Faculty Fellow

Professor, Graduate School of Economics, University of Tokyo
Research Fellow, The Canon Institute for Global Studies (CIGS)
President (Hon.), International Economic History Association (IEHA)

Activities at RIETI


Economic History, Development Economics, Comparative Institutional Analysis

Research Projects


1986 Ph.D., Economics, University of Tokyo
1981 B.A., Economics, University of Tokyo


2018 - President (Hon.), International Economic History Association (IEHA)
2015 - 2018 President, International Economic History Association (IEHA)
2014 - present Research Fellow, The Canon Institute for Global Studies (CIGS)
2012 - 2015 Vice President, International Economic History Association (IEHA)
2007- present Faculty Fellow, Research Institute of Economy, Trade and Industry
2002 - 2004 Faculty Fellow, Research Institute of Economy, Trade and Industry
2002 Visiting Professor, Ecole des Hautes Etudes en Sciences Sociales (France)
2002 - 2003 Visiting Professor, Stanford University
1996 - 1997 Visiting Scholar, Stanford University
1999 - present Professor, Graduate School of Economics, University of Tokyo
1989 Associate Professor, Faculty of Economics, University of Tokyo
1986 Research Associate, Institute of Social Science, University of Tokyo

Selected Publications and Papers


  • Economies under Occupation: The Hegemony of Nazi Germany and Imperial Japan in World War II (edited with Marcel Bordolf), London: Routledge, 2015
  • Production Organizations in Japanese Economic Development, London, Routledge, 2007
  • The Japanese Economic System and Its Historical Origins, (edited with Masahiro Okuno-Fujiwara), New York, Oxford University Press, 1999
  • Contemporary Japanese Economic System and its Historical Origins (co-edited with Masahiro Okuno-Fujiwara), New York: Oxford University Press

Working Papers

  • "Role of Courts in Economic Development: A Case of Prewar Japan," (with Masaki Nakabayashi) CIRJE Discussion Paper Series, F-517
  • "Economic Development, Income Inequality and Social Stability in Prewar Japan," CIRJE Discussion Paper Series, F-500
  • "Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period," CIRJE Discussion Paper Series, F-495

Papers Published in Refereed Journals

  • "Excess Capacity and Effectiveness of Policy Interventions: Evidence from the Cement Industry," forthcoming in International Economic Review (with Ken Onishi and Naoki Wakamori)
  • "Product Innovation, Product Diversification, and Firm Growth: Evidence from Japan's Early Industrialization," forthcoming in American Economic Review (with Serguey Braguinsky, Atsushi Ohyama, and Chad Syverson)
  • "Disentangling the Effects of Technological and Organizational Changes During the Rise of the Factory: The Case of the Japanese Weaving Industry, 1905−1914," forthcoming in Economic History Review
  • "Creative Destruction of Industries: Yokohama City in the Great Kanto Earthquake," forthcoming in Journal of Economic History (with Toshihiro Okubo and Eric Strobl)
  • "The Expanding Empire and Spatial Distribution of Economic Activities: The Case of Japan's Colonization of Korea during the Pre-war Period," Economic History Review 71(2): 593-616, 2018 (with Kentaro Nakajima)
  • "Measuring the extent and implications of corporate political connections in prewar Japan," Explorations in Economic History 65:17-35, 2017 (with Michiru Sawada)
  • "Effects of Industrial Policy on Productivity: The Case of Import Quota Removal during Postwar Japan," Journal of the Japanese and International Economies, 40:31-42, 2016 (with Kozo Kiyota)
  • "Impact of Natural Disasters on Industrial Agglomeration: The Case of the Great Kanto Earthquake in 1923," Explorations in Economic History, 60: 52-68, 2016 (with Asuka Imaizumi, Kaori Ito)
  • "Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry," American Economic Review 105(7): 2086-2119, 2015 (with Serguey Braguinsky, Atsuhi Ohyama and Chad Syverson)
  • "Sources of Productivity Improvement in Industrial Clusters: The Case of the Prewar Japanese Silk-Reeling Industry," Regional Science and Urban Economics, May 2014, v. 46, pp. 27-41. (with Yutaka Arimoto and Nakajima, Kentaro)
  • "Productivity Change and Mine Dynamics: The Coal Industry in Japan during World War II," Jahrbuch fuer Wirtschaft Geschichte 2014/2:31-48, 2014
  • "Interbank Networks in Prewar Japan: Structure and Implications," (with Michiru Sawada) Industrial and Corporate Change, April: 463-506, 2012
  • "Supplier Networks and Aircraft Production in Wartime Japan," Economic History Review, 64(3): 973-994, 2011
  • "Industrial Policy Cuts Two Ways: Evidence from Cotton Spinning Firms in Japan, 1956-1964," (with Kozo Kiyota), Journal of Law and Economics, 33: 587-609, 2010
  • "Agrarian Land Tenancy in Prewar Japan: Contract Choice and Implication on Productivity," (with Yutaka Arimoto and Masaki Nakabayashi) Developing Economies, 48(3): 293-318, 2010
  • "Micro-aspects of Monetary Policy: Lender of Last Resort and Selection of Bank," Explorations in Economic History, 44: 657-679, 2007
  • "Effects of Bank Consolidation Promotion Policy: Evaluating the 1927 Bank Law in Japan," (with Michiru Sawada) Financial History Review, 14(1), 29-61, 2007
  • "Voice and Exit in Japanese Firms during the Second World War: Sanpo Revisited," Economic History Review, 59(2): 374-395, 2006
  • "Measuring the Extent and Implications of Director Interlocking in Prewar Japanese Banking Industry," (with M. Sawada and K. Yokoyama), Journal of Economic History 65(4): 1082-1115, 2005
  • "Foreign Technology Acquisition Policy and Firm Performance in Japan: 1957-1970: Micro-aspects of Industrial Policy," International Journal of Industrial Organization, 23: 563-586, 2005
  • "The Role of the Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis," Explorations in Economic History, 42: 184-201, 2005