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Motoshige Itoh, Professor, Graduate School of Economics, University of Tokyo. He has served as President of the National Institute for Research Advancement since February 2006, and held the post of Dean at the Gradual School of Economics from 2007 to 2009. He was professor of the Graduate School of Economics and the Faculty of Economics since 1993, and Assistant Professor in Economics since 1982. He has served in various government committees, including the Ministry of International Trade and Industry, Ministry of Finance, Economic Planning Agency, Fair Trade Commission, and others and was a member of Economic Strategy Council in 1998-1999. He has been an advisor to the Statistical Division at the Bank of Japan, and a visiting scholar at various institutions, including the Department of Economics at Harvard University, the Australia-Japan Research Centre, Australian National University, and Research Institute at the Bank of Japan. He has published numerous books and papers on Japan’s economy and finance. He received his BA from Tokyo University and PhD from University of Rochester, both in Economics.

Hideaki Miyajima, Director, Waseda Institute for Advanced Study(WIAS), Professor of Japanese Economy, Graduate School of Commerce, Waseda University. He teaches Japanese Economy, and Corporate Governance in Japan.  He stayed at Reischauer Institute of Japanese Studies, Harvard University as a visiting scholar for 1992-94 and 2004-05. He was asked to consult by several institutions such as the World Bank, Hawaii University, Hebrew University, and Korean Development Institute. He was also appointed to numerous positions: Faculty Fellow, Research Institute of Economy, Trade & Industry, a Special Research Fellow of Policy Research Institute (Ministry of Finance), Research Fellow of EHESS (Paris), and an Adjunct Professor of Chung-Ang University (Seoul). He wrote several books and numerous papers including: Corporate Governance in Japan, Oxford University Press, 2007 (co-edited), Changes and Continuity in Japan, Curzon Press, 2002 (co-edited), Policies for Competitiveness, Oxford University Press, 1999 (co-edited), He received his Ph.D in Economics from the University of Tokyo.

Takeo Hoshi, Henri and Tomoye Takahashi Senior Fellow at the Walter H. Shorenstein Asia-Pacific Research Center at Stanford University, and professor of finance (by courtesy), Stanford Graduate School of Business. Prior to joining S/APARC, he was Pacific Economic Cooperation Professor in International Economic Relations at the Graduate School of International Relations and Pacific Studies (IR/PS) at the University of California, San Diego (UCSD). Hoshi also serves on the Board of Directors at Union BanCal Corporation. He is also a research associate at the National Bureau of Economic Research (NBER) and at the Tokyo Center for Economic Research (TCER). His main research interests include the study of the financial aspects of the Japanese economy, especially corporate finance, banking, and monetary policy. He received numerous awards for his publications including Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001), co-authored with Anil Kashyap (Graduate School of Business, University of Chicago), and his other publications include, “Japanese Government Debt and Sustainability of Fiscal Policy” (with Takero Doi and Tatsuyoshi Okimoto), Journal of the Japanese and International Economies,2011; “Corporate Restructuring in Japan during the Lost Decade” (with Satoshi Koibuchi and Ulrike Schaede), Japan’s Bubble, Deflation, and Long-term Stagnation, MIT Press, 2011 (Koichi Hamada, Anil K Kashyap, and David E. Weinstein, eds.) He has been the editor-in-chief of the Journal of the Japanese and International Economies since 1999. Hoshi received his BA in social sciences from the University of Tokyo in 1983, and a PhD in economics from the Massachusetts Institute of Technology in 1988.

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Motoshige Itoh Professor, Graduate School of Economics Panelist University of Tokyo
Hideaki Miyajima Director, Waseda Institute for Advanced Study(WIAS), Professor of Japanese Economy, Graduate School of Commerce, Waseda University Panelist
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Former Henri H. and Tomoye Takahashi Senior Fellow in Japanese Studies at the Freeman Spogli Institute for International Studies
Former Professor, by courtesy, of Finance at the Graduate School of Business
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Takeo Hoshi was Henri and Tomoye Takahashi Senior Fellow at the Freeman Spogli Institute for International Studies (FSI), Professor of Finance (by courtesy) at the Graduate School of Business, and Director of the Japan Program at the Shorenstein Asia-Pacific Research Center (APARC), all at Stanford University. He served in these roles until August 2019.

