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Duncan Clark
Rustin Crandall
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The U.S. Ambassador to China, Gary Locke, was surrounded by attendees at the China 2.0 conference.
The China 2.0 initiative at Stanford Graduate School of Business hosted its 4th annual conference on October 3, 2013 at Stanford University.

Martin Lau, President of Tencent, opened the conference with a keynote discussing Tencent's business model, international partnership strategies, and the social impact of internet on Chinese society.

In the second keynote address by Gary Locke, the U.S. Ambassador to the People's Republic of China, he shared his insights into China's recent advances in the technology sector, the Chinese government’s approach to managing the internet, and the risks and opportunities U.S. companies should consider before entering the Chinese market.

Charles Chao, CEO and Chairman of the Board of SINA, closed the conference with a keynote on how Weibo, one of SINA's most popular services, has made an unprecedented impact on Chinese society.

Growth and Innovation in Firms

Tencent started out in 1998 when China had four million internet users. Since then the market has grown 150 times to today’s 600 million users. Tencent’s equity market capitalization recently surpassed the $100 billion mark, and the company generates significantly more revenues than its higher-valued peer Facebook. In his speech, Lau modestly described the company’s “secret sauce number one” as “luck.”

We support the companies to make them successful, and in that process, we try to benefit from the know-how, we try to benefit from the growth, and we also contribute our know-how to these companies.

Martin Lau
President, Tencent

Lau also elaborated how Tencent has created a supportive environment for startups to grow and develop. “…[O]ur approach is actually to back the founders, to say the founders will be the driving force of the company, so unlike Jack [Ma], who said ‘Yahoo is in my pocket,’ we don’t put any company in our pocket. We support the companies to make them successful, and in that process, we try to benefit from the know-how, we try to benefit from the growth, and we also contribute our know-how to these companies.”

In partnership with Innovation Works, Tencent invested another $1 million in August 2013 in a San Francisco startup Kamcord, which allows users to record and share mobile gameplays. While Tencent has been investing in startups in Silicon Valley, Chao gave an example of SINA Weibo’s recent experimental collaboration with a local home appliance manufacturer in China, Hisense. Weibo users can link their accounts to the Hisense air-conditioner, which can then be switched on and off remotely.

Charles Chao, CEO of SINA, talked to participants at the China 2.0 conference.
“We also send a lot of our devices to our users so each will measure the temperature outside their house constantly, and send it back to Weibo every hour so we will accurately predict or calculate the exact temperature of this location through this kind of collaboration,” Chao noted. “...[E]verybody’s talking about the Internet of Things ..... but nobody knows how to do it. So we are doing a lot of experiments to see whether by collecting data and by connecting people to objects, by connecting objects to objects, whether we can create data, and create opportunities in these areas,” he added.

Charles predicted that internet companies will continue to disrupt other areas, including finance (with micro-loans) and commerce. SINA’s valuation was boosted earlier in 2013 by Alibaba’s acquisition of an 18% stake in SINA Weibo. Today SINA is valued at over $6 billion.

Social Impact of Internet

It [Weibo] basically serves as a check and balance in society and makes Chinese society much better.

Charles Chao
CEO, SINA

SINA Weibo, launched in 2009, has over 500 million registered users, and over 56 million unique daily active users. It continues to dominate the market as China’s leading micro-blogging platform. It would be no exaggeration to say that Weibo has transformed social interaction in China by bringing the public square to everyone’s smartphone. “[Weibo] allows every user in China to report, to publish, to share the content, the information directly, and also not only create content but also distribute content themselves through social relations and through the follower relationship… It basically serves as a check and balance in society and makes Chinese society much better,” Chao argued.

The message was echoed by Lau in his keynote. “...[A]ll these internet companies, a lot of them are making an impact on society in an incredible way, bringing people closer together, changing businesses, and also making society more transparent… I think together we are really making a lot of changes and impact on Chinese society and I think we are ready to make more,” Lau said.

Ambassador Locke also emphasized the importance of a free and open internet to China’s economy and society in his address. “Attempts to unleash the economic power of the internet while controlling the political and cultural content are ultimately counterproductive, and indeed at odds with each other,” commented Locke. “Restrictions on communications that limit the free flow of ideas, whether political, economic, or personal, will only serve to prevent countries from moving forward. Frankly speaking, the United States and China’s government have different views on these issues but we are constantly, consistently, and candidly discussing them.”

