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HANAZAKI, Masaharu Research Adviser

Employment History

2018-present Professor, Graduate School of Business Administration, Hitotsubashi University
2012-2018 Professor, Graduate School of Commerse, Hitotsubashi University
2007-2012 Executive Director, Research Institute of Capital Formation, DBJ
2003-2007 Director General, Research Institute of Capital Formation, DBJ
2000-2003 Associate Professor, Institute of Economic Research, Hitotsubashi University
1999-2000 Senior Economist, Research Institute of Capital Formation, Development Bank of Japan (DBJ)
1997-1999 Senior Economist, Research Institute of Capital Formation, JDB
1995-1996 Director, Economic and Industrial Research Department, JDB
1994-1995 Visiting Scholar, the Brookings Institution
1985-1987 Trainee and Consultant, Economics and Statistics Department, OECD
1979 Joined The Japan Development Bank (JDB)

Academic degree

Doctor of Economics, Waseda University

Fields of Specialization

Corporate Finance, Corporate Governance, Financial System

Publications in English

(1) Book

  • Designing Financial Systems in East Asia and Japan, (Joseph P. H. Fan, Masaharu Hanazaki and Juro Teranishi, eds.), RoutledgeCurzon, 2004.

(2) Articles

  • "Corporate Governance and Investment in East Asian Firms-Empirical Analysis of Family-controlled Firms," (Masaharu Hanazaki and Qun Liu), Journal of Asian Economics, 18, pp. 76-97, 2007.
  • "The Asian Crisis and Corporate Governance Ownership Structure, Debt Financing, and Corporate Diversification," (Masaharu Hanazaki and Qun Liu), Corporate Ownership & Control, Vol. 3, Issue 3, pp. 66-78, 2006.
  • "Can the Financial Restraint Theory Explain the Postwar Experience of Japan's Financial System?" (Masaharu Hanazaki and Akiyoshi Horiuchi) in Designing Financial Systems in East Asia and Japan, (Joseph P. H. Fan, Masaharu Hanazaki and Juro Teranishi, eds.), RoutledgeCurzon, pp. 19-46, 2004.
  • "Globalization, Financial Technology and Growth Phase: Some Thoughts on Redesigning Financial Systems in East Asia and Japan," (Joseph P. H. Fan, Masaharu Hanazaki and Juro Teranishi) in Designing Financial Systems in East Asia and Japan, (Joseph P. H. Fan, Masaharu Hanazaki and Juro Teranishi, eds.), RoutledgeCurzon, pp. 1-15, 2004.
  • "A Review of Japan's Bank Crisis from the Governance Perspective," (Masaharu Hanazaki and Akiyoshi Horiuchi), Pacific-Basin Finance Journal, 11, pp. 305-325, 2003.
  • "An International Comparison of Corporate Investment Behavior: Some Implications for the Governance Structure in Japan," (Masaharu Hanazaki and Akie Takeuchi) in Japanese Economy and Society under Pax-Americana (Hiroshi Shibuya, Makoto Maruyama and Masamitsu Yasaka, eds.), University of Tokyo Press, pp. 159-207, 2002.
  • "A Vacuum of Governance in Japanese Bank Management," (Masaharu Hanazaki and Akiyoshi Horiuchi) in Banking, Capital Markets and Corporate Governance (Hiroshi Osano and Toshiaki Tachibanaki, eds.), Palgrave, pp. 133-180, 2001.
  • "Is Japan's Financial System Efficient?" (Masaharu Hanazaki and Akiyoshi Horiuchi), Oxford Review of Economic Policy, Vol. 16, No.2, pp. 61-73, 2000.
  • "Industrial and Trade Structures of Asian Newly Industrialized Economies," in Japan's Foreign Investment and Asian Economic Interdependence, (Shojiro Tokunaga, ed.), University of Tokyo Press, pp. 49-72, 1992.
  • "R&D, Innovation and the Total Factor Productivity Slowdown," (Steven Englander, Robert Evenson and Masaharu Hanazaki), OECD Economic Studies, No. 11/autumn, pp. 7-42, 1988.
  • "Internationalisation of Financial Markets and the Allocation of Capital," (Mitsuhiro Fukao and Masaharu Hanazaki), OECD Economic Studies, No. 8/spring, pp. 35-92, 1987.

