Research
Refereed Journal Publications:
19. The Interaction of a Size-Dependent Tax Policy and Financial Frictions: Evidence from a Tax Reform in Japan (with M. Hotei and D. Miyakawa), Small Business Economics, published December 8, 2023.
18. Causal Effects of a Tax Incentive on SME Capital Investment (with M. Hotei and D. Miyakawa), Small Business Economics 61:539–557, 2023.
17. Pricing Implications of Intervention and Debt Management in the Primary Market of Japanese Government Bonds (with D. Miyakawa and S. Watanabe), Pacific-Basin Finance Journal: 77, 101918, 2023.
16. Determinants and Effects of the Use of COVID-19 Business Support Program in Japan (with T. Honda, D. Miyakawa, A. Ono, and I. Uesugi), Journal of the Japanese and International Economies: 67, 101239, 2023.
15. Japan's Productivity Stagnation: Using Dynamic Hsieh-Klenow Decomposition, (with M. Takizawa) Contemporary Economic Policy: 40(1), 218-232, 2022. A top-cited paper in the journal among work published betewen 1 January2022 – 31 December 2023.
14. Epidemic and Economic Consequences of Voluntary and Request-based Lockdowns in Japan, Journal of the Japanese and International Economies: 61,101147, 2021.
13. Complementarity and Substitutability between Tangible and Intangible Capital: Evidence from Japanese Firm-level Data, (with D. Miyakawa, M. Takizawa, K. Yamanouchi), Singapore Economic Review: 65(5), 1293-1321, 2020.
12. Cash Holdings: Evidence from Firm-Level Big Data in Japan (with D. Miyakawa and M. Takizawa), Economic Analysis: 200,pp.136-163, 2019.
11. Natural Disasters, Damage to Banks, and Firm Investment, (with D. Miyakawa, T. Uchino, M. Hazama, A. Ono, U. Uchida, and I. Uesugi), International Economic Review: 57 (4), 1335-1370, 2016 .
10. International Transmission of the 2007–2009 Financial Crisis: Evidence from Japan, (with M. Takizawa and K. Tsuru), Japanese Economic Review: 67 (3), 295-328, 2016.
9. Financial Shocks, Bankruptcy, and Natural Selection, (with U. Uchida, D. Miyakawa, A. Ono, T. Uchino, and I. Uesugi), Japan and the World Economy: 36, 123-135, 2015.
8. The Impact of Demand Shock on the Employment of Temporary Agency Workers: Evidence from Japan during the Global Financial Crisis, (with M. Takizawa and K. Tsuru), Seoul Journal of Economics: 28(3),265-283, 2015.
7. Fiscal Sustainability in Japan, (with M. Sakuragawa), Journal of the Japanese and International Economies: 25 (4) 434-446, 2011.
6. Managerial Entrenchment and Antitakeover Provisions in Japan, (with M. Takizawa and K. Tsuru), Seoul Journal of Economics: 24 (3) 287-331, 2011.
5. Fiscal Sustainability of Japan: A Dynamic General Equilibrium Approach, (with M. Sakuragawa), Japanese Economic Review : 61 (4) 517-537, 2010.
4. Ownership Structure and the Risk-Return Profiles of Japanese Stocks, (with H. Murase and I. Samikawa), Corporate Ownership and Control : 7 (1) 9-17, 2009.
3. The Transmission Mechanism of Monetary Policy in Japan: Evidence from Banks’ Balance Sheets, Journal of the Japanese and International Economies: 20 (3) 380-405, 2006.
2. Corporate Governance and Research and Development: Evidence from Japan, (with M. Tomiyama and T. Miyagawa), Economics of Innovation and New Technology: 13 (2) 141-164, 2004.
1. Growth Opportunities, Collateral and Debt Structure: The Case of the Japanese Machine-Manufacturing Firms, Japan and the World Economy: 15 (3) 275-297, 2003.
Contribution to Books:
5. Bank Lending and Firm Activities: Overcoming Identification Problems, (with Miyakawa Daisuke), in T. Watanabe, I. Uesugi, and A. Ono eds., The Economics of Interfirm Networks, Advances in Japanese Business and Economics, Volume 4, Springer, 237-260, 2015.
4. Lessons from Japan’s Shadow Financial Regulatory Committee: Japan in the Global Financial Crisis,(with K. Harada, T. Hoshi, S. Koibuchi, and M. Sakuragawa), in Robert Litan ed. The World in Crisis: Insights from Six Shadow Financial Regulatory Committees from around the World: 2011.