Before he joined Stanford in 2012, he was Pacific Economic Cooperation Professor in International Economic Relations at the Graduate School of International Relations and Pacific Studies (IR/PS) at University of California, San Diego (UCSD), where he conducted research and taught since 1988.

Hoshi is also Visiting Scholar at Federal Reserve Bank of San Francisco, Research Associate at the National Bureau of Economic Research (NBER) and at the Tokyo Center for Economic Research (TCER), and Senior Fellow at the Asian Bureau of Finance and Economic Research (ABFER). His main research interest includes corporate finance, banking, monetary policy and the Japanese economy.

He received 2015 Japanese Bankers Academic Research Promotion Foundation Award, 2011 Reischauer International Education Award of Japan Society of San Diego and Tijuana, 2006 Enjoji Jiro Memorial Prize of Nihon Keizai Shimbun-sha, and 2005 Japan Economic Association-Nakahara Prize.  His book titled Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001) co-authored with Anil Kashyap (Booth School of Business, University of Chicago) received the Nikkei Award for the Best Economics Books in 2002.  Other publications include “Will the U.S. and Europe Avoid a Lost Decade?  Lessons from Japan’s Post Crisis Experience” (Joint with Anil K Kashyap), IMF Economic Review, 2015, “Japan’s Financial Regulatory Responses to the Global Financial Crisis” (Joint with Kimie Harada, Masami Imai, Satoshi Koibuchi, and Ayako Yasuda), Journal of Financial Economic Policy, 2015, “Defying Gravity: Can Japanese sovereign debt continue to increase without a crisis?” (Joint with Takatoshi Ito) Economic Policy, 2014, “Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan” (with Anil Kashyap), Journal of Financial Economics, 2010, and “Zombie Lending and Depressed Restructuring in Japan” (Joint with Ricardo Caballero and Anil Kashyap), American Economic Review, December 2008.

Hoshi received his B.A. in Social Sciences from the University of Tokyo in 1983, and a Ph.D. in Economics from the Massachusetts Institute of Technology in 1988.

Former Director of the Japan Program at the Shorenstein Asia-Pacific Research Center
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Takeo Hoshi Henri H. and Tomoye Takahashi Senior Fellow at the Walter H. Shorenstein Asia-Pacific Research Center Panelist Stanford University
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This article first provides a game-theoretic, endogenous view of institutions and then applies the idea to identify the sources of institutional trajectories of economies development in China, Japan, and Korea. It stylises the Malthusian phase of the East Asian economies as a peasant-based economies in which small conjugal families self-managed their working times between farming on small plots—leased or owned—and handcrafting for personal consumption and markets. It then compares institutional arrangements across these economies that sustained otherwise similar economies. It characterises the varied nature of the political states of Qing China, Tokugawa Japan and Yi Korea by focusing on the way agricultural taxes were enforced. It also identifies different patterns of social norms of trust that were institutional complements to, or substitutes for, the political states. Finally, it traces the path-dependent transformations of these state-norm combinations along subsequent transitions to post-Malthusian phases of economic growth in the respective economies.

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This paper analyzes the causes, responses, and consequences of the Fukushima nuclear power plant accident (March 2011) by comparing these with Three Mile Island (March 1979) and Chernobyl (April 1986). We identify three generic modes of organizational coordination: modular, vertical, and horizontal. By relying on comparative institutional analysis, we compare the modes' performance characteristics in terms of short-term and long-term coordination, preparedness for shocks, and responsiveness to shocks. We derive general lessons, including the identification of three shortcomings of integrated Japanese electric utilities: (1) decision instability that can lead to system failure after a large shock, (2) poor incentives to innovate, and (3) the lack of defense-in-depth strategies for accidents. Our suggested policy response is to introduce an independent Nuclear Safety Commission, and an Independent System Operator to coordinate buyers and sellers on publicly owned transmission grids. Without an independent safety regulator, or a very well established “safety culture,” profit-maximizing behavior by an entrenched electricity monopoly will not necessarily lead to a social optimum with regard to nuclear power plant safety. All countries considering continued operation or expansion of their nuclear power industries must strive to establish independent, competent, and respected safety regulators, or prepare for nuclear power plant accidents.

