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The digital Information Technology (IT) revolution currently underway is profoundly reshaping economic activity, influencing politics, and transforming societies around the world. It is also forcing a reconceptualization of the global and local; many of the technologies, platforms, and fundamental disruptions are global in nature, but national or local contexts critically influence the uses and effects of IT.

Digital media— broadly conceived as digital platforms for information creation, transmission, and consumption—is a core driver of the IT revolution. Information is the very essence of civilization itself, and the advent of digital media fundamentally transforms our relationship to information. We have already seen: 1)  the Internet maturing as a platform for posting, disseminating, and consuming information, such as online news startups, video such as Youtube, microblogs to evade censorship, and a global marketplace for selling software, advertising and even personal information; 2) the diffusion of mobile communications, making information available across  geographic and socio-economic boundaries, and 3) the widespread adoption of social networking services that represent exploration into the next stage of relationships between people, groups, firms, and other entities.

Digital media is also at the crux of the “global meets local” dynamic, since digital media is by nature global, but differences in economic, political, and social conditions across countries lead to wide variation in its impact. For example, digital media is argued to have been a catalyst in the Arab Spring demonstrations that led to regime shifts in Tunesia, Egypt, and then Syria, but digital media in itself may not lead directly to a regime shift in China— due to government success in sophisticated censorship and physical network design.

The Asia-Pacific provides a fascinating array of countries for examination of the political, economic, and socio-cultural effects of digital media on the modern world. Economies range from developing to advanced. Governments include varied democracies as well as one party regimes. The press enjoys relative freedom in some countries, undergoes limited constraints in others, and is tightly controlled in a few. Populations range from dense to sparse, and from diverse to relatively homogenous.

The panels were divided to discuss four major themes:

Digital Media versus Traditional Media
Around the world, digital media is disrupting traditional media such as newspapers and television. Traditional business models are undermined, new entrants proliferate, and experimentation abounds with no end-game in sight. Questions for countries with well-established traditional media include: what are the patterns for the emergence of new players? To what degree do they threaten the traditional? In countries with less diffused traditional media, what are the opportunities enjoyed by digital media? 

Beyond business models, the social and political functions of digital media may differ from those of traditional media—particularly where traditional media is subject to close governmental control. Who are the new entrants, and what new functions do they provide?  Have traditional media failed as sources of information? What shifts have occurred in how people get information, and how does this differ across countries?

Digital Media and Political Change in Asia
Digital media opens up vast new information flows that can influence political change. From the perspective of grass-roots movements and civil society, digital media provides new tools to congregate, coordinate, and demonstrate. Governments that strongly control civil society, such as China and Vietnam, were alert to the role digital media played in the Arab Spring. What is the potential for digital media in civil society and democratization? In democratic countries such as Japan, South Korea, or India, how is digital media transforming civil society? For example, Japan’s peaceful anti-nuclear demonstrations, coordinated through digital media, displayed an entirely new pattern.

From the perspective of governments, digital media presents not only challenges, but new opportunities to monitor, gather information, and respond to the public. In strong state countries, control of information flows to the people, and gathering of information about people are the cornerstones of state control. How are these states adapting their attempts at controlling media in the face of pervasive digital media? In democratic systems, deciding what information to channel to which voters at what point in election cycles is a critical part of any electoral strategy. How are governments and parties using digital media to reach their constituencies, and what is their effectiveness?

Social Change and Economic Transformation
As a core part of the IT revolution, digital media has opened up new domains of innovation that transforms industries and economies. For advanced countries, it raises serious questions about how best to profit from digital platforms whose underlying technology is increasingly controlled by American multinational firms. For developing countries, the question is how to best take advantage of the world-class computing resources, global markets, and extensive reach enabled by the technological platforms underlying digital media. Instruments such as smartphones and the digital content conveyed on those devices are altering interpersonal relations and even the struggle against poverty in societies such as India.

The advent of social network services is also altering how we conceive of social connections. How do these networks affect groups such as the Korean or Filipino diasporas, and what are the implications for identity, “imagined communities,” and group identification. In what ways is the cohesiveness of groups enhanced by connections such as Facebook or Twitter, and in what ways are groups fragmented along interest cleavages, with people exposed to only ideas and groups of their choice. How does digital media impact social change and how does that impact lead to economic transformation in both developed and developing countries?

