KEIO RESEARCHERS INFORMATION SYSTEM

Profile 【 Display / hide 】

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)
  Green Finance Lifetime Achievement Scientific Award, 2021 (Central Award: European Green Finance Conference, Central Bank of Hungary, Planet Budapest Sustainable EXPO Summit, December 2021)
  Visiting Professor, GRIPS (Graduate Research Institute for Policy Studies) (2020-2024)
  Advisor, Financial Research Center, Financial Services Agency (FSA) (2024-present)
  Republic of Palau (Member of Economic Advisory Group, 2022-present)
  Professor Emeritus of Economics, Keio University,(2014-present)
  Specially Appointed Professor, Tokyo Metropolitan University (International Economics) (2023-Present)
  Advisory Board (Chair), Stockholm School of Economics (EIJS) (2024-Present).

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 】

• 2023-Present, Special Professor, Tokyo Metropolitan University, Economics

• 2020-2023, 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, PhD in Economics

  United States, Graduate School, Graduated, 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 】

• Humanities & Social Sciences / Money and finance

• Monetary and Fiscal Policy

Research Keywords 【 Display / hide 】

Research Keywords 【 Display / hide 】

• Public Finance

• Fiscal and Monetary Economics

• Fiscal Policy

• Monetary Policy

• Money and Banking

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 】

• Volatility linkages between energy and food prices

  Ehsan Rasoulinezhad, Farhad Taghizadeh-Hesary, Naoyuki Yoshino, The Handbook of Energy Policy, 2023.04

  　View Summary

  In many countries, food and energy are vital in national security. However, in energy policy, the relationship between the prices of food and energy has been debated. This chapter examines the connection between the prices of these two vital commodities. Hence, we review existing literature and attempt to determine the relationship using a theoretical framework and an empirical test. Our findings revealed that energy price significantly impacts food prices. According to the results of impulse response functions, agricultural food prices respond favorably to any oil price increase. Moreover, variance decomposition demonstrates that oil prices are responsible for the largest amount of agricultural food price volatility. Oil price changes account for 6.95% and 64.17% of the variance in food prices during the second and 20th periods, respectively. Because rising crude oil prices adversely affect food security, one viable strategy involves combining renewable sources and fossil fuels in a way that positively impacts both energy and food security. We observed that biofuel costs account for less than 2% of the variance in food prices. Finally, as global biofuel demand increases, rising global prices for agricultural commodities and, consequently, the growing threat to food security may also increase. This could be even more important for small-economy countries that have been negatively affected by COVID-19.

  • Access to Document (DOI)

• Policies to attract private investment and finance in green energy projects

  Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Ehsan Rasoulinezhad, The Handbook of Energy Policy, 2023.04

  　View Summary

  Various roadmaps and strategies have been proposed to promote environmental protection in the last few decades; however, this process has not been appropriate. Private investments in green energy projects are hampered by insufficient capital to finance projects, the high risk of investment, low rates of return, and the lack of capacity in the market actors. This chapter seeks to identify the difficulties in addressing the insufficient investment flows in green projects and offer workable strategies for attracting private capital to these endeavors. Establishing a novel instrument for green credit guarantee schemes to lower the risk of investment, adopting an international or regional carbon taxation scheme, increasing transparency in green regulations, establishing community-based trust funds, and enhancing the role of public financial and nonbanking financial institutions (pension funds and insurance firms) in long-term green investments are practical solutions.

  • Access to Document (DOI)

• Solar module price determinants

  Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Yugo Inagaki, Lilu Vandercamme, The Handbook of Energy Policy, 2023.04

  　View Summary

  The decrease in solar module prices is one of the main factors behind the recent expansion of the global solar energy market. The mechanism underlying this price reduction has been the subject of numerous empirical research. However, the technological aspect of manufacturing has been the main focus of studies on the mechanism for solar module price reduction over the years. This chapter examines how economic and monetary factors, such as interest rates and exchange rates, affect solar module pricing in addition to other factors that have been examined in earlier studies, such as technology and wage rates. The economic factors that influence solar module prices are identified in this chapter. To determine the influence of each factor, the chapter develops a pricing model for solar modules in the top five solar module-producing countries, backed by a theoretical oligopolistic model. For every country, the determinants of solar module prices are different. While exchange rates, knowledge stocks, and oil prices often correlate negatively with solar module prices, interest rates generally have a positive correlation with them. Since the renewable industries are hightech, capital costs significantly impact technology costs. The governments' initiatives to offer low-interest financing to enterprises will hasten the commercialization of renewable energy. To expedite the growth of solar energy projects, there have been numerous attempts to lower interest rates for renewable energy technology; however, it is not enough, and specific green financing channels are required. Second, the governments must expand research and development (R&D) expenses relevant to renewable energy. Increasing targeted R&D expenditure through government policies will be an effective strategy for reducing costs and increasing the willingness of the private sector to invest in the solar energy projects.

