Macroeconomics and Financial Economics (e.g., Growth and Development, Money and Banking, Financial System, Micro-foundation of Macroeconomics, International Finance).
2000 Ph.D. in Economics, The University of Chicago
1995 A.M. in Economics, The University of Chicago
1991 B.A. in Economics, The University of Tokyo
2014 Associate Professor (tenured), Faculty of Economics (Graduate School of Public Policy, Graduate School of Economics), The University of Tokyo
2011 - 2012 CFSP Policy Fellow, Department of Economics, Massachusetts Institute of Technology
2009 - 2014 Senior Economist, International Monetary Fund
2001 - 2009 Economist, International Monetary Fund
1995 - 1996 Planning Chief, International Finance Bureau, Ministry of Finance
1991 - 1993 Economist, Finance Bureau, Ministry of Finance
Selected Publications and Papers
"Institutions and Financial Frictions: Estimation with Structural Restrictions on Firm Value and Investment," (with Stijn Claessens and Yishay Yafeh), 2014, Journal of Development Economics, Vol. 110, pp. 107-122.
"Central Bank Independence and Macro-Prudential Regulation," (with Fabian Valencia), 2014, Economics Letters, vol. 125, pp. 327-330.
"Quantifying Structural Subsidy Values for Systemically Important Financial Institutions," (with Beatrice Weder di Mauro), Journal of Banking and Finance, 2013, vol. 37, pp. 3830-3842.
"Banks as Coordinators of Economic Growth and Stability: Microfoundation for Macroeconomy with Externality," Journal of Economic Theory, 2013, vol. 148 (1), pp. 322-352.
"Welfare Gains from Financial Liberalization," (with Robert M. Townsend), International Economic Review, 2010, vol. 51, pp. 553-597.
"Corporate Governance Quality: Trends and Real Effects" (with Gianni de Nicolo and Luc Laeven), Journal of Financial Intermediation, 2008, vol. 17, pp. 198-228.
"The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital?" (with Abdul Abiad and Nienke Oomes), Journal of Development Economics, 2008, vol. 87, pp. 270-282.
"Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation" (with Robert M. Townsend), Review of Economic Studies, 2006, vol.73, pp. 251-293.
Member, Council on Customs, Tariff, Foreign Exchange, and other Transactions (for the Ministry of Finance, Japan)