3. Comment on “Merger Activities and Stock Market Valuation in China” Takatoshi Ito and Andrew K. Rose (eds.) Financial Sector Development in the Pacific Rim: NBER East Asian Seminar on Economics 18, the University of Chicago Press 260-262, 2009.
2. Consolidation of Banks in Japan: Causes and Consequences, (with K. Sakai and K. Tsuru), in T. Ito and A. K. Rose (eds.) Financial Sector Development in the Pacific Rim: NBER East Asian Seminar on Economics 18, the University of Chicago Press, 265-309, 2009.
1. Market Discipline of Banks in Indonesia, Republic of Korea, Malaysia, and Thailand, in S-W. Nam and C.S. Lum (eds.) Corporate Governance of Banks in Asia: 2. Asian Development Bank Institute, 107-145, 2006.
Other Publications:
14. Kaoru Hosono, Miho Takizawa, Kenta Yamanouchi, “Firm Age, Productivity, and Intangible Capital,” VOX, 21 June 2020.
13. Kaoru Hosono, Daisuke Miyakawa, and Miho Takizawa, “Learning by exporting and the presence of foreign-affiliated companies,” VOX, August 27th, 2015.
12. Kaoru Hosono and Daisuke Miyakawa,“Natural Disasters, Bank Damages, and Firm Activities,” The World Financial Review, January 25th, 2015.
11. Kaoru Hosono and Daisuke Miyakawa,“Natural disasters, firm activity, and damage to banks,” VOX, August 13th, 2014.
10. Kaoru Hosono and Daisuke Miyakawa,“Identifying and quantifying monetary policy transmission through bank balance sheets,” VOX, August 9th, 2014.
9. Comment on “Is the Sky the Limit? Can Japanese Government Bonds Continue to Defy the Gravity?” Asian Economic Policy Review 8, 248-249, 2013.
8. External Finance Constraints and Investment Spike,(with M. Hotei and C.Umezaki), Public Policy Review: 9(2), 365-404, 2013.
7. Corporate Finance through Capital Markets and Investment Behavior: Initial Public Offerings, Seasoned Equity Offerings, and Bond Issuance,(with M. Takizawa, K. Uchimoto, and K. Hachisuka), Public Policy Review: 9(2), 315-364, 2013.
6. Bank Regulation and Market Discipline around the World,(with H. Iwaki and K. Tsuru), Gakushuin Economic Papers: 45(1) 27-64, 2008.
5. Market Discipline on Bank Management, Gakushuin Economic Papers: 44 (1) 71-92, 2007.
4. A Theory of Capital Regulation When Bank Capital is Easy to Manipulate, (with M. Sakuragawa), GEM Bulletin: Gakushuin University 19, 17-29, 2005.
3. Debt Overhang, Soft Budget, and Corporate Investment, Economic Review: Kyoto University Economic Society, 176(3), 25-50, 2005.
2. Financial Liberalization, Bank Monitoring, and the Soft Budget Constraints, Oikonomika: Nagoya City University, 38 (3,4), 37-64, 2002.
1. Does Capital Market Liberalization Harden the Soft Budget Constraints? Oikonomika: Nagoya City University, 37 (1), 39-48, 2000.
Discussion Papers:
46. T. Honda, K. Hosono, D. Miyakawa, A. Ono and I. Uesugi, "Imperfect Take-up of Covid-19 Business Support Programs" RIETI Discussion Paper 24-E-001, 2024.
45. K. Hosono, M. Hotei and D. Miyakawa, "Causal Effects of a Tax Incentive on SME Capital Investment" RIETI Discussion Paper 22-E-048, 2022.
44. K. Hosono, M. Takizawa and K. Yamanouchi, "Financial Constraints and Markups" RIETI Discussion Paper 22-E-012, 2022.
43. K. Hosono, M. Takizawa and K. Yamanouchi, "Foreign Direct Investment and Markups" RIETI Discussion Paper 22-E-009, 2022.
42. K. Hosono, “Epidemic and Economic Consequences of Voluntary and Request-based Lockdowns in Japan” RIETI Discussion Paper 21-E-009, 2021.
41. K. Hosono, M. Takizawa and K. Yamanouchi, "Firm Age, Productivity, and Intangible Capital" RIETI Discussion Paper 20-E-001, 2020.