  • Access to Document (DOI)

• Transmission of oil price fluctuations through trade linkages

  Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Ehsan Rasoulinezhad, Youngho Chang, The Handbook of Energy Policy, 2023.04

  　View Summary

  Oil shocks have been one of the most important and controversial issues among economists in the past decades. The fact that a sudden and significant change in the world price of crude oil can disrupt the mechanism of the world economy became evident in the early 1970s with the occurrence of the world's first major oil shock. This issue has become more complicated and requires a more detailed scientific investigation due to the spread of the Corona virus and Russia's invasion of Ukraine. In this chapter of the book, the effects of oil shocks are discussed from a scientific point of view based on monetary policies. In this chapter of the book, the effects of oil shocks are discussed from a scientific point of view based on monetary policies. For this purpose, an attempt is made to look at this issue from a theoretical point of view and also with an empirical case study to examine this relationship in energy exporting countries and energy importing countries. The main points of this chapter's talks showed that an increase in oil prices would directly increase the GDP growth rate of nations that export oil. A brilliant technique to manage the impact of the oil price on a country's macroeconomic environment is to take suitable monetary policies into consideration.

  • Access to Document (DOI)

• Innovative finance for technological progress : roles of Fintech, financial instruments, and institutions

  Taghizadeh-Hesary Farhad, Aboojafari Roohallah, 吉野 直行 , Routledge, 2023

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Papers 【 Display / hide 】

Papers 【 Display / hide 】

• 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.

  • Access to Document (DOI)

• 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.

  • Access to Document (DOI)

• 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.

  • Access to Document (DOI)

• SMEs and carbon neutrality in ASEAN: the need to revisit sustainability policies

  Naoyuki Yoshino, Ehsan Rasoulinezhad, Han Phoumin, Farhad Taghizadeh-Hesary

  Economic Research-Ekonomska Istrazivanja （Economic Research-Ekonomska Istrazivanja)  36 （ 2 ）  2023

  Joint Work,  ISSN  1331677X

  　View Summary

  Most rules and regulations for protecting the environment and reducing greenhouse gas emissions target large enterprises. Although small and medium-sized enterprises (SMEs) have major shares in most Asian economies, they remain outside the purview of most environmental rules and regulations. The primary purpose of this study is to assess the association between SMEs’ activities and carbon emissions in the Association of Southeast Asian Nations (ASEAN) countries from 2010 to 2020. To this end, a fully modified ordinary least squares (FMOLS) model was developed. The results show that SMEs’ activities do not align with environmental protection goals and sustainable development, as the estimation results revealed their significant contributions to CO2 emissions. Other practical implications of this study for carbon-neutral SMEs are introducing green finance policies, revisiting the environmental and carbon reduction rules and regulations that cover SMEs, and changing banks’ lending mechanisms based on SMEs’ green economic performance.

  • Access to Document (DOI)

• Aftermarket performance of green IPOs and portfolio allocation

  Mumtaz Muhammad Zubair, Yoshino Naoyuki

  GREEN FINANCE 5 （ 3 ） 321 - 342 2023

  Joint Work,  ISSN  2643-1092

  • 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: 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 ( 3 )  2022.08

  ISSN  20100078

  • Access to Document (DOI)

• 財政赤字の安定化条件「ドーマー条件」の再考察—特集 人口高齢化のもとでの財政金融政策の有効性

  吉野 直行, 宮本 弘曉

  フィナンシャル・レビュー / 財務省財務総合政策研究所 編 (財務省財務総合政策研究所)  2021 ( 2 ) 4 - 14 2021.03

  ISSN  0912-5892

• 高齢化が財政政策の効果に与える影響—特集 人口高齢化のもとでの財政金融政策の有効性

  宮本 弘曉, 吉野 直行

  フィナンシャル・レビュー / 財務省財務総合政策研究所 編 (財務省財務総合政策研究所)  2021 ( 2 ) 49 - 67 2021.03

  ISSN  0912-5892

• 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

  Article, review, commentary, editorial, etc. (scientific journal),  ISSN  21998620

• Introduction: Energy efficiency financing and market-based instruments

  Yang Liu, Farhad Taghizadeh-Hesary, Naoyuki Yoshino

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

  Article, review, commentary, editorial, etc. (scientific journal),  ISSN  21998620

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

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

Awards 【 Display / hide 】

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

• Honorary Doctorate, Martin Luther University of Halle Wittenberg

  2013

  Type of Award： International academic award (Japan or overseas)

• 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 award (Japan or overseas)

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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

• 財務省、国有財産審議会

  2005

  -

  2013

  　View Summary

  財務省理財局

• 文部科学省、中央教育審議会

  2004

  -

  2008

  　View Summary

  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 】

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.

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

• 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 】

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)

  　View Remarks

  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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