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The fastest growing economy in the Association of Southeast Asian Nations (ASEAN) is the Lao People's Democratic Republic. For a decade Steve Parker has been intensively involved on behalf of USAID as a resident adviser on economic and related legal reforms, first in Vietnam and for the last three years in Laos. In each country he has focused on helping the government fulfill the requirements of membership in the WTO. Vietnam joined the WTO in 2007 and Laos followed suit on 2 February 2013. He is also advising the Lao government on meeting its obligations under the ASEAN Economic Community that is scheduled for inauguration in 2015, and on implementing the 2005 U.S.-Lao PDR Bilateral Trade Agreement.  

Parker will open this roundtable with some remarks on economic development and reform in the two ASEAN countries, including an assessment of the impact of WTO membership on economic development and reform—retrospectively in Vietnam, prospectively in Laos. An open discussion will follow.

In the course of his career in Asia as an economic specialist for the U.S. government and the Asia Foundation, Parker has been posted to Laos, Vietnam, Indonesia, and Japan with USAID, the ADB, and the Harvard Institute of International Development. The Southeast Asia Forum and the Stanford Center for International Development co-sponsored his last talk at Stanford in 2007: "The United States and Asia's Newest Tiger:  Trade, Aid, and Governance in Vietnam."

This seminar series is co-sponsored by

The Stanford Center for International Development

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Steve Parker Project Director and Resident Trade Advisor Speaker U.S.-Laos International and ASEAN Integration Project (LUNA-Lao) Managed by Nathan Associates Inc.
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In September 2012, in a restaurant overlooking Tokyo’s glittering skyline, Norihiko Ishiguro was invited to step up to the microphone at the front of the banquet room. Although he did not recognize many faces as he looked out into the crowd, he shared a common bond with the other reception guests.

Like Ishiguro, they had spent a year at Stanford through the Corporate Affiliates Visiting Fellows Program at the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC). Ishiguro, who first visited Stanford from 1985 to 1986, shared with the audience memories from his experience as a member of one of the earliest groups of Visiting Fellows.

“I was so impressed by the beautiful campus and clear, blue sky,” Ishiguro said in a recent interview with Shorenstein APARC. “I was very happy when I first arrived at Stanford.”

At the time, he was working as deputy director of electronics policy at Japan’s Ministry of International Trade and Industry (MITI). In 2001, MITI joined the newly formed Ministry of Economy, Trade and Industry (METI), and today Ishiguro serves as director-general of METI’s Economic and Industrial Policy Bureau. 

Ishiguro fondly remembers attending Shorenstein APARC-sponsored workshops, seminars, and other events. He also audited Stanford classes on Japan’s political economy, and contributed to a U.S.-Japan technology project through his study of R&D in the telecommunications industries of both countries.

Since the late 1990s, Ishiguro has had the opportunity to visit campus three times, including getting together with Shorenstein APARC director emeritus Daniel Okimoto, stopping by during a tour of Silicon Valley companies, and, most recently, participating in the February 2011 symposium "Promoting Innovation and Entrepreneurship: Opportunities for U.S.-Japan Cooperation."

For Ishiguro, establishing close relationships with people has been a key part of his Corporate Affiliates experience since he first visited Stanford nearly three decades ago. During the alumni reception in Tokyo, he made a point of getting to know Visiting Fellows from more recent groups, in addition to reconnecting with his old friends.

Ishiguro shared this bit of wisdom for current and future Visiting Fellows, “Participate in as many meetings, workshops, and symposiums as you can in order to make new friends and acquaintances.”

