日本経済学会 - Japanese Economic Association
星 岳雄氏（University of California, San Diego）
Professor Hoshi has been very active in the field of bank governance, corporate governance, and Japanese banking system. His work on the Japanese banking system has been the forefront in analyzing both theoretical and empirical issues of the Japanese banking problem in the 1990s. He analyzed how the once-highly-regarded bank centered Japanese financial system has become a liability to the entire economy. The key word of the analysis is governance. In the earlier literature of the Japanese financial system, the bank-centered system ("main bank" system) was regarded as strength, because the long-term relationship helps corporations in need of liquidity. The same system, however, became a source of problem, when both corporations and banks needed drastic restructuring in the wake of a bubble and over-investment. Takeo Hoshi, with Anil Kashyap, was the first to point out the process of main bank transition from the strength to weakness. He has published widely in first-rate journals and conference volumes. Corporate Finance and Governance in Japan: The Road to the Future (Joint with Anil Kashyap), Cambridge, MA: MIT Press, 2001 is an authoritative one in understanding the issues in the field of Japanese corporate governance and financial markets in Japan. His use of theory and empirical work toward a policy-related area is highly effective.