UCSD - The Graduate School of International Relations and Pacific Studies

Takeo Hoshi
Acting Dean; Pacific Economic Cooperation Chair in International Economic Relations

UCSD, IR/PS
9500 Gilman Drive
La Jolla, CA 92093-0519
Office #1319

Phone: (858) 534-5018
Fax (858) 534-3939
Email: thoshi@ucsd.edu

CURRICULUM VITAE
Current Positions
Pacific Economic Cooperation Professor of International Economic Relations; Graduate School of International Relations and Pacific Studies at University of California, San Diego. (July 2002 - Present).

Faculty Fellow; Research Institute of Economy, Trade, and Industry. (July, 2002 - Present).

Past Positions
Professor; Graduate School of International Relations and Pacific Studies at University of California, San Diego. (July 2000 - June 2002).

Associate Professor; Graduate School of International Relations and Pacific Studies at University of California, San Diego. (July 1994 - June 2000).

Assistant Professor; Graduate School of International Relations and Pacific Studies at University of California, San Diego. (July, 1988 - June, 1994).

Past Visiting Positions
Visiting Scholar; Center for International Research on the Japanese Economy, University of Tokyo. (December, 1999).

Visiting Scholar; Institute of Monetary and Economic Studies, Bank of Japan. (April-July, 1998).

Tokio Marine & Fire Visiting Associate Professor of Economics of Risk and Information; Faculty of Economics, Osaka University. (April, 1997 - March, 1998).

Research Interests
Japanese financial system; monetary policy.

Education
May 1988 Ph.D. in Economics. Massachusetts Institute of Technology. Cambridge, MA.

Thesis Title: Government Reputation and Monetary Policy
Thesis Committee: Professor Stanley Fischer
Professor Olivier Blanchard
Professor Robert Gibbons

March 1983 Bachelor of Liberal Arts (Kyoyo Gakushi). University of Tokyo. Tokyo, JAPAN. Major: Social Sciences.

Publications
1. Book
Corporate Finance and Governance in Japan: The Road to the Future. (Joint with Anil Kashyap) Cambridge, MA; MIT Press, 2001.

2. Edited Book
Crisis and Change in the Japanese Financial System. (Co-edited with Hugh Patrick) Boston, MA; Kluwer Academic Publishers, 2000.

3. Academic Papers
"The Convoy System for Insolvent Banks: How It Originally Worked and Why It Failed in the 1990s," Japan and the World Economy, 14:2, 155-180, April 2002.

"What Happened to Japanese Banks?," Monetary and Economic Studies, 1-29, 2001.

"The Japanese Banking Crisis: Where did it come from and how will it end?," (Joint with Anil Kashyap), NBER Macroeconomics Annual 1999, pp. 129 - 201, 2000.

"Bank-Owned Security Subsidiaries in Japan: Evidence after the 1993 Financial System Reform," (Joint with Yasushi Hamao) in Masahiko Aoki and Gary R. Saxonhouse (Eds.), Finance, Governance, and Competitiveness in Japan. Oxford, UK; Oxford University Press, pp. 105 - 117, 2000.

"The Main Bank System and Corporate Investment: Further Robustness Tests," in Masahiko Aoki and Gary R. Saxonhouse (Eds.), Finance, Governance, and Competitiveness in Japan. Oxford, UK; Oxford University Press, pp. 99 - 104, 2000.

"The Japanese Financial System: An Introductory Overview," in Takeo Hoshi and Hugh Patrick (Eds.), Crisis and Change in the Japanese Financial System. Boston, MA; Kluwer Academic Publishers, pp. 1 - 33, 2000.

"Japanese Corporate Governance as a System," in Klaus J. Hopt, Hideki Kanda, Mark J. Roe, Eddy Wymeersch, and Stefan Prigge (Eds.) Comparative Corporate Governance: The State of the Art and Emerging Research. Oxford, UK; Oxford University Press, pp.847-875, 1998.

"Benefits and Costs of Japanese System of Corporate Governance," Global Economic Review, 26, 77-95, 1997.

"The Impact of Financial Deregulation on Corporate Financing," in Paul Sheard (ed.) Japanese Firms, Finance and Markets. Melbourne, Australia; Addison-Wesley, pp.222-248, 1996.

"Heterogeneous Beliefs, Wealth Accumulation, and Asset Price Dynamics" (Joint with Antonio Cabrales), Journal of Economic Dynamics and Control, 20, 1073-1100, 1996.

"Back to the Future: Universal Banking in Japan" in Anthony Saunders and Ingo Walter (eds.) Universal Banking: Financial System Design Reconsidered. pp,205-244. Chicago, IL; Irwin, 1996.

"Cleaning Up the Balance Sheets: Japanese Experience in the Post-War Reconstruction Period" in Masahiko Aoki and Hyung-Ki Kim (eds.) Corporate Goverance in Transitional Economies: Insider Control and the Role of Banks. pp.303-359. Washington, DC; The World Bank, 1995.