Sino-U.S. Links

During a recent meeting between U.S. Vice President Joe Biden and Chinese Foreign Minister Wang Yi at the White House, Biden said that he believed China’s development was not only in the interest of the United States, but for the rest of the world as well.

Ambassador Locke also highlighted the importance of how the two countries handle global issues. “Whether it’s finding a cure to some of the most dreaded diseases of the world, or ending the proliferation of nuclear weapons, whether in North Korea or Iran and elsewhere, China and the United States have to be involved together. Indeed, the world is looking for leadership from both the United States and China to solve some of the toughest challenges and problems facing the universe.”

Expecting the Chinese system to work on American terms is a recipe for failure.

Gary Locke
U.S. Ambassador to China

Despite finding agreement on some issues, China and United States still hold many differing views. The intellectual property (IP) challenge is one of them. "Expecting the Chinese system to work on American terms is a recipe for failure.” Locke added that some companies conclude that “the best way to avoid being ripped off in China it is to stay out of China—but besides missing a tremendous opportunity, companies that never set foot in China are not immune from having their IP infringed upon in China, and may later find infringing products making their way back to the United States or to third-world markets.”

Martin Lau, President of Tencent, and Marguerite Gong Hancock, director of China 2.0 at the China 2.0 conference.
Lau illustrated another example of difference between the countries in terms of the internet business sector. In China, online gaming is generating over $6 million in revenue. “To put it in perspective, that is actually more than display ads and search ads added together in China. Of course over time this will change, but it also tells you the kind of business mix in China, the opportunities and challenges that companies face in China, are actually very different from that in the US,” noted Lau.

The annual China 2.0 conference, now in its fourth year, attracted over 600 Stanford students and faculty along with current and rising leaders from China and Silicon Valley's tech, entrepreneur, and investor communities.

The panel and interactive discussions were focused on topics including Big Data, venture capital’s outlook on internet and digital media, China’s role in the global innovation network, cross-border venture finance, and Chinese mobile firms going global. These sessions brought together 20 founders, senior executives and leaders from: Asia Society, Baidu, Bertelsmann, DCM, Foursquare, Foxconn Interconnect Technology, FunPlus Game, GGV Capital, GSR Ventures, LinkedIn, Queen's Road Capital, Riverwood Capital, Silicon Valley Bank, Stanford Graduate School of Business, and WestSummit Capital.

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The Chinese government developed over 100 high-tech industrial development zones and over 80 university science parks since the mid-1980s, aimed to support fundraising and growth for innovation. How do they contribute to innovation in China? Are places like Zhongguangcun helping Chinese firms like the Silicon Valley? Professor Eesley will discuss his research on Science Parks as innovation policy in China and the channels through which ventures acquire financial and political support in China. 

Professor Eesley is an SCPKU Faculty Fellow, the recipient of the National Natural Science Foundation of China (NSFC) 2012 Research Fund for International Young Scientists, and 2010 Best Dissertation Award in the Business Policy and Strategy Division of the Academy of Management. He has a doctorate from the MIT Sloan School of Management, and had been an entrepreneur in medical equipment innovation. His research focuses on how formal and informal institutions, and industry environment influence entrepreneurship.

Stanford Center at Peking University

CHARLES EESLEY Assistant Professor, Management Science and Engineering Department Speaker Stanford University
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Vietnamese news accounts of labor-management conflicts, including strikes, and even reports of owners fleeing their factories raise potent questions about labor activism in light of this self-proclaimed socialist country’s engagement in the global market system since the late 1980s. In explaining Vietnamese labor resistance, how important are matters of cultural identity (such as native-place, gender, ethnicity, and religion) in different historical contexts? How does labor mobilization occur and develop? How does it foster “class moments” in times of crisis? What types of "flexible protests" have been used by workers to fight for their rights and dignity, and how effective are they?

Based on her just-published book, Ties that Bind: Cultural Identity, Class, and Law in Vietnam's Labor Resistance, Prof. Trần will highlight labor activism since French colonial rule in order to understand labor issues and actions in Vietnam today. Her analysis will focus on labor-management-state relations, especially with key foreign investors/managers (such as from Korea, Taiwan, and Hong Kong) and ethnic Chinese born and raised in Vietnam. She will convey the voices and ideas of workers, organizers, journalists, and officials and explain how migrant workers seek to empower themselves using cultural resources and appeals to state media and the rule of law. Copies of her book will be available for sale at her talk.