40. K. Hosono, M. Takizawa, "Japan's Productivity Stagnation: Using Dynamic Hsieh-Klenow Decomposition" " RIETI Discussion Paper 19-E-069, 2019 (revised in 2022).
39. K. Hosono, D. Miyakawa, A. Ono, H. Uchida, I. Uesugi, "Damage to the Transportation Infrastructure and Disruption of Inter-firm Transactional Relationships "RIETI Discussion Paper 19-E-043, 2019.
38. K. Hosono, M. Hotei and D. Miyakawa," Size-dependent VAT, Compliance Costs, and Firm Growth," RIETI Discussion Paper 19-E-041, 2019.
37. Uesugi, I., D. Miyakawa, K. Hosono, A. Ono, and H. Uchida (2018). "The Collateral Channel versus the Bank Lending Channel: Evidence from a Massive Earthquake." HIT-REFINED Working Paper Series No. 79.
36. I. Uesugi,K. Hosono, D. Miyakawa, A. Ono and H. Uchida, "Reallocation of Tangible Assets and Productivity," RIETI Discussion Paper Series 18-E-048, 2018
35. K. Hosono and M. Takizawa,"Intangible Capital and the Choice of External Financing Sources," RIETI Discussion Paper 17-E-080, 2017.
34. K. Hosono, D. Miyakawa and M. Takizawa,"Do Overseas Subsidiaries Benefit from Parent Firms' Intangibles?," RIETI Discussion Paper 17-E-073, 2017.
33. K. Hosono, M. Takizawa and K. Yamanouchi, "Does Product Differentiation Reduce the Productivity Dispersion Caused by Uncertainty? ," RIETI Discussion Paper 17-E-071, 2017 (revised in 2022).
32. K. Hosono, M. Takizawa and K.Tsuru, "Size-dependent Policy and Firm Growth," RIETI Discussion Paper 17-E-070, 2017.
31. K. Hosono, D. Miyakawa and M. Takizawa, "Intangible Assets and Firms' Liquidity Holdings: Evidence from Japan," RIETI Discussion Paper 17-E-053, 2017.
30. K. Hosono, M. Hotei and D. Miyakawa, "Tax Avoidance by Capital Reduction: Evidence from corporate tax reform in Japan," RIETI Discussion paper 17-E-050, 2017.
29. K. Hosono, D. Miyakawa, , M. Takizawa, and K. Yamanouchi, "Complementarity and Substitutability between Tangible and Intangible Capital: Evidence from Japanese Firm-level Data," RIETI Discussion Paper 16-E-024, 2016.
28. M. Hazama, K. Hosono, and I. Uesugi, "The Effect of Real Estate Prices on Banks' Lending Channel," Hitotsubashi Project on Real Estate, Financial Crisis and Economic Dynamics Working Paper 53, 2016.
27. K. Hosono, D. Miyakawa and M. Takizawa, “Learning by Export: Does the presence of foreign affiliate companies matter?,” RIETI Discussion paper 15-E-053, 2015.
26. K. Hosono and M. Takizawa, “Misallocation and Establishment Dynamics,” RIETI Discussion paper 15-E-011, 2015.
25. H. Uchida, D. Miyakawa, K. Hosono, A. Ono, T. Uchino and I. Uesugi, “Natural Disaster and Natural Selection,” RIETI Discussion Paper 14-E-055, 2014.
24. A. Ono, D. Miyakawa, K. Hosono, H. Uchida, T. Uchino and I. Uesugi, “Transaction Partners and Firm Relocation Choice: Evidence from the Tohoku Earthquake,” RIETI Discussion Paper 14-E-054, 2014.
23. Kaoru Hosono, Miho Takizawa and Kotaro Tsuru, “The Impact of a Demand Shock on the Employment of Temporary Agency Workers: Evidence from Japan during the global financial crisis,” RIETI Discussion Paper 14-E-046, 2014.
22. Kaoru Hosono and Shogo Isobe, “The Financial Market Impact of Unconventional Monetary Policies in the U.S., the U.K., the Eurozone, and Japan,” PRI Discussion Paper Series 14-A-05, 2014.
21. Kaoru Hosono and Daisuke Miyakawa, “Business Cycles, MonetaryPolicy, and Bank Lending: Identifying the Bank Balance Sheet Channel with Firm-Bank Match-Level Loan Data,” RIETI Discussion Paper 14-E-026, 2014.