Digital Media and International Relations
The growth of digital media produces a powerful and sometimes troubling impact on international relations in the Asia-Pacific region. It can provide greater cultural understanding and regional integration but also aggravate tensions.  Cultural phenomenon such as the wildly popular Korean pop star Psy (of “Gangnam Style” fame) arise from the availability of digital media allowing a video to ‘go viral’ on a global scale in weeks. Conversely, tensions over territorial and historical issues in Northeast and Southeast Asia gain credence and momentum from discussion on digital media platforms, often pushing governments to act in ways detrimental to peace and stability. How does digital media influence international relations in the region? Is it a force for positive change or a source of instability? Finally, the rules governing critical parts of the physical infrastructure upon which digital media depend, such as governance of the Internet are increasingly contested in the international domain.

The fifth Stanford Kyoto Trans-Asian Dialogue focused on these issues surrounding the impact of digital media. The Dialogue brought together scholars, policy experts, and practitioners from the media, from Stanford University and from throughout Asia. Selected participants will start each session of the Dialogue with stimulating, brief presentations. Participants from around the region engaged in off-the-record discussion and exchange of views. The final report from the Dialogue will be published on this page as soon as it has been completed.

The Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) established the Stanford Kyoto Trans-Asian Dialogue in 2009 to facilitate conversation about current Asia-Pacific issues with far-reaching global implications. Scholars from Stanford University and various Asian countries start each session of the two-day event with stimulating, brief presentations, which are followed by engaging, off-the-record discussion. Each Dialogue closes with a public symposium and reception, and a final report is published on the Shorenstein APARC website.

Previous Dialogues have brought together a diverse range of experts and opinion leaders from Japan, South Korea, China, Vietnam, Thailand, Indonesia, Singapore, India, Australia, and the United States. Participants have explored issues such as the global environmental and economic impacts of energy usage in Asia and the United States; the question of building an East Asian regional organization; and addressing the dramatic demographic shift that is taking place in Asia.

The annual Stanford Kyoto Trans-Asian Dialogue is made possible through the generosity of the City of Kyoto, the Freeman Spogli Institute for International Studies at Stanford University, and Yumi and Yasunori Kaneko.

Kyoto International Community House Event Hall
2-1 Torii-cho, Awataguchi,
Sakyo-ku Kyoto, 606-8536
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From August 18-22, the Japan Studies Program welcomed scholars of political science and economics to the Oksenberg conference room in Encina Hall for the first annual Stanford Summer Juku on the Japanese Political Economy.

The main goal of the program is to attract young researchers who will go on to become leaders in the study of Japanese politics and Japanese economy in the near future. The Summer Juku is distinctive by allowing ample time for informal discussions and interactions beyond the standard presentations and discussions. Juku is a word most commonly associated with the modern Japanese cram schools, but here it actually refers to the private schools at the end of the Edo period, which attracted young, motivated students and ended up producing numerous leaders of the Meiji Restoration.

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The first two days focused on political science, while the second two days were on economics.

In the first session, Yusaku Horiuchi from Dartmouth College presented a coauthored paper analyzing the role of the U.S.-Japan security alliance on Japan’s postwar economic growth. They employed a novel statistical method relatively new to political science called the synthetic control method to contend that the acceleration of Japan’s economic growth from 1958 coincided with the consolidation of the alliance. Discussants were Amy Catalinac (Australian National University) and William Grimes (Boston University).

In the second session, Shorenstein APARC fellow and political science faculty Phillip Lipscy presented part of his book project on the question of what explains cross-national variation in energy policy. He contended that electoral incentives best explained variation in energy efficiency policies. Using a new dataset of transportation trends in OECD countries and an in-depth examination of the impact of Japan’s 1994 electoral reform, he finds that energy efficiency-enhancing policies are more feasible in non-majoritarian systems, which allow the imposition of high, diffuse costs on the general public. Discussants were Gregory Noble (University of Tokyo) and Yusaku Horiuchi (Dartmouth College).

In the final session on the first day, Amy Catalinac presented her paper that poses the question of what led to the dramatic rise in conservative Japanese politicians’ attention to national security since 1997. She argued that electoral reform in 1994 led to new incentives for conservative politicians to focus on national security. Her analysis involved applying a statistical model called latent Dirichlet allocation to over 7000 election manifestoes over 8 House of Representatives elections. Discussants were Saori Katada (University of Southern California) and Christina Davis (Princeton University).

