FUKAO Mitsuhiro

International Finance, Monetary Theory, Corporate Governance

• A Cost-Benefit Analysis of Fiscal Consolidation Measures (April 8, 2014 - March 31, 2016)
• Policy Mix for Fiscal Consolidation Without Harming Japan's Economic Recovery (July 6, 2011 - March 31, 2013)
• Study on Social Security: Development of a Simulation Model for Social Security Finance (Until September 30, 2007)

1981 Ph.D., Economics, University of Michigan
1980 M.A., Economics, University of Michigan
1974 B.S., Engineering, Kyoto University

2011-present Program Director, Research Institute of Economy, Trade and Industry (RIETI)
2005-2010 President, Japan Center for Economic Research
1999-2010 Research Director on Financial Studies, Japan Center for Economic Research
1997-present Professor, Faculty of Business and Commerce, Keio University
1993-1997 Head, Strategic Research Division, Research and Statistics Department, Bank of Japan
1991-1993 Principal Administrator, Organisation for Economic Cooperation and Development (OECD)
1989-1990 Manager, Foreign Department, Bank of Japan
1987-1989 Senior Economist, Institute for Monetary and Economic Studies, Bank of Japan
1985-1987 Administrator, OECD
1983-1985 Senior Economist, Economic Planning Agency
1981-1983 Economist, Monetary and Economic Studies Department, Bank of Japan
1977-1978 Officer, Banking Department, Bank of Japan
1975-1977 Junior Economist, Kobe Branch, Bank of Japan
1974-1975 Junior Economist, Research Department, Bank of Japan

Macro-Economic Analysis of China, (Chugoku Keizai no Macro Bunseki), Nihon Keizai Shinbun Sha: Tokyo 2006, (in Japanese), editor.

"Financial Strains and the Zero Lower Bound: The Japanese Experience," in ed. Takatoshi Ito and Andrew Rose, Monetary Policy with Very Low Inflation in the Pacific Rim, University of Chicago Press: Chicago, 2006.

Mitsuhiro Fukao, Yoshihiro Kaneko, Daigo Nakata, and Ryo Hasumi, "Establishing Principles for a More Sustainable Pension System in Japan, and Identifying Challenges," Mimeo, Research Institute of Economy, Trade and Industry (RIETI), 2005.

"Privatization of Japanese Postal System," (Yusei San Jigyo no Mineika), in Reforming Government Controlled Market, (Kansei Shijo Kaikaku), ed. by Naohiro Yashiro, Nihon Keizai Shinbun Sha: Tokyo, 2005 (in Japanese).

Profitability of Japanese Companies, (Nihon no Shueki Ryoku), Chuo Keizai Sha: Tokyo, 2004 (in Japanese), editor.

"Japan's Lost Decade and its Financial System," in Japan's Lost Decade: Origins, Consequences and Prospects for Recovery, ed. by Gary R. Saxonhouse and Robert M. Stern, Blackwell Publishing: Oxford, 2004.

"Weakening Market and Regulatory Discipline in the Japanese Financial System," in Market Discipline across Countries and Industries, ed. by Claudio Borio, William Curt Hunter, George Kaufman, and Kostas Tsatsaronis, MIT Press: Cambridge, 2004.

"Japan's Lost Decade and Weaknesses in Its Corporate Governance Structure," in Japan's Economic Recovery, ed. by Robert M. Stern, Edward Elgar: Northampton, 2003.

"Financial Strains and the Zero Lower Bound: The Japanese Experience," BIS Working Papers No. 141, September 2003.

"Capital Account Liberalization: the Japanese Experience and Implications for China," in China's Capital Account Liberalization: International Perspectives," BIS Papers No. 15, April 2003.

Truth of Life Insurance Crisis (Seiho Kiki no Shinjitsu), Toyo Keizai Simpo Sha: Tokyo, 2003 (in Japanese), editor.

Examining Banking Crisis (Kensho Ginko Kiki), Nikkei Shinbun Sha: Tokyo, 2003 (in Japanese), editor.

"Financial Sector Profitability and Double-Gearing," in Structural Impediments to Growth in Japan, Magnus Blomstrom, Jennifer Corbett, Fumio Hayashi, and Anil Kashyap, The University of Chicago Press: Chicago, 2003.

Life Insurance Crisis has not Ended (Seiho Kiki ha Owaranai), Toyo Keizai Simpo Sha: Tokyo, 2002 (in Japanese), editor.

Japanese Crisis (Nihon Hatan), Kodansha Gendai Shinsho: Tokyo, 2001 (in Japanese).

"Why Aren't Japan's Banks Making Profits?," Japan Echo, Keizai Koho Center: Tokyo, August 2001.

"Financial Deregulations, Weakness of Market Discipline, and Market Development: Japan's Experience and Lessons for Latin America and the Caribbean," paper presented at IDB-JCIF Workshop: Financial Crises: Japan's Experience and Implications for Latin America and the Caribbean Co-sponsored by the Japan Bank for International Cooperation on June 11-12, 2001.

