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

• 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 】

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.

  • 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

  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)

• 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.

  • Access to Document (DOI)

• 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.

  • Access to Document (DOI)

• 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.

  • 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

• 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)

• 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

  • Access to Document (DOI)

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

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 】

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 】

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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