Fellow Researchers Profile



Research Director

Professor, Department of economics, Meiji Gakuin University
Reseach Associate, The Mitsubishi Economic Research Institute
Faculty Fellow, Research Institutes of Economy, Trade and Industry
Honorary President, International Economic History Association

[Research Themes]
Historical evaluation of the efficiency of the Japanese financial system
Business-to-business networks and productivity
Japan's economic development and political/social changes
Evolution of industrial and corporate organizations in the process of economic development
Innovation and innovation policies in Japan


  • Economic History
  • Historical Comparative Institutional Analysis

Working papers, Papers and Reports



1986.03 The University of Tokyo, Ph.D., Ecpnomics
1981.03 The University of Tokyo, B.A. Economics


2024 - present Professor, Department of economics, Meiji Gakuin University
2018 - present Honorary President, International Economic History Assocoation 
2015 - 2018 President, International Economic History Association  
2014 - present Research Director, The Canon Institute for Global Studies 
2012 - 2015 Vice-President, International Economic History Association 
2002 - 2003 Visiting Professor, Stanford University
2002 Visiting Professor, École des hautes études en sciences sociales
2001 - present Faculty Fellow, Research Institutes of Economy, Trade and Industry
2000 - present Reseach Associate, The Mitsubishi Economic Research Institute
1999 - 2023 Professor, Graduate School of Economics, The University of Tokyo
1996 - 1997 Visiting Scholar, Stanford University
1989 - 1999 Associate Professor, Faculty of Economics, The University of Tokyo
1986 - 1989 Research Associate, Institute of Social Science, The University of Tokyo


  • Keizaigaku wo Ajiwau (Tasting Economics), Tokyo: Nihon Hyoronsha, 2020 (Co-edited with Hidehiko Ichimura et al.)
  • Hikaku Rekishi Seido Bunseki (Comparative Historical Institutional Analysis) (Avner Greif), Tokyo: Chikuma Bunko, Transrated with Michihiro Kandori et. al. 


  • “Elite Mobility and Continuity during a Regime Change,” forthcoming in British Journal of Sociology (with Tomoko Matsumoto)
  • “Designing wartime economic controls: Productivity and firm dynamics in the Japanese cotton spinning industry, 1937–39,” forthcoming in Economic History Review
  • “The Bright and Dark Sides of a Central Bank’s Financial Support to Local Banks after a Natural Disaster: Evidence from the Great Kanto Earthquake, 1923 Japan, ”forthcoming in Journal of Money, Credit and Banking (with Toshihiro Okubo and Eric Strobl)
  • “Industrial cluster policy and transaction networks: Evidence from firm-level data in Japan,” forthcoming in Canadian Journal of Economic
  • “Excess Capacity and Effectiveness of Policy Interventions: Evidence from the Cement Industry,” forthcoming in International Economic Review (with Ken Onishi and Naoki Wakamori)
  • “Product Innovation, Product Diversification, and Firm Growth: Evidence from Japan’s Early Industrialization,” forthcoming in American Economic Review (with Serguey Braguinsky, Atsushi Ohyama, and Chad Syverson)
  • “Disentangling the Effects of Technological and Organizational Changes During the Rise of the Factory: The Case of the Japanese Weaving Industry, 1905-1914,” forthcoming in Economic History Review
  • “Creative Destruction of Industries: Yokohama City in the Great Kanto Earthquake,” Journal of Economic History 79(1): 1-31 (with Toshihiro Okubo and Eric Strobl)
  • "The Expanding Empire and Spatial Distribution of Economic Activities: The Case of Japan’s Colonization of Korea during the Pre-war Period" (with Kentaro Nakajima) ,Economic History Review 71(2): 593-616, 2018
  • ”Measuring the extent and implications of corporate political connections in prewar Japan” (with Michiru Sawada) forthcoming in Explorations in Economic History, 2017
  • ”Effects of Industrial Policy on Productivity: The Case of Import Quota Removal during Postwar Japan” (with Kozo Kiyota) forthcoming in Journal of the Japanese and International Economies, 2016
  • “Impact of Natural Disasters on Industrial Agglomeration:The Case of the Great Kanto Earthquake in 1923” (with Asuka Imaizumi and Kaori Ito) Explorations in Economic History, 60:52-68, 2016
  • "Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry" (with Serguey, Braguinsky, Atsushi Ohyama,and Chad Syverson) American Economic Review, 105(7): 2086-2119, 2015
  • “Sources of Productivity Improvement in Industrial Clusters: The Case of the Prewar Japanese Silk-Reeling Industry,” Regional Science and Urban Economics, May 2014, v. 46, pp. 27-41. (with Yutaka Arimoto and Nakajima, Kentaro)
  • “Productivity Change and Mine Dynamics: The Coal Industry in Japan during World War II,” Jahrbuch fuer Wirtschaft Geschichte 2014/2:31-48, 2014
  • “Interbank Networks in Prewar Japan: Structure and Implications,” Industrial and Corporate Change, April: 463-506, 2012 (with Michiru Sawada)
  • “Supplier Networks and Aircraft Production in Wartime Japan” Economic History Review 67(3): 973-994, 2011
  • “The Role of the Government in Facilitating TFP Growth during Japan’s Rapid-growth Era,” in Keijiro Otsuka and Kaliappa Lalirajan eds. Community, Market and State in Development, 2011: 21-44 (with Shuhei Aoki, Julen Esteban-Pretel and Yasuyuki Sawada)
  • “Agrarian Land Tenancy in Prewar Japan,” Developing Economies 48(3): 293-318, 2010 (with Yutaka Arimoto and Masaki Nakabayashi)
  • “Industrial Policy Cuts Two Ways: Evidence from Cotton Spinning Firms in Japan, 1956-1964,” Journal of Law and Economics 53(3): 587-609, 2010 (with Kozo Kiyota)
  • “Micro-aspects of Monetary Policy: Lender of Last Resort and Selection of Banks in Pre-war Japan,” Explorations in Economic History, 44(4): 657-679, 2007
  • Effects of a Bank Consolidation Promotion Policy: Evaluating Bank Law in 1927 Japan,” Financial History Review, 14(1): 29-61, 2007 (with Michiru Sawada)
  • “’Voice’ and ‘Exit’ in Japanese Firms during the Second World War: Sanpo Revisited,” Economic History Review, 59(2):374-395, 2006
  • “The Role of Merchant Coalition in Pre-modern Japanese Economic Development,” Explorations in Economic History, 42: 184-201, 2005
  • “Measuring the Extent and Implications of Director Interlocking in Prewar Japanese Banking Industry,” Journal of Economic History, 65(4), 1082-1115, 2005, (with Michiru Sawada and Kazuki Yokoyama)
  • “Foreign Technology Acquisition Policy and Firm Performance in Japan, 1957-1970: Micro-Aspects of Industrial Policy,” International Journal of Industrial Organization, 23(7-8): 563-586, 2005 (with Kozo Kiyota)