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Kenji Kushida, research associate at Shorenstein APARC, started off the second day by presenting the main argument of his book project on understanding why Silicon Valley companies have continually disrupted the global information and communications technology (ICT) industry. Analyzing the case of Japan’s ICT sector in comparative international context, he showed that national political settlements at initial stages of liberalization shaped industry structures, which in turn shaped global markets characterized by rapid commoditization. Discussants were Gregory Noble (University of Tokyo) and Ulrike Schaede (University of California, San Diego).

The second presenter was Kay Shimizu from Columbia University, who presented her book project analyzing distributive politics under conditions of fiscal austerity. Focused on the question of what happens to personalistic politics when resources run low, she argued that budget-constrained politicians work to find new resources locally and to secure votes by creating more personal linkages to voters. Her study is based on an analysis of Japan between 1991 and 2011, showing how subnational politicians sought to influence lending practices of private regional banks through publicly funded credit guarantees. Discussants were Steven Vogel (UC Berkeley) and Jonathan Rodden (Stanford University).

The third presenter, Saadia Pekkanen (University of Washington), presented the introduction of her edited volume explaining the construction of external institutions by Asian states. She explained how the project was motivated by the desire to better understand how and why Asian states might shape the contemporary world order, and what kinds of institutionalized rules and structures they might bring into play, along with the consequences for global patterns of governance. She presented a typology of external institutional designs based on formal/informal underlying organizational structures, and hard/soft underlying legal rules, based on a new database of over 6000 international institutions covering Asia’s economic, security, and transnational human security institutions. Discussants were William Grimes (Boston University) and Christina Davis (Princeton University).

Following the second day, a conference dinner was joined by both political science and economics segment participants.

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The third day began the economics-focused segment of the Summer Juku, beginning with Ulrike Schaede (UC San Diego) presenting a co-authored paper with Tatsuo Ushijima (Aoyama Gakuin University) analyzing the economic role and valuation effects of subsidiary M&A in Japan between 1996 and 2010. They conducted an event study, pairing and analyzing both sides to the deal, finding that abnormal returns to buyers and sellers both increase with deal size. They find that Japanese firms selling core business subsidiaries lead to negative returns, accentuated in larger deals. They interpret that this penalty was either an uncertainty discount or a signaling effect that the firm was in distress. Discussants were Robert Eberhart (Santa Clara University) and Ayako Yasuda (University of California, Davis).

The second presentation by Hitoshi Shigeoka examined the effects of school entry cut-off ages for children on the timing of births. Given the tradeoff for parents to time births just before and after cutoff dates, his analysis of births from 1974-2010 in Japan led to his finding that more than 1800 births per year were shifted roughly a week before the cut-off date to the week following the cut-off date. He went on to analyze the heterogeneity in responses among mothers along dimensions including work, baby gender, income and skill levels. Discussants were Karen Eggleston (Stanford FSI) and Toshiaki Iizuka (University of Tokyo).

In the third session, Thomas Cargill (University of Nevada) presented a paper co-authored with Jennifer Holt Dwyer (City University of New York) examining the concept of central bank independence and the case of Japan. Their core contention was that the postwar evolution of Bank of Japan policy reveals that de facto central bank independence was neither necessary nor sufficient for price stability. They argue that the causal association between central bank independence and price stability is a myth, with the broader implication that less time should be spent measuring central bank independence in correlation with inflation measures, with efforts instead focused on understanding the political and economic conditions under which central banks are most likely to contribute to price stability and how to design operating frameworks that facilitate this. Discussants were Helen Popper (Santa Clara University) and Ken Kuttner (Williams College)

The fourth day opened with Koichiro Ito (Boston College) presenting his paper co-authored with Takanori Ida (Kyoto University) and Makoto Tanaka (GRIPS) that investigates how consumer responds to marginal prices of dynamic electricity pricing. Their randomized field experiments yield various findings including consumers’ reduction of consumption facing hourly marginal price changes,  the effectiveness of dynamic pricing with certain parameters over conservation warnings, and differences across factors such as income levels and the level of electricity usage. Discussants were Aoki Masahiko (Stanford Shorenstein APARC) and Matthew Kahn (University of California, Los Angeles).