Life Insurance Crisis (Kensho Seiho Kiki), Nikkei Shinbun Sha: Tokyo, 2000 (in Japanese), editor.

Empirical Analysis of Financial Depression (Kinyu Fukyo no Jissho Bunseki), Nihon Keizai Shinbun Sha: Tokyo, 2000 (in Japanese), editor.

"Financial Crisis in Japan," paper presented at the Symposium hosted by the Economic Research Institute of Economic Planning Agency of Japan in Budapest on November 22-23, 1999.

Introduction to Corporate Governance (Corporate Governance Nyumon), Chikuma Shobo: Tokyo, 1999, (in Japanese).

"Japanese Financial Instability and Weaknesses in the Corporate Governance Structure," Seoul Journal of Economics, Vol. 11, No. 4, 1999.

"Reviving Japan's Financial System: Problems to be Solved," NIRA Review, Vol. 6, No. 1, National Institute for Research Advancement, winter 1999.

"Questions asked of Japanese Style Corporate Governance," Look Japan, Vol. 43, No. 502, January 1998.

International Comparison of Corporate Governance Structures (Kigyo Governance Kozo no Kokusai Hikaku), (with Yasuko Morita), Nihon Keizai Shinbun Sha: Tokyo, 1997, (in Japanese).

Financial Integration, Corporate Governance, and the Performance of Multinational Companies, Brookings: Washington, 1995.

"International Integration of Financial Markets and the Cost of Capital," The Journal of International Securities Markets, Vol. 7, (Spring/Summer, 1993).

"Japan's Experience in the Immediate Postwar Period: Process Toward a Single Exchange Rate and Denationalization of Trade," (with Masao Oumi and Kimihiro Etoh), in The Japanese Experience of Economic Reforms, ed. by Juro Teranishi and Yutaka Kosai, St. Martin's Press, 1993.

"Exchange Rate Movements and Capital-Asset Ratio of Banks: On the Concept of Structural Positions," The Bank of Japan Monetary and Economic Studies, Vol. 9, No. 2, September 1991.

International Finance (Kokusai Kin'yuu), Toyo Keizai Shimpo Sha: Tokyo, 1990 (in Japanese).

"The Liberalization of Japanese Exchange Controls and Structural Changes in the Balance of Payments," The Bank of Japan Monetary and Economic Studies, Vol. 8, No. 2, September 1990.

"Exchange Rate Fluctuations, Balance of Payments Imbalances and Internationalization of Financial Markets", The Bank of Japan Monetary and Economic Studies, Vol. 7, No. 2, August 1989.

"Internationalization of Financial Markets and Balance of Payments Imbalances: A Japanese Perspective," (with K. Okina) in Karl Brunner and Allan H. Meltzer ed., International Debt, Federal Reserve Operations and Other Essays, Carnegie-Rochester Conference Series on Public Policy, Volume 30, Spring 1989.

"Balance of Payments Imbalances, Long-Term Capital Movements and Their Prospects," proc. of The Fourth EPA International Symposium, "Global and Domestic Policy Implications of Correcting External Imbalances," March 15-17, 1988.

"A Risk Premium Model of the Yen-Dollar and DM-Dollar Exchange Rates," OECD Economic Studies No. 9, Autumn 1987.

"Internationalisation of Financial Markets and the Allocation of Capital," (with M. Hanazaki), OECD Economic Studies No. 8, Spring 1987.

"Internationalisation of Financial Markets: Some Implications for Macroeconomic Policy and for the Allocation of Capital," (with M. Hanazaki), OECD Department of Economics and Statistics Working Papers No. 37, November 1986.

"Public Pensions and the Saving Rate," (with M. Inouchi) Economic Eye, Keizai Koho Center: Tokyo, June 1985.

"The Effectiveness of Coordinated Intervention," in A Second Look at Foreign Exchange Market Interventions, JCIF Policy Study Series No. 3, April 1985.

"International Ripple Effects of Interest Rates," Economic Eye, Keizai Koho Center: Tokyo, March 1984.

"International Linkage of Interest Rates: The Case of Japan and the United States," (with T. Okubo) International Economic Review, February 1984.

Exchange Rate and Financial Markets, (Kawase reito to kin'yuu shijo), Toyo keizai Shimpo Sha: Tokyo, 1983 (in Japanese).

"The Risk Premium in the Foreign Exchange Market," Zeitschrift fur Nationalokonomie, Supplement 3, 1983.

"The Theory of Exchange Rate Determination in a Multi-Currency World," Bank of Japan Monetary and Economic Studies Vol. 1, No. 2, October 1983.

The Risk Premium in the Foreign Exchange Market, doctoral dissertation, University of Michigan, University Microfilm International: Ann Arbor, May 1981.