20. Miyakawa,Daisuke, Kaoru Hosono, Taisuke Uchino, Arito Ono, Hirofumi Uchida, and Iichiro Uesugi, “FinancialShocks and Firm Exports: A Natural Experiment Approach with a Massive Earthquake,” RIETI Discussion Paper 14-E-010, 2014.
19. Hosono, Kaoru and Daisuke Miyakawa, “Do Bank ShocksAffect Firm Activities: A Survey” Hitotsubashi Project on Real Estate, Financial Crisis and Economic Dynamics Working Paper 1, 2013.
18. Uchida, Hirofumi, Daisuke Miyakawa, Kaoru Hosono, Arito Ono, Taisuke Uchino,and Iichiro Uesugi, “Natural Disaster and Natural Selection,” Design of Interfirm Network to Achieve Sustainable Economic Growth Working Paper No. 25, 2013.
17. Hosono, Kaoru, Miho Takizawa and Kotaro Tsuru, “InternationalTransmission of the 2008-09 Financial Crisis: Evidence from Japan,” RIETI Discussion Paper 13-E-010, 2013.
16. Hosono, Kaoru and Miho Takizawa, “Do FinancialFrictions Matter as a Source of Misallocation? Evidence from Japan,” PRI Discussion Paper 12A-17, 2012.
15. Hosono, Kaoru, Daisuke Miyakawa, Taisuke Uchino, Makoto Hazama, Arito Ono, Hirofumi Uchida, and Iichiro Uesugi, “Natural Disasters, Damage to Banks, and Firm Investment,”RIETI Discussion Paper 12-E-062, 2012.
14. Sakuragawa, Masaya and Kaoru Hosono, “Fiscal Sustainability in Japan,” TCER Working Paper E-40, 2012.
13. Sakuragawa, Masaya and Kaoru Hosono, “Simulating Fiscal Sustainabilityin the US,” PRI Discussion Paper,11A-12, 2011.
12. Hosono, Kaoru, Miho Takizawa and Kotaro Tsuru, “Managerial Entrenchmentand Anti-takeover Provisions in Japan,” RIETI Discussion Paper 10-E-022, April 2010.
11. Hosono, Kaoru, Miho Takizawa and Kotaro Tsuru, “Mergers, Innovation,and Productivity: Evidence from Japanese Manufacturing Firms,” RIETI Discussion Paper 09-E-017, April 2009.
10. Hosono, Kaoru and Peng Xu, “Do Banks Have Private Information? BankScreening and Ex-Post Small Firm Performance,” RIETI Discussion Paper 09-E-016, April 2009.
9. Hosono, Kaoru “Financial Crisis, Firm Dynamics and AggregateProductivity,” RIETI Discussion Paper 09-E-012, April 2009.
8. Hosono, Kaoru, Koji Sakai and Kotaro Tsuru, “Consolidation of Banks inJapan: Causes and Consequences,” RIETI Discussion Paper 07-E-059, October 2007.
7. Hosono, Kaoru, Koji Sakai and Kotaro Tsuru, “Consolidation of Banks in Japan: Causes and Consequences,” NBER Working Paper No. 13399, September 2007.
6. Hosono, Kaoru, Koji Sakai, and Kotaro Tsuru, “Consolidation of Cooperative Banks (Shinkin) in Japan:Motives and Consequences,” RIETI Discussion Paper 06-E-034, August, 2006.
5. Hosono, Kaoru and Akane Masuda, “Bank Health and Small BusinessInvestment,” RIETI Discussion Paper 05-E-030, December, 2005.
4. Hosono, Kaoru, Hiroko Iwaki, and Kotaro Tsuru, “Banking Crises,Deposit Insurance, and Market Discipline: Lessons from the Asian Crises,” RIETI Discussion Paper 05-E-029, December, 2005.
3. Hosono, Kaoru, Hiroko Iwaki, and Kotaro Tsuru, “Bank Regulation andMarket Discipline around the World,” RIETI Discussion Paper 04-E-031, October, 2004.
2. Hosono, Kaoru, and Hideki Toya “Regional Income Convergence in the Philippines,” Institute of Economic Research, Hitotsubashi University, Discussion Paper No. D99-22, March, 2000.
1. Yashiro, N. M. Goto, K. Hosono, and K. Shiraishi, “Measuring Potential Economic Growth in Japan: Use of Turnpike Model for 1990-2010,” presented to the 29th Econometric Society Meeting, July, 1991.