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The second presentation was by Satoshi Koibuchi (Chuo University) of a paper co-authored with Takatoshi Ito (RIETI), Kiyotaka Sato (Yokohama National University), and Junko Shimizu (Gakushuin University). The paper examined the choice of invoicing currency for Japanese export firms based on an extensive questionnaire. Key findings included variation of yen-invoicing according to arms-length versus intra-firm trade, size and trade type, and the extent of currency hedging that the firm engages in. Discussants were Katheryn Russ (University of California, Davis) and Mark Spiegel (Federal Reserve Bank of San Francisco).

The final presentation was by David Vera (California State University, Fresno) of a paper co-authored with Kazuki Onji (Australian National University) and Takeshi Osada (Bunri University of Hospitality), which examines how capital injections into Japanese banks triggered labor force rejuvenations at those banks. Using a difference-in-difference analysis of a panel of Japanese banks from 1990-2010, they find that for banks receiving public capital injections, the average age of employees got younger.  They also find that the number of employees of those banks was reduced on a stand-alone basis, but on a consolidated basis including subsidiaries, the number of employees was not reduced. Their findings suggest that lifetime employment survived, though in a limited form, among restructured banks. Discussants were Masami Imai (Wesleyan University) and Kelly Wang (Federal Reserve Board).

Each day, the sessions finished shortly after two o’clock, leaving ample time for informal discussion and networking. Summer Juku participants could be found around Encina Hall and other parts of campus working on collaborative projects, exchanging information, and discussing ideas for future collaboration. We look forward to future collaborations hatched at this event, and are committed to further developing this Stanford Summer Juku as an ongoing activity at the Shorenstein APARC Japan Studies Program.

2008的6月,超过1000万的考生参加了高考,以竞争570个进入大学的名额。尽管高考的初衷是给予每个学生平等的机会,但严重的不平等依然存在着。同等条件下,北京的考生相对于陕西的考生就有更多的上大学的机会,因为北京有更多大学和招生名额。同世界上其他地方一样,中国的大学也倾于照顾本地的生源。
 

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For more than thirty years, Shorenstein APARC’s Corporate Affiliates Visiting Fellows Program has offered a unique opportunity for affiliate organizations to nominate personnel to spend an academic year at the Center. Since 1982 — one year before the Center even existed — visiting fellows in the program have been sharing ideas, forming connections, and broadening perspectives, from the early years when a handful of visiting fellows were hosted at Galvez House to recent groups of close to twenty visitors each year meeting in Encina Hall’s Okimoto conference room. As a recent visiting fellow observed, “Academically, professionally, and personally, the different perceptions I have now will change the way I approach and understand my future work.”

The present cohort of visiting fellows represents organizations in China, India, Japan, and Korea, and each fellow brings years of practical experience and an international perspective that informs and enriches the intellectual exchange at the Center and at Stanford University. A majority of the current affiliate organizations have participated continuously in the program for the past five years, or even longer.

The program — ideal for mid-career managers who wish to deepen their knowledge on topics relevant to their work — has fellows participating in a structured program, which includes creating an individual research project; auditing classes; attending exclusive seminars; and visiting local companies and institutions. In addition to broadening their views through interaction with world-class scholars, visiting fellows can network with managers from different countries and corporations.

With such an array of activities, every day in the life of a visiting fellow is different, and every year differs as well. The core research goal remains constant, but the changing composition of each group — more female fellows, varied professional backgrounds, and new countries joining the mix — keeps the program exciting and unique. One of the earliest visiting fellows from one of the longest-standing affiliate organizations put it best: “Shorenstein APARC, Stanford University and, more broadly, the Silicon Valley are culturally unique, and this program offers a great opportunity to understand some of the ins and outs and different mindsets that make the region so successful.”

The wide variety of participants has possessed an equally broad range of interests. Over the past three decades, visiting fellows have pursued research on topics ranging from “The Deregulation of Telecommunications Industries in Japan and the United States” to “Northeast Asian Interdependence;” from “Corporate Governance & Energy Management” to “Advanced Tools for Complete Characterization of Biopharmaceutical Products” to “Risk Management in Large Commercial Banks in China.”

Once visiting fellows return to their home institutions, the Corporate Affiliates Program stays connected with alumni, allowing it to maintain close partnerships with not only its affiliate organizations, but also with all of the people who have passed through the program. The alumni network has grown to more than 350, with many individuals holding prominent positions in both the corporate and governmental sectors, working in countries around the world including Russia, France, Indonesia, and Australia. Recent alumni events held in locations like Seoul and Tokyo have kept the program in close contact even with those visiting fellows who came through the Center during the early years.

