Takeo Hoshi

Takeo Hoshi
Professor (by courtesy), Finance
Henri H. and Tomoye Takahashi Senior Fellow in Japanese Studies, Freeman Spogli Institute for International Studies
Senior Fellow, Freeman-Spogli Institute for International Studies
Academic Area: 

Additional Administrative Titles

Director, Japan Studies Program, Shorenstein Asia-Pacific Research Center

Research Statement

Takeo Hoshi's main research interests include the study of the financial aspects of the Japanese economy, especially corporate finance, banking, and monetary policy. He is a research associate at the National Bureau of Economic Research (NBER) and at the Tokyo Center for Economic Research (TCER). He is also a senior fellow at the Asian Bureau of Finance and Economic Research.


Takeo Hoshi is the Henri and Tomoye Takahashi Senior Fellow at the Walter H. Shorenstein Asia-Pacific Research Center at Stanford University, and a professor of finance (by courtesy) at the Stanford Graduate School of Business.

Before he joined Stanford University 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 the University of California, San Diego (UCSD).

His book titled 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), received the Nikkei Award for the Best Economics Books of 2002. 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.); “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 BA in social sciences from the University of Tokyo in 1983, and a PhD in economics from the Massachusetts Institute of Technology in 1988.

Academic Degrees

  • PhD in Economics, Massachusetts Institute of Technology, 1988
  • BA in Social sciences, University of Tokyo, 1983

Academic Appointments

  • At Stanford University since 2012
  • Pacific Economic Cooperation Professor, International Economic Relations, Graduate School of International Relations and Pacific Studies (IR/PS), UC San Diego

Awards and Honors

  • Nikkei Award, Best Economics Books of 2002

Stanford University Affiliations

Stanford GSB