"Lessons from the Japanese Main Bank System for Financial System Reform in Poland" (Joint with Anil Kashyap and Gary Loveman) in Masahiko Aoki and Hugh Patrick (eds.) The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies. pp.592-633. Oxoford, UK; Oxford University Press, 1994.

"Evolution of the Main Bank System in Japan" in Mitsuaki Okabe (ed) The Structure of the Japanese Economy. pp.287-322. London, UK; Macmillan, 1994.

"The Economic Role of Corporate Grouping and the Main Bank System" in Masahiko Aoki and Ronald Dore (eds.) The Japanese Firm: The Sources of Competitive Strength. pp.285-309. Oxford, UK; Oxford University Press, 1994.

"Japanese Corporate Investment and Bank of Japan Guidance of Commercial Bank Lending" (Joint with David Scharfstein and Kenneth Singleton). in Kenneth Singleton (ed.) Japanese Monetary Policy. pp.63-94. Chicago, IL; University of Chicago Press, 1993.

"Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups" (Joint with Anil Kashyap and David Scharfstein), Quarterly Journal of Economics, 106, 33-60, February 1991.

"Evidence on q and Investment for Japanese Firms" (Joint with Anil Kashyap), Journal of the Japanese and International Economies, 4, 371-400, December 1990.

"The Role of Banks in Reducing the Costs of Financial Distress in Japan." (Joint with Anil Kashyap and David Scharfstein), Journal of Financial Economics, 27, 67-88, September 1990.

"Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships." (Joint with Anil Kashyap and David Scharfstein) in Glenn Hubbard (ed.) Asymmetric Information, Corporate Finance, and Investment. Chicago, IL; Chicago University Press, pp.105-126, 1990.

"Stock Market Rationality and Price Volatility: Tests Using Japanese Data," Journal of the Japanese and International Economies, 1, 441-462, December 1987.

"A Test of Stock Price Volatility: The Case of Japan," Japan Financial Review, 5, pp.1-18, August 1986.

4. Book Reviews and Comments
Book Review of Franklin Allen and Douglas Gale. Comparing Financial Systems . MIT Press, 2000. In Journal of Economic Literature , 40, 938-939, September 2002.

Book Review of Junji Banno (ed) The Political Economy of Japanese Society: Volume 2. Internationalization and Domestic Issues . Oxford University Press, 1998. In Journal of Economic Literature , 38, 134-135, March 2000.

"Financial Modernization and Regulation: Experience from Japan," Journal of Financial Services Research , 16, 305-307, 1999.

Book Review of Junji Banno (ed) The Political Economy of Japanese Society: Volume 1. The State or the Market. Oxford University Press, 1998. In Journal of Economic Literature, forthcoming, 1999.

Book Review of Michael Gerlach, Alliance Capitalism: The Social Organization of Japanese Business, University of California Press, 1992. In Journal of the Japanese and International Economies, 8, 114-117, March 1994.

Comment on Jeffry Frieden, "Domestic Politics and Regional Cooperation: The United States, Japan, and Pacific Money and Finance" in Jeffrey Frankel and Miles Kahler (eds.) Regionalism and Rivalry: Japan and the U.S. in Pacific Asia, pp.444-447. Chicago, IL: The University of Chicago Press, 1993.

Academic Publications in Japanese
"1980-nendai no Ginko Keiei: Senryaku, Soshiki, Governance" (Bank Management in the 1980s: Strategy, Organization, and Governance) (Joint with Tetsuji Okazaki) in Michio Muramatsu and Masahiro Okuno (Eds.) Heisei Bubble no Kenkyu: Bubble no Hassei to sono Haikei Kozo (Research on Heisei Bubble: Emergence of the Bubble and its Background Structure) . Tokyo, Japan; Toyo Keizai Shimpo-sha, 2002, pp.313-358.

"Naze Nihon ha Ryudosei no Wana kara Nogarerarenainoka" (Why Japan Cannot Get Out of the Liquidity Trap) in Mitsuhiro Fukao and Hiroshi Yoshikawa (Eds.) Zero Kinri to Nihon Keizai (Zero Interest Rate and the Japanese Economy) . Tokyo, Japan; Nihon Keizai Shimbun-sha, 2000, pp.233-266.

"Kin'yu Seisaku to Ginko Kodo" (Monetary Policy and Bank Behavior) in Shin'ichi Fukuda, Akiyoshi Horiuchi, Kazumasa Iwata (Eds.) Macro Keizai to Kin'yu System (Macroeconomy and Financial System). Tokyo, Japan; University of Tokyo Press, 2000, pp.23-56.

Shihon Shijo no Fukanzensei to Kin'yu Seisaku no Hakyu Keiro: Saikin no Kenkyu Seika no Tenbo," (Capital Market Imperfection and Transmission Mechanism of Monetary Policy: Survey of Recent Research) Kin'yu Kenkyu, 16, 105-136, March, 1997.

"Sengo Nihon no Kin'yu Kikan to Kigyo no Saiken Seibi," (Reconstruction and Reorganization of Financial Institutions and Firms in the Post-war Japan) Keizai Kenkyu, 46, 31-42, January 1995.

