Nose, Manabu

写真a

Affiliation

Faculty of Economics (Mita)

Position

Associate Professor
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Career 【 Display / hide 】

  • 2002.04
    -
    2004.04

    Japan Bank for International Cooperation, 開発第4部

  • 2004.05
    -
    2006.08

    Japan Bank for International Cooperation, 国際審査部

  • 2007.06
    -
    2007.09

    United Nations, Department of Economic and Social Affairs, Intern

  • 2009.05
    -
    2009.08

    International Monetary fund, IMF Institute, Intern

  • 2011.09
    -
    2013.08

    World Bank, Economist

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Academic Background 【 Display / hide 】

  • 1998.04
    -
    2002.03

    Keio University, Faculty of Economics

  • 2006.09
    -
    2007.05

    Brown University, Graduate School of Economics, M.A.

    United States

  • 2007.06
    -
    2012.05

    Brown University, Graduate School of Economics, Ph.D.

    United States

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Research Areas 【 Display / hide 】

  • Humanities & Social Sciences / Economic policy

  • Humanities & Social Sciences / Public economics and labor economics

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Papers 【 Display / hide 】

  • From Battlefield to Marketplace: Industrialization via Interregional Highway Investments in the Greater Mekong Sub-Region

    Nose, Manabu, Sawada, Yasuyuki

    (Institute for Economics Studies, Keio University)   2025.05

  • Leveraging Digital Technologies in Boosting Tax Collection

    Manabu Nose, Nicola Pierri, Jiro Honda

    IMF Working Papers  2025.05

    ISSN  1018-5941

    　View Summary

    <jats:p>This paper explores how digitalization in the corporate sector can boost tax revenue collection,. finding that stronger firm digitalization is associated with higher tax revenues across countries and also higher tax paid across firms. The cross-country estimates illustrate that a one-standard-deviation increase in firm digitalization is associated with an increase in tax revenues-to-GDP by up to 3 percentage points, conditional upon the level of digitalization of tax administration (GovTech). A firm-level analsis reveals that firm digitalization significantly improves tax compliance among high-risk taxpayers, such as small and informal enterprises, particularly in the service sector. This indicates that digitalization not only broadens the corporate tax base but also plays a crucial role in improving tax compliance. Moreover, both country and firm-level analyses reveal a significant synergy between firm digitalization and GovTech, undescoring the importance of promoting both to enhance tax collection. These analyses also suggest that, in developing countries, it is essential to create enabling environments for firm digitalization and GovTech and address any constraints to achieve their synergy effects.</jats:p>

  • Fiscal Monitor, April 2025: Fiscal Policy under Uncertainty

    International Monetary Fund. Fiscal Affairs Dept.

     2025.04

    　View Summary

    <jats:p>Escalating uncertainty and policy shifts are reshaping the fiscal outlook. Global public debt projections have been revised upwards, while tariffs, uncertainty and market volatility, increased defense spending, and challenging foreign aid are intensifying risks. Countries must implement gradual fiscal adjustments within credible medium-term frameworks to reduce debt and build buffers against heightened uncertainty. Reforms to major expenditure programs, such as energy subsidies and pensions, are crucial to reducing fiscal vulnerabilities while fostering growth. Stakeholder acceptance is critical for advancing such reforms. Shoring up public support requires strategic design, effective communication, robust safety nets, and trust in governance.</jats:p>

  • CEO Age and Technology Adoption: Network effects in e-commerce propagation in Japan

    Kawaguchi, Daiji, Kitao, Sagiri, Nose, Manabu

    (Research Institute of Economy, Trade and Industry (RIETI))   2025.03

  • Fiscal Determinants of Domestic Sovereign Bond Yields in Emerging Market and Developing Economies

    Manabu Nose, Jeta Menkulasi

    IMF Working Papers  2025.03

    ISSN  1018-5941

    　View Summary

    <jats:p>Domestic sovereign bonds have become a growing source of government financing in Emerging Market and Developing Economies (EMDEs). This paper investigates the role of fiscal policies in determining domestic bond yields, and how this relationship varies depending on the debt structure. Specifically, the analysis highlights the interaction of fiscal policy with banking sector leverage and foreign investor holdings for government debt. A 1 percentage point increase in expected primary deficits results in a persistent increase in 10-year domestic bond yield by around 36 basis points over 2.5 years, with larger effects observed during the COVID-19 pandemic. This contrasts with external bond spreads which are more sensitive to external and global risk factors. The greater the reliance on domestic banks for deficit financing, the stronger the impact of loose fiscal policy on domestic bond yields. The shift in domestic debt financing towards domestic banks after the pandemic implies that sovereign yields have been increasingly interlinked with domestic banks’ investment behavior implying potential financial sector risks in major EMDEs.</jats:p>

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

  • Evaluation of Public and Private Provisions of Infrastructure for Urban Development: Application of Big Data

    2018.04
    -
    2021.03

    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Nose Manabu, Grant-in-Aid for Early-Career Scientists, No Setting

    　View Summary

    Using geocoded ground-level data and satellite imageries, the project analyzed the impact of infrastructure investments (through public and private financing) on industrialization and spatial income distribution. The interregional highway construction in China and northern Vietnam significantly expanded local market potential, and facilitated the agglomeration of manufacturing firms. We observed the diffusion of economic activities to peripheral cities where overall gains in industrialization and real wages were larger, which equalized the initial spatial income inequality. I also used the contract-level data of public-private partnership (PPP) and unpacked the mechanism why PPP investments tend to increase the fiscal risk in emerging and low-income countries. The adverse selection and fiscal manipulation due to weak fiscal management are shown to be the main roots of low contract survival and high fiscal risk.

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Courses Taught 【 Display / hide 】

  • RESEARCH SEMINAR C

    2025

  • RESEARCH SEMINAR B

    2025

  • RESEARCH SEMINAR A

    2025

  • RESEARCH SEMINAR (THESIS)

    2025

  • DEVELOPMENT ECONOMICS B

    2025

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Courses Previously Taught 【 Display / hide 】

  • CAMPUS Asia: International Public Policy in East Asia

    The University of Tokyo, Graduate School of Public Policy

    2017.09
    -
    2020.08

  • Statistical Methods

    The University of Tokyo, Graduate School of Public Policy

    2017.09
    -
    2020.08

  • Advanced Development Economics

    The University of Tokyo, Graduate School of Economics/Public Policy

    2017.09
    -
    2020.08

  • Economics of the Environment in Developing Countries

    Brown University, Department of Economics

    2011.04
    -
    2011.08

  • Introduction to Econometrics

    Brown University, Department of Economics

    2009.09
    -
    2010.01

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