels to more renewable energy sources can improve energy insecurity, at the same time reduce greenhouse gas emissions and minimize the negative impacts on human health.

  • Quality infrastructure and natural disaster resiliency: A panel analysis of Asia and the Pacific

    Taghizadeh-Hesary F., Sarker T., Yoshino N., Mortha A., Vo X.V.

    Economic Analysis and Policy (Economic Analysis and Policy)  69   394 - 406 2021.03

    Research paper (scientific journal), Joint Work,  ISSN  03135926

     View Summary

    In this study, we assess the impact of quality infrastructure, development, and corruption on damage caused by a natural disaster using panel data from 14 Asia and the Pacific countries for 2007–2017. Employing the generalized method of moments and vector error correction model, this study's main contribution to the literature lies in the quantification of the role of quality infrastructure in disaster impact mitigation. The empirical results prove that even if disaster intensity remains the most important factor in explaining damage, this effect is short-lived. At the same time, quality infrastructure significantly reduces damage in the long-term and is the variable with the largest magnitude. A higher level of development indicators, measured by gross domestic product per capita, and control of corruption, are also shown to reduce damage linked to natural disasters. Our study suggests that improving the quality of infrastructure can be effective in mitigating the impact of disasters. We also propose financial schemes such as public–private cooperation and innovative schemes to promote the construction of quality infrastructure.

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

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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

  • 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.

  • Preface

    Yoshino N., Taghizadeh-Hesary F.

    Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes (Unlocking SME Finance in Asia: Roles of Credit Rating and Credit Guarantee Schemes)     xxi - xxi 2019.01

    Research paper, Joint Work,  ISSN  9781138353428

  • Comments by Naoyuki Yoshino, on RMB Bloc in East Asia: Too Early to Talk about It?

    Yoshino N.

    Asian Economic Papers (Asian Economic Papers)  17 ( 3 ) 50 - 53 2018.10

    ISSN  15353516

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

  • 21-COE

    2003
    -
    2005

    Research grant, Principal Investigator

  • COE

    2000
    -
    2002

    Research grant, Principal Investigator

Awards 【 Display / hide

  • 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 Awards

  • 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

  • Financial Asset Market:2000-2014

    2000
    -
    2014

  • Seminar Class

    1990
    -
    2014

  • Monetary Economics

    1990
    -
    2014

 

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

  • 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

  • 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

  • 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

     View Remarks

    財務省理財局

  • 2004
    -
    Present

    座長, 財務省、国債投資家懇談会

     View Remarks

    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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