Takeo Hoshi
thoshi@ucsd.edu
Phone: (858) 534-5018
Fax: (858) 534-3939
9500 Gilman Drive
La Jolla, CA 92093-0519
Office: #1319
Education
Ph.D., Massachusetts Institute of Technology, 1988 (economics)
Bachelor of Liberal Arts (Kyoyo Gakushi), University of Tokyo, 1983 (social sciences)
Programs and Centers
International Economics Career Track
Japan Regional Concentration Program
Recent Publications
"Policy Options for Japan's Revival" (Joint with Anil Kashyap) Commissioned by the National Institute for Research Advancement. June 2012.
For more publications by Takeo Hoshi, please see the Publications tab.
Biography
Call for Papers: International Macroeconomics, Money & Banking Sessions Asian Bureau of Financial and Economic Research
CV
Hoshi is a professor at IR/PS, and a research associate at the National Bureau of Economic Research (NBER) and at the Tokyo Center for Economic Research (TCER). His major research area is the study of the financial aspects of the Japanese economy, especially corporate finance and governance.
Hoshi is the inaugural recipient of the 2006 Enjoji Jiro Memorial Prize, which is given every three years by Nihon Keizai Shimbun-sha (Japanese equivalent of the Wall Street Journal) to three leading Japanese economists who work on policy issues. He is also the recipient of 2005 JEA-Nakahara Prize, which is awarded every year by the Japanese Economic Association to a Japanese economist with international recognition under the age of forty five.
His book co-authored with Anil Kashyap (Graduate School of Business, University of Chicago) titled Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001; in Japan, Nihon Keizai Shimbun-sha, 2006) received the Nikkei Award for the best economics books in 2002.
Other publications include Crisis and Change in the Japanese Financial System (Kluwer Academic Publishers, 2000, edited with Hugh Patrick, Graduate School of Business, Columbia University); “Economics of the Living Dead,” The Japanese Economic Review, March 2006; “Solutions to Japan’s Banking Problems: What Might Work and What Definitely Will Fail” (Joint with Anil Kashyap) in Hugh Patrick and Takatoshi Ito (Eds.) Reviving Japan’s Economy: Problems and Prescriptions. MIT Press, 2005; “Financial Regulation in Japan: a Sixth Year Review of the Financial Services Agency” (Joint with Takatoshi Ito) Journal of Financial Stability, 2004; “Japan’s Financial Crisis and Economic Stagnation” (Joint with Anil Kashyap) Journal of Economic Perspectives, 2004; “Paying for the FILP” (Joint with Takero Doi) in Magnus Blomström et al. (Eds.) Structural Impediments to Growth in Japan, University of Chicago Press, 2003; “The Convoy System for Insolvent Banks: How It Originally Worked and Why It Failed in the 1990s,” Japan and the World Economy, 2002; and "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups" (joint with Anil Kashyap and David Scharfstein) Quarterly Journal of Economics, 1991.
Past positions include Pacific Economic Cooperation Chair at IR/PS, Associate Professor at IR/PS (1994-2000), Assistant Professor at IR/PS (1988-1994), Tokio Marine & Fire Visiting Associate Professor at Osaka University (1997-1998), and Visiting Scholar at the Bank of Japan Institute for Monetary and Economic Studies (1998).
Hoshi has been the editor in chief of the Journal of the Japanese and International Economies since 1999.
As a senior faculty member, Professor Hoshi has played an integral role in the administration of IR/PS and previously served as Associate Dean from 2003 to 2005, and Acting Dean from August through December 2006 and February through August 2009.
Perspectives
Hoshi can provide commentary on Japan's financial system, bank regulation, macroeconomic conditions and macroeconomic policy.
Expertise
Hoshi is an authority on the Japanese economy and financial system.
Current Projects
- Japan’s Growth Potential (with Anil Kashyap)
- Corporate Restructuring in Japan (with Satoshi Koibuchi and Ulrike Schaede)
- Sustainability of Japan’s Fiscal Policy (with Takero Doi and Tatsuyoshi Okimoto)
- Value of Voting Rights in the Pre-war Japan (with Yasushi Hamao and Tetsuji Okazaki)
- Corporate Governance and Human Resource Management (with Jess Diamond)
- Japan’s Responses to the Global Financial Crisis (with Kimie Harada and Satoshi Koibuchi)
- Japanese Economy (with Takatoshi Ito)
Background Notes
Hoshi is editor-in-chief of the Journal of the Japanese and International Economies. He is a research associate at National Bureau of Economic Research (NBER). Hoshi joined IR/PS in 1988.