Prof. Trần's current research on global south-south labor migration focuses on Vietnamese migrants working in Malaysia and returning to Vietnam. In 2008 she was a Lee Kong Chian NUS-Stanford Distinguished Fellow on Southeast Asia. Her co-authored 2012 book, Corporate Social Responsibility and Competitiveness for SMEs in Developing Countries: South Africa and Vietnam, compared the experiences of small-and-medium enterprises in these two countries. Her many other writings include (as co-editor and author) Reaching for the Dream: Challenges of Sustainable Development in Vietnam (2004). She earned her PhD in Political Economy and Public Policy at the University of Southern California in 1996 and an MA in Developmental Economics at USC in 1991.

Copies of Ties that Bind: Cultural Identity, Class, and Law in Vietnam's Labor Resistance will be available for signing and sale by the author following her talk.

Daniel and Nancy Okimoto Conference Room

Shorenstein APARC
Stanford University
Encina Hall E301
Stanford, CA 94305-6055

(831) 582-3753 (650) 723-6530
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Lee Kong Chian NUS-Stanford Distinguished Fellow on Southeast Asia
Angie_BioPhoto_Adjusted.jpg MA, PhD

Angie Ngoc Trần is a professor in the Division of Social and Behavioral Sciences and Global Studies at California State University, Monterey Bay (CSUMB).  Her plan as the 2008 Lee Kong Chian National University of Singapore-Stanford University Distinguished Fellow is to complete a book manuscript on labor-capital relations in Vietnam that highlights how different identities of investors and owners—shaped by government policies, ethnicity, characteristics of investment, and the role they played in global flexible production—affect workers’ conditions, consciousness, and collective action differently.

Tran spent May-July 2008 at Stanford and will return to campus for the second half of November 2008.  She will share the results of her project in a public seminar at Stanford under SEAF auspices on November 17 2008.

Prof. Trần’s many publications include “Contesting ‘Flexibility’:  Networks of Place, Gender, and Class in Vietnamese Workers’ Resistance,” in Taking Southeast Asia to Market (2008); “Alternatives to ‘Race to the Bottom’ in Vietnam:  Minimum Wage Strikes and Their Aftermath,” Labor Studies Journal (December 2007); “The Third Sleeve: Emerging Labor Newspapers and the Response of Labor Unions and the State to Workers’ Resistance in Vietnam,” Labor Studies Journal (September 2007); and (as co-editor and author) Reaching for the Dream:  Challenges of Sustainable Development in Vietnam (2004).  She received her Ph.D. in Political Economy and Public Policy at the University of Southern California in 1996 and an M.A. in Developmental Economics at USC in 1991.

Angie Ngoc Tran Professor of Political Economy Speaker California State University-Monterey Bay
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Gary Locke, U.S. Ambassador to the People's Republic of China, discusses how foreign businesses can be successful in China. He was a keynote speaker at the fourth annual China 2.0 conference hosted by Stanford Graduate School of Business on October 3, 2013. Learn more about the fourth annual China 2.0 conference.

Watch Ambassador Locke's full video here.

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Siegfried Hecker, a senior fellow at CISAC, writes in this commentary for the Bulletin of the Atomic Scientists that North Korea's decision to restart its 5-megawatt nuclear reactor is a big step back for denuclearization.

"The most likely technical scenario is that the North Koreans will operate the restarted 5-megawatt reactor for two years with a full load of 8,000 fuel rods, cool this spent fuel and extract roughly 10 to 12 kilograms of plutnoium within three years," he writes.

Therefore, he expects Pyongyang to gain one bomb's worth of plutonium a year.

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One of the most important developments in the modern global economy is financial globalization. This has raised threats to the stability of political regimes in two ways: (1) by enhancing the possibility of a financial crisis that could cause political turmoil; and (2) by easing access to foreign sources of financing for opposition political groups. I argue that state capitalism – defined as state-owned publicly listed corporations -- has risen disproportionately among single party regimes as a way to address these dual threats. Single party regimes have both the motivation and a greater institutional capacity for addressing these threats in comparison to other regimes. Tests are conducted on 607 firms in 1996 and 856 firms in 2008 across seven East Asian economies, and are supplemented with case studies of Malaysia and South Korea.  The evidence suggests that financial globalization is contributing to the rise of the state as a counter reaction.

