YOSHINO, Naoyuki

写真a

Affiliation

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

Position

Professor Emeritus ( Professor Emeritus of Economics, Keio University )

E-mail Address

E-mail address

Remarks

Monetary and Fiscal Policy, Green Finance, Infrastructure Finance

External Links

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)
    International Green Finance Lifetime Achievement Scientific Award, 2021 (Central Award: European Green Finance Conference, Central Bank of Hungary, Planet Budapest Sustainable EXPO Summit, December 2021) https://zoldpenzugyek.mnb.hu/green-finance-scientific-awards/international-green-finance-lifetime-achievement-scientific-award
    https://econ.jhu.edu/2021/12/12/prof-naoyuki-yoshino-phd79-receives-the-international-green-finance-lifetime-achievement-scientific-award/
    Visiting Professor, GRIPS (Graduate Research Institute for Policy Studies) (2020-2024)
    President, Foreign Exchange Council、MOF
    President, Financial System Council, Government of Japan
    Chief Advisor, Financial Research Center, Financial Services Agency (FSA) (2024-present)
    Professor Emeritus of Economics, Keio University,(2014-present)
    Republic of Palau (Member of Economic Advisory Group, 2022-present), https://pitiviti.org/palau-eag-members#:~:text=The%20Palau%20Economic%20Advisory%20Group,by%20the%20President%20of%20Palau.
    Specially Appointed Professor, Tokyo Metropolitan University (International Economics) (2023-Present)
    Advisory Board (Chair), Stockholm School of Economics (EIJS) (2024-Present).
    Honorary Fellow, Asian Development Bank Institute (ADBI)

Profile Summary 【 Display / hide

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

Other Affiliation 【 Display / hide

  • 2020-2023 University of Tokyo-Visiting Lecturer, Graduate School of Public Policy, Visiting Lecturer

  • 2022-Present、Member, Economic Advisory Group, Republic of Palau,https://pitiviti.org/palau-eag-members

  • 2024-Present, Stockholm School of Economics, EIJS, Advisor (Chair), https://www.hhs.se/en/research/institutes/eijs/board/advisory-board/

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

  • 2025-Present.Honorary Fellow-Asian Development Bank Institute, 2025-Honorary Fellow, Asian Development Bank Institute (ADBI)

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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, Professor

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Academic Background 【 Display / hide

  • 1973.03

    Tohoku University, Faculty of Economics

    University, Graduated

  • 1975.03

    Tohoku University, Faculty of Economics

    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

  • 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

  • Humanities & Social Sciences / Money and finance

  • Monetary and Fiscal Policy

Research Keywords 【 Display / hide

  • Public Finance

  • Fiscal and Monetary Economics

  • Fiscal Policy

  • Monetary Policy

  • Money and Banking

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

  • FOSTERING GREEN GROWTH IN ASEAN BY STRENGTHENING SME CONTRIBUTIONS TO CARBON NEUTRALITY

    Yoshino N., Rasoulinezhad E., Phoumin H., Taghizadeh-Hesary F., Vandercamme L., Sustainable Growth and Green Policies Navigating Energy and Environmental Challenges, 2025.01

     View Summary

    In numerous Asian nations, small and medium-sized enterprises (SMEs) are pivotal to economic growth, yet often remain beyond the reach of environmental regulations, which predominantly target larger corporations. This research investigates the link between SME activities and carbon emissions in ASEAN countries from 2010 to 2020, utilizing a fully modified ordinary least squares (FMOLS) model. The analysis reveals that SME operations substantially contribute to CO2 emissions, indicating a disconnect between environmental protection efforts and sustainable development goals. To guide SMEs toward carbon neutrality, the study recommends implementing specific green finance policies, expanding environmental regulations to encompass SMEs, and overhauling banking lending practices to promote sustainability based on SMEs’ environmental performance. These strategies aim to incorporate SMEs into ASEAN’s broader green growth and sustainable development agenda.