Conference Presentations

  • "Financial System and Corporate Finance after the Crisis," International Conference on "Global Role of Asia and its Financial System in the New Decade," May 1st, 2nd, 3rd, 2010 at Dusit Hua Hin, Thailand.
  • "Global Financial Crisis and the Future Direction in Banking Business," International Conference on "Global Financial Crisis and the Asian Financial System," Organized by SUFE and Hitotsubashi, March 14-15, 2009, Howard Johnson Caida Plaza Shanghai.
  • "Silent Large Shareholders and Entrenched Bank Management: Evidence from the Banking Crisis in Japan," ADB Institute Seminar on Corporate Governance of Banks in Asia, Tokyo, June, 2004.
  • "The Ups and Downs of the Financial System in Postwar Japan: Evidence from the Manufacturing Sector," The 7th Annual FMA European Conference, Dublin, June, 2003.
  • "A Review of Japan's Bank Crisis from the Governance Perspective," The Second Three-Country (China, Japan and Korea) Conference: Seeking for Stable and Efficient Financial System, Tokyo, February, 2003.
  • "A Review of Japan's Bank Crisis from the Governance Perspective," 2002 FMA Annual Meeting San Antonio, Texas, October, 2002.
  • "A Review of Japan's Bank Crisis from the Governance Perspective," The 2002 APFA/PACAP/FMA Finance Conference, Tokyo, July, 2002.
  • "The Asian Crisis and Corporate Governance," 2002 TCER/ISR Conference in Taipei, July, 2002.
  • "An International Comparison of Corporate Investment Behavior: Some Implications for the Governance Structure in Japan," Hong Kong University of Science & Technology Finance Seminar, Hong Kong, November, 2001.
  • "An International Comparison of Corporate Investment Behavior: Some Implications for the Governance Structure in Japan," Nanyang Technological University Seminar, Singapore, November, 2001.
  • "Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?" IMF/CEI Conference on Designing Financial Systems in East Asia and Japan, Tokyo, September, 2001.
  • "Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?" NBER/CIRJE/EIJS/CEPR Japan Project Meeting, Tokyo, September, 2001.
  • "Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?" The 8th APFA Annual Conference, Bangkok, July, 2001.
  • "A Vacuum of Governance in the Japanese Bank Management," Financial Restructuring: Lessons from Three East Asian Countries, Seoul, August, 2000.
  • "An International Comparison of Corporate Investment Behavior: Some Implications for the Governance Structure in Japan," Kyoto International Conference on Pax-Americana & Japanese Economy and Society, Kyoto, August, 2000.
  • "A Vacuum of Governance in the Japanese Bank Management," International Karl Polanyi Conference, Université de Lyon, May, 1999.
  • "A Vacuum of Governance in the Japanese Bank Management," The Judge Institute of Management Studies Seminar, University of Cambridge, May, 1999.
  • "Financial Fragility in Japan: A Governance Issue," The Econometrics Conference on Capital Market and Corporate Governance, Shiga, July, 1998.
  • "Financial Fragility in Japan: A Governance Issue," The NBER Japan Project Meeting, Cambridge, Massachusetts, April, 1998.

Others

  • "Silent Large Shareholders and Entrenched Bank Management: Evidence from the Banking Crisis in Japan," (Masaharu Hanazaki, Toshiyuki Souma and Yupana Wiwattanakantang), DBJ Discussion Paper Series, No. 0608, Research Institute of Capital Formation, Development Bank of Japan, 2007.
  • "Corporate Governance and Investment in East Asia: An Empirical Analysis of Family-Controlled Firms," (Masaharu Hanazaki and Qun Liu), DBJ Discussion Paper Series, No. 0504, Research Institute of Capital Formation, Development Bank of Japan, 2006.
  • "Asian Corporate Governance and Firm Performance: The Empirical Analysis of Asian Crisis," (Masaharu Hanazaki and Qun Liu), DBJ Discussion Paper Series, No. 0502, Research Institute of Capital Formation, Development Bank of Japan, 2005.
  • "The Asian Crisis and Corporate Governance: Ownership Structure, Debt Financing, and Corporate Diversification," (Masaharu Hanazaki and Qun Liu), Center for Economic Institutions Working Paper Series, No. 2003-18, 2003.
  • "A Review of Japan's Bank Crisis from the Governance Perspective," (Masaharu Hanazaki and Akiyoshi Horiuchi), CEI Working Paper Series, No. 2002-3, Hitotsubashi University, 2002.
  • "The Ups and Downs of the Financial System in Postwar Japan: Evidence from the Manufacturing Sector," (Masaharu Hanazaki and Akiyoshi Horiuchi), DBJ Discussion Paper Series, No. 0103, Research Institute of Capital Formation, Development Bank of Japan, 2001.
  • "Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?" (Masaharu Hanazaki and Akiyoshi Horiuchi), CEI Working Paper Series, No. 2001-12, Hitotsubashi University, 2001.
  • "Efficiency of the Japanese Financial System in the Postwar Period," (Masaharu Hanazaki and Akiyoshi Horiuchi), DBJ Discussion Paper Series, No. 0003, Research Institute of Capital Formation, Development Bank of Japan, 2000.
  • "Have Banks Contributed to Efficient Management in Japan's Manufacturing?" (Masaharu Hanazaki and Akiyoshi Horiuchi), CIRJE Discussion Paper Series, F-76, University of Tokyo, 2000.
  • "Financial Fragility in Japan: A Governance Issue," (Masaharu Hanazaki and Akiyoshi Horiuchi), JDB Discussion Paper Series, No. 9801, Research Institute of Capital Formation, Japan Development Bank, 1998.
  • "An International Comparison of Corporate Investment Behavior: Empirical Analysis Using Firm Data from Japan, France and the US," (Masaharu Hanazaki and Akie Takeuchi), JDB Research Report, No. 67, 1997.
  • "The External Imbalance in a Global Aspect: Some Implications for the US-Japan Relationship," unpublished manuscript, The Brookings Institution, 1995.
  • "Intra-Industry Trade and Dynamic Development of the World Economy," (Masaharu Hanazaki and Masato Kanauchi), JDB Research Report, No. 25, pp. 1-89, 1991.
  • "Deepening Economic Linkages in the Pacific Basin Region: Trade, Foreign Direct Investment, and Technology," JDB Research Report, No. 20, 1990.
  • "Industrial and Trade Structures and the International Competitiveness of Asia's Newly Industrializing Economies," JDB Research Report, No. 15, 1989.
  • "Internationalisation of Financial Markets: Some Implications for Macroeconomic Policy and for the Allocation of Capital," (Mitsuhiro Fukao and Masaharu Hanazaki), OECD Department of Economics and Statistics Working Papers, No. 37, 1986.