Richard W. Carney is a Fellow in the Department of International Relations located in the College of Asia and the Pacific at the Australian National University. His research and teaching are in the areas of international and comparative political economy with a focus on corporate governance and finance in East Asia. He has published articles in many academic journals including the Journal of Financial Economics, the Journal of East Asian Studies, and Business and Politics. He is also the author of the book Contested Capitalism: The Political Origins of Financial Institutions, and editor of the book Lessons from the Asian Financial Crisis. He was a Jean Monnet Fellow at the European University Institute in Fiesole, Italy (2003-04), and has held visiting positions at INSEAD. He holds a Ph.D. in Political Science (UCSD 2003). Before joining the ANU in 2011, he was an Assistant Professor in Singapore.

Daniel and Nancy Okimoto Conference Room

Richard W. Carney Fellow, Department of International Relations Speaker Australian National University
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Prime Minister Abe's economic policy, called Abenomics, places policies to open up Japan as a key component.  The government argues that reducing the barriers for international trade and capital flows will revitalize the Japanese economy and restore the growth in Japan.  At the core of the opening up policy are efforts to establish free trade agreements (FTAs) with major trading partners.  Japan joined the negotiation for TPP (Trans-Pacific Partnership), which includes the U.S., Japan's second largest trading partner, in July this year.  Japan has also started negotiation for RCEP (Regional Comprehensive Economic Partnership), which includes China, Japan's largest trading partner.  Will these efforts really succeed in making the Japanese economy more open?  Do they lead to the recovery of Japan from two decades of stagnation?  Experts from both sides of the Pacific discuss these issues.

 

Participants:

Glen S.

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Fukushima is Senior Fellow at the Center for American Progress, a prominent public policy think tank headquartered in Washington, D.C.  From 1990 to 2012, Mr. Fukushima was based in Tokyo as a senior executive with one European and four American multinational corporations: Vice President, AT&T Japan Ltd.; President, Arthur D. Little Japan; President & CEO, Cadence Design Systems Japan; President & CEO, NCR Japan; and President & CEO, Airbus Japan.  Before embarking on his business career in 1990, he was based in Washington, D.C. as Director for Japanese Affairs (1985-1988) and Deputy Assistant United States Trade Representative for Japan and China (1988-1990) at the Office of the United States Trade Representative (USTR), Executive Office of the President.  Mr. Fukushima served two terms as President of the American Chamber of Commerce in Japan, 1998-1999, and Vice President, 1993-1997.  A native of California, Mr. Fukushima was educated at Deep Springs College, Stanford University, Harvard University Graduate School of Arts and Sciences, Harvard Business School, and Harvard Law School. At Harvard, he was awarded a National Science Foundation Fellowship. He has studied and worked in Japan for over 25 years, including at Keio University, a daily newspaper, an international law firm, and as a Fulbright Fellow and a Japan Foundation Fellow at the Faculty of Law, University of Tokyo.

 

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Hideichi Okada joins the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) from September, 2013 until March, 2014 as Sasakawa Peace Fellow with the Japan Studies Program (JSP).  His research interests encompass energy policies and trade policies in the context of possible cooperation between Japan and the U.S. During his time at Shorenstein APARC, Okada will be working to launch New Dialogue Program for future cooperation on various areas between Japan and the U.S., and other Asia Pacific countries.  Okada served as Vice Minister for International Affairs, Ministry of Economy, Trade and Industry (METI) from 2010 to 2012, where he promoted international trade and investment, and expanded industrial cooperation with various countries. He also served as Director General of Trade Policy Bureau (2008-2010) and Director General of Commerce and Information Policy Bureau of METI (2007-2008). He worked for Prime Minister Junichiro Koizumi as his executive assistant, where he dealt with policies on economy, industry, energy, science and technology, and environment, and with public relations (2001-2006). He was a professor at GRIPS (2006-2007) and a visiting scholar at Harvard Law School and IR/PS, University of California, San Diego in 2007.  Okada was born in Tokyo in 1951. He received LL.M. degree from Harvard Law School (1981) and graduated from the University of Tokyo with a LL.B. (1976). Currently, he is Senior Advisor, NTT Data Institute of Management and Consulting.