  • Energy Security, Pollution, and Health in Selected Developing Asian Economies

    Taghizadeh-Hesary F., Rasoulinezhad E., Yoshino N., Chang Y., Taghizadeh-Hesary F., Morgan P.J., Energy Security Transition and Economic Growth, 2025.01

     View Summary

    Increased dependence on nonrenewable energy sources contributes to greater air pollution, which in turn leads to negative health outcomes. This chapter examines the relationship between fossil fuel consumption (FFC) and health issues using the generalized method of moments (GMM) for data from 18 developing Asian economies spanning 1991 to 2022. The findings show that fossil fuel use elevates the risk of lung and respiratory diseases (LRD), with CO2 emissions and FFC significantly affecting undernourishment and mortality rates. Additionally, higher gross domestic product (GDP) per capita and healthcare expenditure are found to reduce undernourishment and death rates (UDR). The chapter concludes that transitioning from fossil fuels to renewable energy can improve energy security and reduce greenhouse gas emissions.

  • ENERGY SECURITY, TRANSITION, AND ECONOMIC GROWTH

    Taghizadeh-Hesary F., Chang Y., Yoshino N., Energy Security Transition and Economic Growth, 2025.01

     View Summary

    This book, Energy Security, Transition, and Economic Growth, provides a timely and comprehensive analysis of these interconnected issues. It brings together insights from a range of regional- and country-level case studies, offering new perspectives on how different nations are navigating the complex landscape of energy security and transition while maintaining the pace of economic growth. The book is structured into two parts: regional-level analyses and country-level studies, comprising 10 chapters. Each chapter presents empirical research, practical policy recommendations, and innovative solutions that can be applied to different countries and regions worldwide. The findings in this book are particularly valuable for policymakers, energy practitioners, and researchers. Each chapter contributes to a broader understanding of how countries can navigate the transition to renewable energy while maintaining or enhancing their energy security and economic growth.

  • SUSTAINABLE GROWTH AND GREEN POLICIES: Navigating Energy And Environmental Challenges

    Taghizadeh-Hesary F., Yoshino N., Mirza N., Mohsin M., Sustainable Growth and Green Policies Navigating Energy and Environmental Challenges, 2025.01

     View Summary

    Sustainable Growth and Green Policies: Navigating Energy and Environmental Challenges explores the intersection of green finance, energy transition, and sustainable policies, offering innovative solutions to today's environmental and economic challenges. The book is divided into two sections: Green Policies for Sustainable Growth and Carbon Neutrality and Green Finance and Economic Recovery, featuring empirical research, innovative frameworks, and policy recommendations. The first section focuses on strategies for achieving carbon neutrality and promoting green growth across various economic contexts. Topics include the role of small and medium-sized enterprises (SMEs) in ASEAN's decarbonization, the relationship between financial development and greenhouse gas mitigation in BRICS economies, and behavioral factors influencing private investment in renewable energy. It also explores China's carbon market design and the impact of socioeconomic progress on environmental sustainability. The second section examines the role of green finance in economic recovery, particularly in the post-COVID-19 era. It assesses the interconnectedness of clean and conventional energy markets, the implications of renewable energy financing in Asia, and the effects of green finance on carbon intensity in OECD countries. Additionally, it explores fiscal policies for greening China's economy and macroeconomic frameworks for achieving sustainable development in the EU.

  • A modern guide to energy economics

    Farhad Taghizadeh-Hesary, Ehsan Rasoulinezhad, Naoyuki Yoshino, A Modern Guide to Energy Economics, 2024.08

     View Summary

    With a sharp focus on sustainability, this book offers a nuanced understanding of the intricate interplay between economics and the evolving energy landscape. Editors Farhad Taghizadeh-Hesary, Ehsan Rasoulinezhad and Naoyuki Yoshino bring together a diverse range of authors to address emerging priorities in the energy sector, such as sustainability, transitions and energy security. Offering valuable insights, this book provides readers with a holistic understanding of the economic implications and opportunities inherent in sustainable energy practice. Chapter authors cover important facets of modern energy economics, including topics such as renewable energy, energy transitions, electricity markets, energy security, finance and investment. Providing a thorough assessment of the present research landscape, the book also explores significant trends and contemporary issues, drawing from state-of-the-art discussions. This is an invigorating read for energy economics researchers, as well as economics and finance scholars more broadly. Policymakers and energy analysts will also greatly benefit from the book's focus on sustainability, transitions and security.

