Takeo Hoshi

J-GLOBAL         Last updated: Oct 22, 2019 at 16:27
Takeo Hoshi
The University of Tokyo
Division of Economics,Graduate School
Research funding number

Research Areas

  • Economics / Money/Finance / Corporate Finance, Macroeconomics

Academic & Professional Experience

Sep 2019
Professor, Faculty of Economics, The University of Tokyo
Dec 2012
Aug 2019
Senior Fellow, Freeman Spogli Institute, Stanford University
Jul 2000
Dec 2012
Professor, Graduate School of Inernational Relations and Pacific Studies, University of California, San Diego
Jul 1994
Jun 2000
Associate Professor, Graduate School of Inernational Relations and Pacific Studies, University of California, San Diego
Jul 1988
Jun 1994
Assistant Professor, Graduate School of Inernational Relations and Pacific Studies, University of California, San Diego
Apr 1998
Jul 1998
Visiting Scholar, Institute of Monetary and Economic Studies, Bank of Japan
Apr 1997
Mar 1998
Tokio Marine & Fire Visiting Associate Professor of Economics of Risk and Information, Faculty of Economics, Osaka University


Sep 1984
Jun 1988
Ph.D., Economics, Massachusetts Institute of Technology
Apr 1983
Jul 1984
Graduate School, Economics, University of Tokyo
Apr 1979
Mar 1983
Social Sciences, Liberal Arts, University of Tokyo

Awards & Honors

Academic Research Promotion Award, Japan Bankers Association
Reischauer International Education Award, Japan Society of San Diego and Tijuana
Enjoji Jiro Memorial Prize, Nihon Keizai Shimbunsha
Nakahara Prize, Japan Economic Association
Corporate Financing and Governance in Japan: Road to Future, Nikkei Prize for Excellent Books in Economic Science, Nihon Keizai Shimbunsha
Winner: Takeo Hoshi and Anil Kashyap

Published Papers

Potential for Inward Foreign Direct Investment in Japan
Takeo Hoshi and Kozo Kiyota
Journal of the Japanese and International Economies   52 32-52   Jun 2019   [Refereed][Invited]
The Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010
Takeo Hoshi, Satoshi Koibuchi, and Ulrike Schaede
Journal of the Japanese and International Economies   47 81-90   Mar 2018   [Refereed][Invited]
Has Abenomics Succeeded in Raising Japan's Inward FDI?
Takeo Hoshi
Asian Economic Policy Review   13 149-168   Jan 2018   [Refereed][Invited]
Japan's Financial Regulatory Responses to the Global Fiiiinancial Crisis
Kimie Harada, Takeo Hoshi, Masami Imai, Satoshi Koibuchi, and Ayako Yasuda
Journal of Financial Economic Policy   7(1) 51-67   2015   [Refereed][Invited]
Will the U.S. and Europe Avoid a Lost Decade? Lessons from Japan's Post Crisis Experience
Takeo Hoshi and Anil K Kashyap
IMF Economic Review   63(1) 110-163   2015   [Refereed][Invited]
Defying Gravity: Can Japanese Sovereign Debt Continue to Increase Without a Crisis?
Takeo Hoshi and Takatoshi Ito
Economic Policy   5-44   Jan 2014   [Refereed][Invited]
Is the Sky the Limit? Can Japanese Government Bonds Continue to Defy Gravity?
Takeo Hoshi and Takatoshi Ito
Asian Economic Policy Review   8(2) 218-2247   Dec 2013   [Refereed][Invited]
Japanese Government Debt and Sustainability of Fiscal Policy
Takero Doi, Takeo Hoshi, and Tatsuyoshi Okimoto
Journal of the Japanese and International Economies   25(4) 414-433   Dec 2011   [Refereed][Invited]
Financial Regulation: Lessons from the Recent Financial Crises
Takeo Hoshi
Journal of Economic Literature   49(1) 120-128   Mar 2011   [Invited]
Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan
Takeo Hoshi and Anil K Kashyap
Journal of Financial Economics   97 398-417   Sep 2010   [Refereed][Invited]
Zombie Lending and Depressed Restructuring in Japan
Ricardo Caballero, Takeo Hoshi, and Anil K Kashyap
American Economic Review   98(5) 1943-1977   Dec 2008   [Refereed]
Economics of the Living Dead
Takeo Hoshi
The Japanese Economic Review   57(1) 30-49   Mar 2006   [Invited]
Financial Regulation in Japan: A Sixth Year Review of the Financial Services Agency
Takeo Hoshi and Takatoshi Ito
Journal of Financial Stability   1(2) 229-243   Dec 2004   [Refereed][Invited]
Japan's Financial Crisis and Economic Stagnation
Takeo Hoshi and Anil K Kashyap
Journal of Economic Perspectives   18(1) 3-26   2004   [Refereed][Invited]
The Convoy System for Insolvent Banks: How It Originally Worked and Why It Failed in the 1990s
Takeo Hoshi
Japan and the World Economy   14(2) 155-180   Apr 2002   [Refereed][Invited]
What Happened to Japanese Banks?
Takeo Hoshi
Monetary and Economic Studies   1-29   2001   [Refereed][Invited]
The Japanese Banking Crisis: Where did it come fromand how will it end?
Takeo Hoshi and Anil K Kashyap
NBER Macroeconomics Annual 1999   129-201   2000   [Invited]
Benefits and Costs of Japanese System of Corporate Governance
Takeo Hoshi
Global Economic Review   26 77-95   1997   [Refereed][Invited]
Heterogeneous Beliefs, Wealth Accumulation, and Asset Price Dynamics
Antonio Cabrales and Takeo Hoshi
Journal of Economic Dynamics and Control   20 1073-1100   1996   [Refereed]
Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups
Takeo Hoshi, Anil K Kashyap, and David Scharfstein
Quarterly Journal of Economics   106 33-60   Feb 1991   [Refereed]