 

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Phillip Lipscy is a center fellow at the Freeman Spogli Institute for International Studies and an assistant professor of political science at Stanford University. His fields of research include Japanese politics, U.S.-Japan relations, international and comparative political economy, international security, and regional cooperation in East and Southeast Asia.  Lipscy is an expert on bargaining over unbalanced representation in international organizations such as the United Nations Security Council, International Monetary Fund, and World Bank. His existing work addresses a wide range of topics such as the use of secrecy in international policy making, the effect of domestic politics on trade, and Japanese responses to the Asian Financial Crisis. His most recent research examines the political and economic factors that facilitate energy-efficient policymaking.  Lipscy obtained his PhD in political science at Harvard University. He received his MA in international policy studies and BA in economics and political science at Stanford University.  Lipscy has been affiliated with the Reischauer Institute of Japanese Studies and Weatherhead Center for International Affairs at Harvard University, the Institute for Global and International Studies at George Washington University, the RAND Corporation, and the Institute for International Policy Studies in Tokyo.

 

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Takeo Hoshi is the 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.

Philippines Conference Room

Glen S. Fukushima Senior Fellow, Center for American Progress; Former President, American Chamber of Commerce in Japan and Former Deputy Assistant U.S. Trade Representative for Japan and China Panelist

Shorenstein APARC
Encina Hall E317
616 Serra Street
Stanford, CA 94305-6055

(650) 725-2375 (650) 213-6374 (650) 723-6530
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Sasakawa Peace Fellow
OKADA,_Hideichi_1_3x4.jpg

Hideichi Okada joins the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) from September, 2013 until March, 2014 as Sasakawa Peace Fellow with the Japan Studies Program (JSP).

His research interests encompass energy policies and trade policies in the context of possible cooperation between Japan and the U.S. During his time at Shorenstein APARC, Okada will be working to launch New Dialogue Program for future cooperation on various areas between Japan and the U.S., and other Asia Pacific countries.

Okada served as Vice Minister for International Affairs, Ministry of Economy, Trade and Industry (METI) from 2010 to 2012, where he promoted international trade and investment, and expanded industrial cooperation with various countries. He also served as Director General of Trade Policy Bureau (2008-2010) and Director General of Commerce and Information Policy Bureau of METI (2007-2008). He worked for Prime Minister Junichiro Koizumi as his executive assistant, where he dealt with policies on economy, industry, energy, science and technology, and environment, and with public relations (2001-2006). He was a professor at GRIPS (2006-2007) and a visiting scholar at Harvard Law School and IR/PS, University of California, San Diego in 2007.

Okada was born in Tokyo in 1951. He received LL.M. degree from Harvard Law School (1981) and graduated from the University of Tokyo with a LL.B. (1976). Currently, he is Senior Adviser, NTT Data Institute of Management and Consulting.

Hideichi Okada The Sasakawa Peace Fellow, Shorenstein APARC Panelist Stanford University
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Former Thomas Rohlen Center Fellow at the Freeman Spogli Institute for International Studies
Former Assistant Professor of Political Science
phillip_lipscy_2018.jpg PhD

Phillip Y. Lipscy was the Thomas Rohlen Center Fellow at the Freeman Spogli Institute for International Studies and Assistant Professor of Political Science at Stanford University until August 2019. His fields of research include international and comparative political economy, international security, and the politics of East Asia, particularly Japan.

Lipscy’s book from Cambridge University Press, Renegotiating the World Order: Institutional Change in International Relations, examines how countries seek greater international influence by reforming or creating international organizations. His research addresses a wide range of substantive topics such as international cooperation, the politics of energy, the politics of financial crises, the use of secrecy in international policy making, and the effect of domestic politics on trade. He has also published extensively on Japanese politics and foreign policy.

Lipscy obtained his PhD in political science at Harvard University. He received his MA in international policy studies and BA in economics and political science at Stanford University. Lipscy has been affiliated with the Reischauer Institute of Japanese Studies and Weatherhead Center for International Affairs at Harvard University, the Institute of Social Science at the University of Tokyo, the Institute for Global and International Studies at George Washington University, the RAND Corporation, and the Institute for International Policy Studies.

For additional information such as C.V., publications, and working papers, please visit Phillip Lipscy's homepage.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phillip Lipscy The Thomas Rohlen Center Fellow, FSI and Assistant Professor, Department of Political Science Panelist Stanford University
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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
takeo_hoshi_2018.jpg PhD

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 in Japanese Studies at FSI; Professor, by courtesy, of Finance, Graduate School of Business and Director, Japan Studies Program, Shorenstein APARC Moderator Stanford University
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