Work Experiences

March 2019 - present: Economist, Fiscal Affairs Department (FAD), International Monetary Fund (IMF)

 

July 2016 - February 2019: Economist, Asia and Pacific Department (APD), IMF

 

April 2016 - July 2016: Deputy Director, Research and Statistics Department (RSD), Bank of Japan (BOJ)

 

April 2015 - March 2016: Associate Director of Macro Modeling at the BOJ

－ Head the Quarterly Japanese Economic Model team

 

September 2014 - March 2015: Economist in the Economic Research Division of the BOJ

 

September 2009 - August 2014: Economist in charge of the United Kingdom, Russia, Turkey, Poland, Ukraine, Romania, Czech Republic, Hungary, Bulgaria, Lithuania, Latvia, Estonia, the People’s Republic of China, Malaysia, Singapore, South Africa, Vietnam and the countries of the Middle East and North Africa at the BOJ

 

April 2008 - August 2009: Associate Manager of Research Section at the BOJ Akita Branch

－ Organized the 1st-ever BOJ conference on recyclable society with the BOJ Governor, professors and the CEO of global mining company, as the youngest conference organizer in BOJ's history

 

September 2006 - December 2006: Research Staff in the RSD of the BOJ

 

Refereed Journal Articles

“Multifactor Productivity Growth Enhancers Across Industries and Countries: Firm-Level Evidence” Eurasian Business Review, June 2024, Volume 14, Issue 2, Pages 401-446. Free full-text available at https://rdcu.be/dHgq4

 

“Revenue Decentralization and the Probability of a Fiscal Crisis: Is There a Tipping Point for Adverse Effects?” Public Finance Review, May 2024, Volume 52, Issue 3, Pages 376-396.

 

“Sovereign Debt Crisis and Fiscal Devolution” Journal of Risk and Financial Management, January 2024, Volume 17, Issue 1, 9. Open access article available at https://www.mdpi.com/1911-8074/17/1/9

 

“Food Companies' Productivity Dynamics: Exploring the Role of Intangible Assets” Agribusiness, Winter 2024, Volume 40, Issue 1, Pages 185-226. Free full-text available at https://onlinelibrary.wiley.com/share/author/URQRE6NMJZZZSVCTS5RV?target=10.1002/agr.21839

 

“Health Expenditure Decentralization and Health Outcomes: The Importance of Governance” Publius: The Journal of Federalism, Winter 2024, Volume 54, Issue 1, Pages 59-87. Free full-text available at https://academic.oup.com/publius/advance-article/doi/10.1093/publius/pjad031/7241797?utm_source=authortollfreelink&utm_campaign=publius&utm_medium=email&guestAccessKey=70bec18c-827c-46fa-914b-fe9acad5e2b4

 

“Productivity Drivers of Infrastructure Companies: Network Industries Utilizing Economies of Scale in the Digital Era” Annals of Public and Cooperative Economics, December 2023, Volume 94, Issue 4, Pages 1273-1298. Free full-text available at https://onlinelibrary.wiley.com/share/author/5KS8FT7YYUUQGWZAGWKX?target=10.1111/apce.12412

 

“Fiscal Crises, Decentralization, and Indiscipline” Scottish Journal of Political Economy, November 2023, Volume 70, Issue 5, Pages 459-478. Free full-text available at https://onlinelibrary.wiley.com/share/author/CXGH9YFCNEQUGM4CJQQC?target=10.1111/sjpe.12358 Top cited article 2022-2023 published in Scottish Journal of Political Economy.

 

"Debt Maturity and Firm Productivity—The Role of Intangibles" Research in Economics, March 2023, Volume 77, Issue 1, Pages 116-121. 

 

"Does Debt Maturity Influence Productivity?" Economics Bulletin, March 2023, Volume 43, Issue 1, Pages 116-136. Open access article available at http://www.accessecon.com/Pubs/EB/2023/Volume43/EB-23-V43-I1-P12.pdf

 

“Total Factor Productivity Enablers in the ICT Industry: A Cross-Country Firm-Level Analysis" Telecommunications Policy, October 2021, Volume 45, Issue 9, 102188.