As Ishiguro discovered, the bonds Visiting Fellows form with one another and with the university last much longer than the duration of a year. It is these very bonds that have comprised the foundation of the Corporate Affiliates Program since it was established 30 years ago.

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University president emeritus and FSI director, speaks with Norihiko Ishiguro, a METI director-general and one of Shorenstein APARC's earliest alumni.
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The world has undergone major drastic changes in the last two decades driven by several major factors, eg, explosion of human population and connectivity. Such changes seem further accelerated in recent years and it seems that our future becomes more uncertain and unpredictable. The Fukushima Nuclear Accident awakened us and led to creation of Independent Investigation Commission by the National Diet of Japan; The Commission Report revealed some of the fundamental issues of Japan’s nuclear policy. Meanwhile, multi-stakeholders’ engagement has become critical in various social affairs and in policy making domains within and across national boundaries, and has contributed in significant ways to affect the processes of addressing and impacting global agenda, such as climate change, food and water, energy, urbanization, biodiversity, human capital with shifting the balance of economy and power. In my view, the principles of our society may be changing quite fast heading somewhat differently from our conventional norm. The science community can and should contribute to these issues in nurturing future leaders, but in what way?

Kiyoshi Kurokawa is a graduate of University of Tokyo School of Medicine, trained in internal medicine and nephrology, in US 1969-84; Professor of Med, Dept Med ofUCLA Sch Med (79-84), Chair, Univ Tokyo Faculty of Med (89-96), Dean of Tokai Univ School of Med (96-02, President of Science Council of Japan (03-07), Science Advisor to Prime Minister (07-09), Board member of A*STAR (06-00), Bibliotheca Alexandria (04-08), Khalifa University (08- ), Okinawa Institute of Science and Tech (06- ), Global Science and Innovation Advisory Board of the Prime Minister of Malaysia (11-); President of Intl Soc Nephrology (97-99), Inst of Medicine of US Academies (92). Recently, chaired Fukushima Nuclear Accident Independent Investigation Commission by the National Diet of Japan (Dec 11-July 12). AAAS Scientific Freedom and Responsibility Award (2012), ‘100 Top Global Thinkers 2012” of Foreign Policy.

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Kiyoshi Kurokawa MD, President Speaker Science Council of Japan (2003-06)
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Japan's monetary policy is moving in the right direction, said Takeo Hoshi in a recent Nikkei op-ed, but the independence of the central bank should be protected. Moreover, he said, fiscal stimulus could run the risk of a debt crisis, and it will take more than expansionary macroeconomic policy to restore growth.
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Bank of Japan headquarters in Tokyo, April 2009.
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In recent years, China has had several confrontations with Vietnam, the Philippines and most recently Japan, over maritime sovereignty issues in the South and East China Seas. The popular press and specialists alike often portray these disputes as a clear indication of Beijing's growing willingness to coerce or intimidate its neighbors and disregard international norms and laws in the pursuit of its national objectives. Some observers associate Chinese behavior with a long-term strategic plan to dominate the Asia-Pacific. Dr. Michael D. Swaine, a senior associate in the Asia Program and a China national security specialist at the Carnegie Endowment for International Peace, will offer his interpretation of the interests, motives, and policies driving Chinese behavior in this potentially volatile area, and assess the implications for the United States and other Asian powers.

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Michael Swaine joined the Carnegie Endowment as a senior associate after twelve years at the RAND Corporation. He specializes in Chinese security and foreign policy, U.S.–China relations, and East Asian international relations. One of the most prominent U.S. analysts in Chinese security studies, he is the author of more than ten monographs on security policy in the region. At RAND, he was a senior political scientist in international studies and also research director of the RAND Center for Asia-Pacific Policy.

Swaine was appointed as the first recipient of the RAND Center for Asia-Pacific Policy Chair in Northeast Asian Security in recognition of the exceptional contributions he has made in his field.