Professional Activities
In addition to being a member of academic associations and serving as editor for academic journals, Hoshi occasionally conducts research for commission and provides consulting for compensation. All of his compensated professional activities in the last several years are listed below.
Compensated Professional Activities, 2006-Present
Board of Directors
Union Bank, N.A., 2009-Present
Consulting
Gerson Lehrman Group, August 2010-Present.
Federal Reserve Bank of Cleveland, April 2008 and September 2010.
Japan Society for the Promotion of Science, April 2008 - March 2009.
Department of Economics, Osaka University, April 2007 - March 2008.
Mosley and Gearinger, LLP, June-October, 2007.
Commissioned Editorship
Elsevier Publishers Encyclopedia of Financial Globalization, January 2009-Present.
Sponsored Research
National Institute for Research Advancement, Japan. “Policy Options for Japan’s Revival” (with Anil Kashyap), September 2011 - March 2012.
National Institute for Research Advancement, Japan. “Why Did Japan Stop Growing?” (with Anil Kashyap), December 2010.
Economic and Social Research Institute, Japan. “Corporate Restructuring in Japan” (with Satoshi Koibuchi and Ulrike Schaede), January 2008 – December 2009.
Japan Institute of Labour Policy and Training. “Corporate Governance and Human Resource Management”, April 2005-Present.
Speeches and Presentations
Avalon Capital Group, December 2010
Research Interests
- Japanese financial system
- Monetary policy
Publications of Note
Hoshi has published numerous articles in leading journals in the field of economics and finance on such topics as financial deregulation in Japan, banking crises in Japan, monetary policy in Japan, and the historical evolution of the Japanese financial system. The publications include Corporate Financing and Governance in Japan, The Road to the Future (co-authored with Anil Kashyap, published by MIT Press in 2001), Crisis and Change in the Japanese Financial System (co-edited with Hugh Patrick, published by Kluwer Academic Publishers in 2000) and “Paying for the Filp” (with Takeo Doi) in Magnus Blomstrom et al. eds. Structural Impediments to the Growth of the Japanese Economy (University of Chicago Press, 2003).
Recent Publications
Presentations
http://www.aeaweb.org/webcasts/assa2009.php (AEA Member Username and Password required)
Papers
"Defying Gravity: How Long Will Japanese Government Bond Prices Remain High?" (Joint with Takatoshi Ito) National Bureau of Economic Research Working Paper Series. Working Paper 18287. August 2012
"Policy Options for Japan's Revival" (Joint with Anil Kashyap) Commissioned by the National Institute for Research Advancement. June 2012.
"Why Did Japan Stop Growing?" (Joint with Anil Kashyap) Commissioned by the National Institute for Research Advancement. December 29, 2010.
"Economics of the Living Dead". The Japanese Economic Review, 57:1 p. 30, March 2006
"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.
Corporate Finance and Governance in Japan: The Road to the Future. (Joint with Anil Kashyap) Cambridge, MA; MIT Press, 2001.
"What Happened to Japanese Banks?," Monetary and Economic Studies, 1-29, 2001.
Crisis and Change in the Japanese Financial System. (Co-edited with Hugh Patrick) Boston, MA; Kluwer Academic Publishers, 2000.
Op-Ed Pieces
"A Plan to Revive Japan" - (Joint with Anil Kashyap), The Wall Street Journal. September 11, 2012.
"Let Tepco Go Bankrupt, If It Must" (Joint with Ulrike Schaede and Anil Kashyap), The Wall Street Journal. April 19, 2011.
"The BOJ’s Critics Hit Back" (Joint with Anil Kashyap), The Wall Street Journal. March 9, 2011.
"The BOJ's Critics Hit Back, Part Two" - The Wall Street Journal
"The BOJ's Critics Hit Back, Part One" - The Wall Street Journal (Japanese)
"The BOJ's Critics Hit Back, Part Two" - The Wall Street Journal (Japanese)
"Lessons from the Japanese Crisis in the 1990s," Le Monde, Nov. 13, 2009. (French)
"Problems with the Bill for Easing Small and Medium Enterprise Financing," Nihon Keizai Shimbum, Nov. 13, 2009. (Japanese)
"U.S. Capital Injection is Likely to be Insufficient," Nihon Keizai Shimbun, Oct. 23, 2008. (Japanese)
"A Blueprint for Reforming Japan," (Joint with with Anil Kashyap), Wall Street Journal, Asia and Europe editions, Sept. 12, 2008.
"Getting out of a Financial Crisis: Lessons from History," Nihon Keizai Shimbun, Aug. 12, 2008. (Japanese)
Book Reviews and Comments
"Avoiding the Deflation Trap: Three Lessons from Japan," Central Banking, 18(4), 51-54, May 2008.