The Corporate Affiliates Visiting Fellows Program thrives by bringing together a diverse international group, and through the shared experiences of research and study at Stanford University. It creates long-lasting bonds and a new community — one that enriches the university and finds within itself new, constructive perspectives. Ultimately, the hope is that these experiences will over time contribute to stronger U.S.-Asia relations.



 

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» Large gallery: Highlights from Corporate Affiliates Program activities

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Over the course of a year, Corporate Affiliates visiting fellows learn about the United States, but also learn a lot from each other. Fellows from the 2011-12 academic year show their Stanford pride. Corporate Affiliates is Shorenstein APARC's longest-running program.
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Stanford, CA 94305-6055

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Shui Yung Chang (張水庸) is currently a Visiting Scholar at the Center on Democracy, Development, and the Rule of Law at Stanford University from the Ministry of Foreign Affairs of the Republic of China (Taiwan). 

Mr. Chang is a career diplomat who joined the Foreign Service in 1992 and has served in various capacities in Asia, Europe, Africa, Australia and America. His overseas posts for the Foreign Service include Vice Consul in Johannesburg, South Africa; First Secretary in New Delhi, India; and Director in Miami, Florida, United States. In Taipei he held the positions of Desk Officer of African Affairs; Section Chief of the Institute of Diplomacy and International Affairs (formerly known as Foreign Service Institute); Secretary of the Coordination Council of North American Affairs; Director of the Public Diplomacy Coordination Council on home assignment and served as the External Affairs Officer and translator to the Premier Office of Executive Yuan, R.O.C.

Mr. Chang graduated from National Taiwan University with a Bachelor of Arts in Foreign Languages and Literatures in 1991. He continued his education on History of Art at University of Pretoria, South Africa 1996-1997, and obtained Master of Arts in Strategic Studies from Australian National University, Australia in 2005. He also received his certificate on diplomacy from Oxford University, United Kingdom in 1995. 

Mr. Chang speaks fluent Taiwanese, Mandarin and English. His research interests include Asia studies, International Affairs, Taiwan Foreign Policy, Public Diplomacy, Democracy and Development. In his career he also actively involved in the promotion of culture, academy and humanitarian work for Taiwan. Over the years, Mr. Chang has travelled widely across countries and continents on his official trips and personal tours with family. He is married to Ms Maya Chen and has two children, Sonia and Sophia Chang. They currently reside in Taiwan.

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In Singapore the People’s Action Party has held power continuously since 1959, having won 13 more or less constrained legislative elections in a row over more than half a century. In Malaysia the Alliance Party and its heir, the National Front, have done nearly as well, racking up a dozen such victories over the same 54-year stretch. These records of unbroken incumbency were built by combining rapid economic growth with varying degrees and types of political manipulation, cooptation, and control. 

In both countries, as living standards improved, most people were content to live their lives quietly and to leave politics to the ruling elite. In the last decade, however, quiescence has given way to questioning, apathy to activism, due to policy missteps by the ruling parties, the rise of credible opposition candidates, increasing economic inequality, and the internet-driven expansion of venues for dissent. 

As the ground appears to shift beneath them, how are the rulers responding? Will their top-down politics survive? How (un)persuasive have official warnings against chaotically liberal democracy become? Are ethno-religious and even national identities at stake? Are comforting but slanted historical narratives being rethought? And how principled or opportunistic are the agents of would-be bottom-up change? 

Sudhir Thomas Vadaketh is the author most recently of Floating on a Malayan Breeze:  Travels in Malaysia and Singapore (2012) and The End of Identity? (2012). Before joining The Economist Group in Singapore in 2006 he was a policy analyst on foreign investment for the government of Dubai. He has written for many publications, including The Economist, ViewsWire, and The Straits Times, and been widely interviewed by the BBC and other media. He earned a master’s degree in public policy from the Kennedy School (Harvard, 2005) after receiving bachelor degrees in Southeast Asian studies and business administration (UC-Berkeley, 2002). His service in the Singapore Armed Forces in the late 1990s took him to Thailand, Taiwan, and Australia.

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Sudhir Thomas Vadaketh Senior Editor Speaker Economist Intelligence Unit, Singapore
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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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