 

“Fiscal Rules for Natural Disaster- and Climate Change-Prone Small States” Sustainability, March 2021, Volume 13, Issue 6, 3135. Open access article available at https://www.mdpi.com/2071-1050/13/6/3135

 

“Macroprudential Policy and the Probability of a Banking Crisis” Journal of Policy Modeling, November-December 2020, Volume 42, Issue 6, Pages 1169-1186. Lead article. Free full-text available at https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7336926/

 

"Firm Performance and Corporate Finance in New Zealand" Applied Economics Letters, July 2019, Volume 26, Issue 13, Pages 1118-1124. Free eprints available at https://www.tandfonline.com/eprint/IIBUrM4UzKgbM3sGJG8i/full

 

“Output Costs of Currency Crisis and Banking Crisis: Shocks, Policies and Cycles” Comparative Economic Studies, March 2019, Volume 61, Issue 1, Pages 83-102. Free full-text available at https://rdcu.be/WWz8 

 

“Adjustment to Negative Price Shocks by a Commodity Exporting Economy: Does Exchange Rate Flexibility Resolve a Balance of Payments Crisis?” Journal of Asian Economics, August 2018, Volume 57, Pages 13-35. Selected as Top 30 articles from 30 Years of the Journal of Asian Economics.

 

“Real and Financial Shocks, Exchange Rate Regimes and the Probability of a Currency Crisis” Journal of Policy Modeling, January-February 2018, Volume 40, Issue 1, Pages 60-73.

 

“Structural Vulnerability and Resilience to Currency Crisis: Foreign Currency Debt versus Export” The North American Journal of Economics and Finance, November 2017, Volume 42, Pages 132-143.

 

“The Effects of Productivity Shocks, Financial Shocks and Monetary Policy on Exchange Rates: An Application of the Currency Crisis Model and Implications for Emerging Market Crises” Emerging Markets Finance and Trade, November 2017, Volume 53, Issue 11, Pages 2545-2561. Free eprints available at http://www.tandfonline.com/eprint/aJrm2wNIHfzj2iS5BKM3/full

 

“Twin Banking and Currency Crises and Monetary Policy” Open Economies Review, September 2016, Volume 27, Issue 4, Pages 747-767. Free full-text available at http://rdcu.be/mHVo

 

Chapters

“Productivity Growth in Asia: Boosting Firm Dynamism and Weeding Out the Zombies” in Regional Economic Outlook. Asia and Pacific: Asia at the Forefront: Growth Challenges for the Next Decade and Beyond, October 2018, IMF, pp.11-15 (co-authored)

 

“Productivity and Profitability in New Zealand: The Role of Leverage, R&D, and Investment” in New Zealand: Selected Issues, July 2018, IMF Country Report No.18/203, pp.48-55

 

“The 'New Mediocre' and the Outlook for Productivity in Asia” in Regional Economic Outlook. Asia and Pacific: Preparing for Choppy Seas, April 2017, IMF, pp.77-106 (co-authored)

 

Blog Post

“Sharing the Gains of Automation: The Role of Fiscal Policy” IMF Blog, 18 November 2021. https://blogs.imf.org/2021/11/18/sharing-the-gains-of-automation-the-role-of-fiscal-policy/

 

Working Papers

“Fiscal Decentralization Improves Social Outcomes When Countries Have Good Governance” IMF Working Paper No.22/111.

 

“For the Benefits of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation” IMF Working Paper No.21/187.

 

“A Possible Approach to Fiscal Rules in Small Islands - Incorporating Natural Disasters and Climate Change” IMF Working Paper No.19/186.

 

“External Adjustment in a Resource-Rich Economy: The Case of Papua New Guinea” IMF Working Paper No.17/267.