"Kigyo Gruupu Kessokudo no Bunseki (Analysis of Coherence of Firm Groups)" (Joint with Takatoshi Ito) in Akiyoshi Horiuchi and Naoyuki Yoshino (eds.) Gendai Nihon no Kin-yu Bunseki (Financial Analysis of Contemporary Japan). pp.73-96. Tokyo, Japan; University of Tokyo Press, 1992.

Work in Progress
"Paying for the FILP" (Joint with Takero Doi), July 2002.

"Bank Underwriting of Corporate Bonds: Evidence from Japan After 1994" (Joint with Yasushi Hamao), July 2002.

"Bank Organization and Screening Performance," June 1997.

Unpublished Papers
"Competition and Financial Structure in Japanese Firms" (Joint with John McMillan and Ulrike Schaede), October 1997.

"On the Choice Between Public and Private Debt: An Examination of Post-Deregulation Corporate Financing in Japan" (Joint with Anil Kashyap and David Scharfstein). March 1995.

"Evolutionary Consequences of Noise Traders, Chartists, and Other Non-Rational Investors" (Joint with Antonio Cabrales). October 1993.

"Stock and Land Prices in Japan" (Joint with Yasushi Hamao). October 1991.

"How Much Agricultural Protection Is Justified By Food Security?" August 1991.

"Measuring Coherence of Japanese Enterprise Groups" (Joint with Takatoshi Ito). May 1991.

"A Credibility Problem in Anti-Inflation Policy." July 1991.

"Noisy Inflation, Government Reputation, and Monetary Policy," UCSD IR/PS Research Paper 88-08, October 1988.

"Monetary Policy Signaling: A Model of Government Reputation and Equilibrium Inflation," UCSD IR/PS Research Paper 88-07, October 1988.

Scholarship and Awards
Japan Economic Research Promotion Foundation Grant (1998)

Social Science Research Council East Asia Regional Working Group Research Planning Grant (1996)

Japan-U.S. Friendship Commission Grant (1995) (co-investigator)

Zengin Foundation for Studies on Economics and Finance Grant (1994)

UCSD Affirmative Action Faculty Pre-Tenure Award (1992)

UCSD Chancellor's Summer Faculty Fellowship (1991)

Sloan Scholarship for thesis writers. (1987-1988)

Fulbright Scholarship. (1984-1988)

Teaching Experience
Japanese Economy for MPIA (Master for Pacific and International Affairs) students. (1989-1996, 1999-2000, 2002)

Japanese Financial System for MPIA Students. (1994-1996, 1999-2001)

Macroeconomic Policy for MPIA students. (1989-1997, 1999-2000, 2002)

Japanese Economy for undergraduate students in Economics. (1990, 1992, 1994, 1996, 1999, 2001)

Managerial Economics for MPIA students. (1990-1991, 2000)

International Business Simulation for MPIA students (2001)

Macroeconomics for Ph.D. students. (1989-1991, 1993, and 1995)

Japanese Main Bank System for undergraduate students in Economics (in Japanese). (1997)

Monetary Economics for Ph.D. students (in Japanese). (1997)

Professional Memberships
The American Economic Association, 1988-present.

The Nippon Finance Association, 1997-present.

The Japan Economic Association, 2002-present.

Services
Profession

Editor in Chief; Journal of the Japanese and International Economies , 1999-Present (Associate Editor, 1993-1998).

Associate Editor, International Review of Finance, 1998-Present.

Associate Editor; Journal of Financial Services Research , 2000-Present.

Reviewed articles for the following journals, 1983-Present:
American Economic Review

Bank of Japan Monetary and Economic Studies

Contemporary Policy Issues

Economic Inquiry

Economic Journal

Financial Management

International Economic Review

International Organization

Japan and the World Economy

Japan Economic Review

Japan Financial Review

Journal of Business

Journal of Economic Dynamics and Control

Journal of Economics and Management Strategy

Journal of Economic Literature

Journal of Finance

Journal of Financial Economics

Journal of Financial Services Research

Journal of Industrial Economics

Journal of International Financial Management and Accounting

Journal of International Money and Finance

Journal of the Japanese and International Economies

Journal of Law, Economics, and Organization

Journal of Macroeconomics

Journal of Money, Credit, and Banking

Journal of Political Economy

Journal of Public Economics

Keizai Kenkyu

Pacific Economic Papers

Quarterly Journal of Economics

Review of Economic Studies

Review of Economics and Statistics

Review of Financial Studies

Reviewed articles for Western Finance Association, 1993.

Reviewed manuscripts for the following publishers, 1991-Present:
MIT Press

Oxford University Press

Cambridge University Press

Harper Collins College Publishers

Reviewed grant proposals for National Science Foundation, 1989-Present.

School
Director, Japanese Studies Program, 1998-2001

MPIA Admission Committee, 1988-1997, 1998-2000, 2001-Present.

Director, the International Career Associates Program, 1994-1996.

Students Expansion Committee (Chair), 1995-1996.

MPIA Curriculum Committee, 1988-1991.

Social Science Computing Committee, 1988-1991.