Prior to joining RAND in 1989, Swaine was a consultant with a private sector firm; a postdoctoral fellow at the Center for Chinese Studies, University of California, Berkeley; and a research associate at Harvard University. He attended the Taipei and Tokyo Inter-University Centers for Language Study, administered by Stanford University, for training in Mandarin Chinese and Japanese.

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U.N. Secretary-General Ban Ki-moon on Thursday urged Stanford students to become global citizens, working together beyond borders for peace, security and a common prosperity.

"You may come from the United States or Korea, Japan or elsewhere, Arab countries, but you're now part of a global family," Ban said to a crowded auditorium during his campus visit. "Therefore, it's very important to raise your capacity as global citizens. Only then, I think we can say, we're living in a very harmoniously prosperous world."

Despite a troubling tally of crises around the world, Ban was hopeful about the future, and said he gains inspiration from the younger generation.

"Everything my life has taught me points to the power of international solidarity to overcome any obstacle," he said.

Ban's speech, sponsored by Stanford's Freeman Spogli Institute for International Studies and the Walter H. Shorenstein Asia-Pacific Research Center, kicked off a series of events celebrating the 30th anniversary of the center.

Ban was introduced by former Secretary of Defense William Perry, an FSI senior fellow, who lauded Ban for his work on women's rights, climate change, nuclear disarmament and gay rights.

Ban told the audience that the world was undergoing massive changes and outlined three ways to navigate the transition: sustainable development, empowering young people and women, and pursuing dignity and democracy.

"The level and degree of global change that we face today is far more profound than at any other period in my adult lifetime," he said.

"We have no time to lose," he added later.

California, he said, has led on clean air legislation, creating a cap-and-trade law to reduce greenhouse gas emissions.

"I am convinced national and state action can spur progress in global negotiations, creating a virtuous cycle," he said.

Sustainable development, Ban said, goes hand in hand with creating peace. Noting the problems in North Africa and the Middle East, particularly Syria, he said a country cannot be developed if there is no peace and security.

"Syria is in a death spiral," he said. He cited the toll the conflict has taken on Syria's citizens and surrounding countries since the uprising against President Bashar al-Assad began in March 2011. More than 60,000 people, mostly civilians, have been killed. Hundreds of thousands more have been displaced.

Ban spoke at Stanford as a hostage crisis also unfolded in the region.

In retaliation for military action by France in the West African nation of Mali, Islamist extremists in Algeria took several hostages at an international gas field Thursday. News organizations reported that the kidnappers and some hostages were killed in a raid by the Algerian government.

Ban spoke of the efforts by the United Nations to counter terrorism in Mali, where Islamist rebels last year took control in the north in the chaos following a military coup that ousted the elected government of President Amadou Toumani Touré.

"We must continue to work for peace," Ban said. "Our hard work cannot be reversed, especially for women and young people."

With half the world's population under the age of 25, Ban said the international community must support and empower that group.

Ban also said that fighting for equality for lesbian, gay, bisexual and transgender communities was important in advancing peace and prosperity around the world.

"I have learned to speak out for one essential reason," he said. "Lives and fundamental values are at stake."

Ban told the students to harness a spirit of hope as they confront the challenges of the world.

For him, he said, that spirit was sparked by a visit to California decades ago. He reflected on an eight-day visit to the state in 1962, when he stayed with a family, the Pattersons, in Novato on a trip sponsored by the Red Cross.

"In many ways, I still carry the same energy and enthusiasm and sense of wonder that I did when I first landed on Miss Patterson's doorstep half a century ago," he said.

"I came back knowing what I wanted to do with my life and for my country," he said.

Ban said he still keeps in touch with his host, his "American mom," 95-year-old Libba Patterson, who was in the audience and stood to applause.

"It was here in California," he reflected to the students, "that I first felt I could grab the stars from the sky."

 Brooke Donald writes for the Stanford News Service.
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U.N. Secretary-General Ban Ki-moon speaking at Stanford's Dinkelspiel Auditorium on Thursday.
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