 

“The Effects of Financial and Real Shocks, Structural Vulnerability and Monetary Policy on Exchange Rates from the Perspective of Currency Crises Models” UTokyo Price Project Working Paper No.61, University of Tokyo, 2014

 

“Welcome Home to Japan: Repatriation of Foreign Profits by Japanese Multinationals” Discussion Paper No.2008-04, Hitotsubashi University

 

Dissertation

“Essays on Exchange Rates, Crises and Monetary Policy” Doctoral Dissertation, University of California, 2014

 

Other Publications

“Recent Developments in the Chinese Housing Market” Bank of Japan Review 12-J-8, 2012

 

“Impact of the European Debt Crisis on Intra- and Extra-Regional Economies” Bank of Japan Review 10-J-12, 2010

 

“Current Situation of the Irish Economy” Global Economic Research Note, BOJ, 2010

  

Conference, Seminar, Forum and Workshop Presentations, and Lectures

・ F1 (Fiscal Operations Division 1) Seminar at the IMF "Fiscal Decentralization, Political Budget Cycles and Countercyclicality" in Washington D.C., 27 June 2024

・ FAD Seminar at the IMF "Decentralization, Transfers, and Fiscal Crises" in Washington D.C., 5 June 2024

・ F1 Seminar at the IMF "De/Centralization, Intergovernmental Transfers, and Fiscal Crises" in Washington D.C., 16 November 2023

・ FAD Seminar at the IMF "Fiscal Decentralization Improves Social Outcomes When Countries Have Good Governance" in Washington D.C., 18 February 2022

・ F1 Seminar at the IMF "Does Governance Matter for Public Health and Educational Outcomes in the Fiscally Decentralized System?" in Washington D.C., 21 April 2021

・ FAD Seminar at the IMF "For the Benefit of All: Fiscal Policies and Gains from Automation" in Washington D.C., 24 February 2021

・ IMF Article IV Consultation Mission Seminar at the Republic of Srpska Ministry of Finance "Minimum Wage in Bosnia and Herzegovina" in Banja Luka, 28 February 2020

・ Public Economics Workshop at Hitotsubashi University “Fiscal Rules and Targets Incorporating Natural Disasters and Climate Change” 17 July 2019

・ PEPP (Program in Economic and Public Policy) Special Seminar, which was funded by the World Bank and the Asian Development Bank and held at the University of Tsukuba, "Fiscal Rules and Targets Incorporating Natural Disasters and Climate Change" 26 June 2019 

・ Small States Division Seminar at the IMF "Fiscal Rules for Natural Disaster-Prone Pacific Island Countries" in Washington D.C., 15 January 2019

・ IMF Article IV Consultation Mission Seminar at the Department of Treasury "Fiscal Rules and Debt Sustainability Analysis for Papua New Guinea" in Port Moresby, 27 September 2018

・ Regional Economic Outlook Presentation Seminar at the APD of the IMF "Firm-Level Productivity Analysis" in Washington D.C., 19 July 2018

・ IMF Article IV Consultation Mission Seminar at the Treasury "Firm Performance in New Zealand: Productivity Enablers to Raise Profitability" in Wellington, 12 April 2018

・ APD Discussion Forum at the IMF "New Zealand Productivity Paradox: Evidence from Firm-Level Data" in Washington D.C., 29 March 2018

・ IMF Fact-Finding Mission Seminar at the Department of Treasury "Financial Programming for Papua New Guinea" in Port Moresby, 21 March 2018

・ IMF Article IV Consultation Mission Seminar at the Department of Treasury "Debt Sustainability Analysis for Papua New Guinea" in Port Moresby, 7 September 2017

・ IMF Article IV Consultation Mission Seminar at the Department of Treasury "Fiscal Rules for Papua New Guinea" in Port Moresby, 4 September 2017

・ IMF Staff Visit Seminar at the Bank of Papua New Guinea "External Adjustment in a Resource-Rich Economy: The Case of Papua New Guinea" 26 May 2017

・ APD Discussion Forum at the IMF "External Adjustment in a Resource-Rich Economy: The Case of Papua New Guinea" in Washington D.C., 11 May 2017

・ APD Surveillance Meeting at the IMF "The New Mediocre and the Outlook for Productivity in Asia" in Washington D.C., 15 February 2017

・ IMF Article IV Consultation Mission Seminar at the Department of Treasury "External Sector Assessment and the Effects of Exchange Rates on Balance of Payments" in Port Moresby, 30 September 2016

・ PEPP Special Seminar at the University of Tsukuba, "Macroeconomic Modeling at Central Banks: Economic Forecasts and Simulation Analyses" 11 May 2016 

・ The 3rd SEACEN (South East Asian Central Banks Research and Training Centre) Intermediate Course on Econometric Modeling and Forecasting, which was hosted by Bank Indonesia, “Overview of Macroeconomic Modeling in Central Banks” in Bali, 18 April 2016