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Papers 【 Display / hide

  • Rethinking the Domar (<i>r-g</i>) Condition: Its Application to Greece, Japan, and China

    Yoshino, N; Miyamoto, H; Terada-Hagiwara, A

    ASIAN ECONOMIC PAPERS 24 ( 3 ) 53 - 66 2025.11

    Joint Work,  ISSN  1535-3516

  • Full-field rheo-optical analysis of wormlike and networked micellar structures under uniaxial extensional flow

    Masakazu Muto, Naoki Kako, Tatsuya Yoshino, Shinji Tamano

     2025.07

    Joint Work

     View Summary

    The present study proposes a novel full-field extensional rheo-optical technique to investigate the relationship between the rheological properties and internal structural deformation of complex fluids under uniaxial extensional flow. Macroscopic viscoelasticity from rheological measurements and microscopic birefringence from optical measurements are integrated to evaluate the microstructural deformation and orientation of the fluids under extensional stress. The proposed technique integrates a liquid dripping method with a high-speed polarization camera to measure the extensional stress and flow birefringence simultaneously. In the liquid dripping method, temporal evolution images of the liquid filament diameter for fluids dripping from a nozzle are measured to obtain the extensional stress loading on the filament. These images are acquired using the high-speed polarization camera that captures full-field two-dimensional (2D) birefringence with high spatiotemporal resolution. Wormlike and networked micellar solutions of cetyltrimethylammonium bromide (CTAB) and sodium salicylate (NaSal) with varying concentrations of CTAB and NaSal are employed as the measurement targets. Consequently, we successfully visualized temporally developing images of the flow birefringence field of uniaxially extending micellar solutions induced by the orientation of micelles. Furthermore, the proposed technique supports investigating the conditions for establishing the stress-optical rule, which is the linear relationship between stress and birefringence. The stress-optical coefficient, which is a proportionality constant indicating the sensitivity of birefringence to stress, is analyzed from these measurements. The stress-optical coefficient under uniaxial extensional flow, obtained using the proposed technique, is confirmed to be comparable to that under shear flow.

  • Disambiguating Reference in Visually Grounded Dialogues through Joint Modeling of Textual and Multimodal Semantic Structures

    Shun Inadumi, Nobuhiro Ueda, Koichiro Yoshino

     2025.05

    Joint Work

     View Summary

    Multimodal reference resolution, including phrase grounding, aims to understand the semantic relations between mentions and real-world objects. Phrase grounding between images and their captions is a well-established task. In contrast, for real-world applications, it is essential to integrate textual and multimodal reference resolution to unravel the reference relations within dialogue, especially in handling ambiguities caused by pronouns and ellipses. This paper presents a framework that unifies textual and multimodal reference resolution by mapping mention embeddings to object embeddings and selecting mentions or objects based on their similarity. Our experiments show that learning textual reference resolution, such as coreference resolution and predicate-argument structure analysis, positively affects performance in multimodal reference resolution. In particular, our model with coreference resolution performs better in pronoun phrase grounding than representative models for this task, MDETR and GLIP. Our qualitative analysis demonstrates that incorporating textual reference relations strengthens the confidence scores between mentions, including pronouns and predicates, and objects, which can reduce the ambiguities that arise in visually grounded dialogues.

  • CRYPTOCURRENCIES, MONEY DEMAND, AND MONETARY POLICY

    Mumtaz M.Z., Smith Z.A., Yoshino N.

    Buletin Ekonomi Moneter Dan Perbankan Monetary and Banking Economics Bulletin 28 ( 2 ) 293 - 312 2025

    Joint Work,  ISSN  14108046

     View Summary

    This study examines the nexus between money demand and cryptocurrencies by estimating two simultaneous equations using Divisia indices as a proxy for money demand and volume traded for cryptocurrencies. The study examines the linkage between cryptocurrencies and money demand and their potential influence over monetary policy actions. It finds that the volume of cryptocurrencies traded negatively influences money demand. Moreover, we see a positive association between money demand and cryptocurrencies, implying that as the demand for money increases, the demand for cryptocurrencies increases. Further, we examine the determinates of cryptocurrencies and report that the return of cryptocurrencies, the financial development index, GDP, inflation, and stock market indices are significant predictors of the demand for cryptocurrencies.