Books etc

The First Great Financial Crisis of the 21st Century
James R. Barth and George G. Kaufman (Part:Contributor, 145-166)
World Scientific Publishing   2016   
Analyzing the Cumulative Impact of Regulatory Reform
Douglas D. Evanoff, Andrew G. Haldane, and George G. Kaufman (Part:Contributor, 165-195)
World Scientific Publishing   2016   
The Role of Central Banks in Financial Stability: How Has It Changed?
Douglas D. Evanoff, Cornelia Holthausen, George G Kaufman, and Manfred Kremer (Part:Contributor, 83-104)
World Scientific Publishing   2013   
Japan's Bubble, Deflation and Long-term Stagnation
Koichi Hamada, Anil K Kashyap, and David Weinstein (Part:Contributor, 343-373)
MIT Press   2011   
The World in Crisis: Insights from Six Shadow Financial Regulatory Committees from Around the World
Robert Litan (Part:Contributor, 193-225)
FIC Press   2011   
Financial Sector Development in the Pacific Rim
Takatoshi Ito and Andrew Rose (Part:Contributor, 51-87)
University of Chicago Press   2009   
Corporate Governance in Japan: Institutional Change and Organizational Diversity
Masahiko Aoki, Gregory Jackson, and Hideaki Miyajima (Part:Contributor, 257-281)
Oxford University Press   2007   
Japan's Great Stagnation: Financial and Monetary Policy Lessons for Advanced Economies
Michael H. Hutchison and Frank Westermann (Part:Contributor, 157-181)
MIT Press   2006   
Reviving Japan's Economy: Problems and Prescriptions
Hugh Patrick, Takatoshi Ito, and David Weinstein (Part:Contributor, 147-195)
MIT Press   2005   
Structural Impediments to Growth in Japan
Magnus Blomstrom, Jennifer Corbett, Fumio Hayashi, and Anil Kashyap (Part:Contributor, 37-69)
University of Chicago Press   2003   
Corporate Financing and Governance in Japan: The Road to the Future
Takeo Hoshi and Anil K Kashyap (Part:Joint Work)
MIT Press   2001   
Finance, Governance, and Competitiveness in Japan
Masahiko Aoki and Gary R. Saxonhouse (Part:Contributor, 99-117)
Oxford University Press   2000   
Crisis and Change in the Japanese Financial System
Takeo Hoshi and Hugh Patrick (Part:Joint Editor)
Kluwer Academic Publishers   2000   
Comparative Corporate Governance: The State of the Art and Emerging Research
Klaus J. Hopt, Hideki Kanda, Mark J. Roe, Eddy Wymeersch, and Stefan Prigge (Part:Contributor, 847-875)
Oxford University Press   1998   
Universal Banking: Financial System Design Reconsidered
Anthony Saunders and Ingo Walter (Part:Contributor, 205-244)
Irwin   1996   
Japanese Firms, Finance and Markets
Paul Sheard (Part:Contributor, 222-248)
Addison-Wesley   1996   
Corporate Governance in Transitional Economies: Insider Control and the Role of Banks
Masahiko Aoki and Hyung-Ki Kim (Part:Contributor, 303-359)
The World Bank   1995   
The Japanese Firm: The Sources of Competitive Strength
Masahiko Aoki and Ronald Dore (Part:Contributor, 285-309)
Oxford University Press   1994   
The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies
Masahiko Aoki and Hugh Patrick (Part:Contributor, 592-633)
Oxford University Press   1994   
Japanese Monetary Policy
Kenneth Singleton (Part:Contributor, 63-94)
University of Chicago Press   1993