・ The 16th Annual Macro Conference, which was held at Keio University and sponsored by University of Tokyo, TCER, Hitotsubashi University, and Osaka University, “The Effects of Financial and Real Shocks, Structural Vulnerability and Monetary Policy on Exchange Rates from the Perspective of Currency Crises Models” 29 November 2014

・ Public Economics Workshop at Hitotsubashi University “The Effects of Financial and Real Shocks, Structural Vulnerability and Monetary Policy on Currency Crises” 26 November 2014

・ Macro Modeling Workshop at the BOJ “The Effects of Financial and Real Shocks, Structural Vulnerability and Monetary Policy on Exchange Rates from the Perspective of Currency Crises Models” 10 November 2014 

・ Development Economics Seminar at the University of California “Currency Crises and Monetary Policy” 4 March 2014

・ Brown Bag Seminar at the University of California “Currency Crises and Monetary Policy” 19 February 2014

・ International Finance and Monetary Policy Workshop at the University of California “Optimal Monetary Policy Mix in a Currency Crisis” 7 October 2013

・ Financial Economics Course for Hitotsubashi University graduate students "Application of Graduate Level Economics to Monetary Policy and Working Experiences as an Economist at the Bank of Japan” January 2010

・ Regional Economics Seminar of Distribution Economics Course at Akita Commercial High School “Current Economic Situation in Akita Prefecture” 26 May 2009

 

Seminar Participation

・ The 11th Central Banking Seminar at the European Central Bank “Formulation and Implementation of Monetary Policy in the Euro Area” in Frankfurt am Main, from 6 to 10 July 2015

 

Organization of Conference

・ The 1st BOJ Conference on Recycle Business of Resources, which was held at Akita University, 13 April 2009

 

Education

University of California (Ph.D., M.A.) 2012-2014

● Completed my Ph.D. degree in 1 year and 10 months.

Hitotsubashi University (M.P.P., B.A.) 2001-2008

 

● Made the valedictorian speech.

 

Referee Activity

Energy Economics, Journal of Economic Behavior and Organization, Economics & Politics, International Finance, Regional Studies, Review of International Economics, Macroeconomic Dynamics, Economics of Innovation and New Technology, The World Economy, Economic Modelling, Applied Economics, International Review of Financial Analysis, Energy, Technological Forecasting and Social Change, Journal of Applied Economics, International Journal of Finance and Economics, Open Economies Review, Finance Research Letters, The North American Journal of Economics and Finance, Spatial Economic Analysis, Journal of Asian Economics, Economics: The Open-Access, Open-Assessment Journal, Resources Policy, Eurasian Business Review, Journal of African Business, Applied Economics Letters, International Review of Applied Economics, Journal of International Trade & Economic Development, Bulletin of Economic Research, Journal of Economic Policy Reform, Emerging Markets Finance and Trade, Growth and Change, Economic Analysis and Policy, Economics Bulletin, PLOS ONE, Telecommunications Policy, Technology in Society, Economic Change and Restructuring, Journal of the Asia Pacific Economy, Sustainability, American Journal of Economics and Sociology, Eastern European Economics, The Singapore Economic Review, Journal of Risk and Financial Management, International Journal of Financial Studies, Economies, Regional Science Policy & Practice, Public Budgeting & Finance, World Development Perspectives, The International Trade Journal, International Journal of Environmental Research and Public Health, Information Resources Management Journal, Journal of Social and Economic Development, Journal of Cleaner Production, Energy Strategy Reviews, Journal of Environmental Management, International Journal of Disaster Risk Reduction, Environmental and Sustainability Indicators, Journal of Healthcare Leadership, International Review of Administrative Sciences, Sustainable Futures, Total Quality Management and Business Excellence, IEEE Engineering Management Review, Technological and Economic Development of Economy, Risk Management and Healthcare Policy, Comparative Education Review, Environments, Heliyon, International Journal of Emerging Markets, Journal of Public Affairs, Discover Sustainability, Bulletin of Latin American Research, Journal of Infrastructure, Policy and Development, Quantitative Finance and Economics, Social Sciences & Humanities Open, GeoHazard, World, Asian Journal of Economics and Banking