  • CRYPTOCURRENCIES, MONEY DEMAND, AND MONETARY POLICY

    Mumtaz M.Z., Smith Z.A., Yoshino N.

    Buletin Ekonomi Moneter Dan Perbankan Monetary and Banking Economics Bulletin 28 ( 2 ) 293 - 312 2025

    Joint Work,  ISSN  14108046

     View Summary

    This study examines the nexus between money demand and cryptocurrencies by estimating two simultaneous equations using Divisia indices as a proxy for money demand and volume traded for cryptocurrencies. The study examines the linkage between cryptocurrencies and money demand and their potential influence over monetary policy actions. It finds that the volume of cryptocurrencies traded negatively influences money demand. Moreover, we see a positive association between money demand and cryptocurrencies, implying that as the demand for money increases, the demand for cryptocurrencies increases. Further, we examine the determinates of cryptocurrencies and report that the return of cryptocurrencies, the financial development index, GDP, inflation, and stock market indices are significant predictors of the demand for cryptocurrencies.

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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

  • Present, past, and future of the regional financial market

    2024.04
    -
    2027.03

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

     View Summary

    貸出・預金を介した地域間資金循環指標と市場集中度を長期に拡張した上で、地域金融市場の効率性に係る研究を推進する。第1に、集中度と地域間資金移動程度のコロナ禍の下での変化を把握するとともに、日本の高度成長期から現在に至る時期における構造変化の有無を検証する。第2に、地域金融市場と地域経済との相互連関の状況を明らかにする。第3に、地域間の資金移動を考慮した金融機関行動の構造推定を通じて、地域金融市場の機能に関する理論的な分析を行う。これらの研究のうちのいくつかを、国際的な協同により推進する。以上の取り組みを通じて、地域金融市場の過去から現在に至る動向を把握し、将来に向けた変化の方向性を展望する。

  • Redefining Regional Financial Markets and Services: Sustainable Regional Economy and Regional Finance

    2022.04
    -
    2025.03

    Grants-in-Aid for Scientific Research, MANABE MASASHI, Grant-in-Aid for Scientific Research (C), No Setting

     View Summary

    In this study, we conducted three main quantitative studies to examine what quantitative and qualitative changes the COVID-19 pandemic that began in early 2020 has caused in interregional flow of funds and regional financial markets.
    First, we analyzed changes in concentration in the loan and deposit markets. Specifically, we measured the concentration (Herfindahl-Hirschman Index) for each prefecture. Second, we measured the interregional flow of funds index through loans and deposits. Finally, we examined whether cross-border loans are of lower quality than loans in the prefecture where the head office is located (home base loans).

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

     View Summary

    This project implemented research on the following five issues:(1) measurement of competition in regional financial markets;(2) construction of inter-regional flow of funds indicators via loans and deposits; (3)impact of competition on firms' credit availability; (4)interaction between inter-regional flow of funds, competition, and market efficiency; and (5)impact of COVID-19 on the efficiency of regional financial markets. The project published five articles in English peer-reviewed journals. At the same time, it publicized the research outputs by publicly posting data on the concentration in the regional financial markets and those on interregional flow of funds. It also held an international workshop.Finally, the project published a Japanese book "Economics of Small and Medium Enterprise Finance: Role of Financial Institutions and Role of the Government,”which received several awards including the 65th Nikkei Prize for Excellent Books in Economic Science.

  • 21-COE

    2003
    -
    2005

    Research grant, Principal investigator

  • COE

    2000
    -
    2002

    Research grant, Principal investigator

Awards 【 Display / hide

  • 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)

  • 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

     View Summary

    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

     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

  • 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

  • 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)

     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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