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Kazumasa IWATA



Kazumasa Iwata, former Deputy Governor for the Bank of Japan, is currently the President of Japan Center for Economic Research (JCER). After graduating from the University of Tokyo in 1970, Mr. Iwata entered the Economic Planning Agency of the Japanese Government. He studied at Department of Economics and Kiel Institute for the World Economy, Kiel University (DAAD Scholarship) in 1972. He later served as Administrator at the Monetary and Fiscal Policy Division, Department of Economics and Statistics, OECD in Paris. Between 1985 and 2001, he held various positions at leading academic institutions including the University of Tokyo and Yale University. In 2001, he was appointed Director General in charge of economic assessment and policy analysis at the Cabinet Office. In 2003, he was named Deputy Governor of the Bank of Japan for five years. He became the Emeritus professor at the University of Tokyo in 2007. He then became President of the Economic and Social Research Institute, Cabinet Office, and later Member of the Council of Economic and Fiscal Policy. He took his current role with JCER in October 2010. He has also been serving as Chairman of Postal Services Privatization Committee since September 2016.

Papers. etc.

•  "Yield Curve Control Has Enhanced Policy Sustainability - Exit Made More Difficult by Continuing Purchases of Risky Assets," with Ikuko Fueda-Samikawa and Tetsuaki Takano, JCER Financial Report, February 2018.

•   "The Future of the Japanese Economy: The Great Convergence and Two Great Unwindings," AJISS-Commentary, No.245, September 2017.

•   "Policy Note on 'Resilience and Inclusive Growth'," with Chris Loewald, Sebastien Jean, Christian Kastrop and Nicolas Veron, G20 INSIGHTS, May 2017.

•   "Narrowing Monetary Policy Options - Can FTPL be an effective means of escaping deflation?," with Ikuko Fueda-Samikawa and Eriko Takahashi, JCER Financial Report, April 2017.

•  "BOJ's JGB Purchasing Limits to be Reached in Summer 2017 - Is the Bank carrying out Fiscal Policy?," with Ikuko Fueda-Samikawa and Eriko Takahashi, JCER Financial Report, November 2016.

•  "From Quantity to Interest Rate Focus: BOJ Drops Monetary Base Target - Flexible JGB Buying Added as Long-Term Interest Rate Policy Focus," with Ikuko Fueda-Samikawa and Eriko Takahashi, JCER Financial Report, September 2016.

•  "Risks and Challenges for BOJ after breaking through ZLB - Accelerate move toward establishing a ‘Cashless Society’," with Ikuko Fueda-Samikawa and Eriko Takahashi, JCER Financial Report, April 2016.

•  "Risks from Extending the QQE Policy - Bank of Japan's JGB Purchases to reach Limits in June 2017," with Ikuko Fueda-Samikawa and Eriko Takahashi & Takuya Kimotsuki, JCER Financial Report, January 2016.

•  "Aiming at a Low Carbon Society in Japan by 2050: Impact of the Fukushima Nuclear Accident and CO2 Reduction Target," with Tatsujiro Suzuki, Tatsuo Kobayashi and Hikaru Kobayashi, Economics of Energy & Environmental Policy, Volume 5, Number 1, January 2016.

•  "Plunge in New Housing Starts Means Existing Homes Market Expansion Is Key - Housing Start Estimates Informed by Population Trends," with Ikuko Fueda-Samikawa, JCER Financial Report, January 2015.

•  "Regional Finance in an Age of Population Decline - Falling Capital Demand Requiring Banks to Find New Business Models," with Ikuko Fueda-Samikawa, JCER Financial Report, January 2015.

•  "Demographic changes and asset price bubbles - Lessons from Japan," Asian Financial Integration, Routledge, 2014, 65-98.

•  "Abenomics: How to Overcome Japan's Long Depression and the Global Financial Crisis," The International Journal of Economic Policy Studies, Vol.9, Article 8, 2014, 135-158.

•  "Comment on 'Response of Asset Prices to Monetary Policy under Abenomics' by K.Ueda," Asian Economic Policy Review, Vol.8, Issue2, December 2013, 270-271.

•  "Quantitative and Qualitative Monetary Easing Effects and Associated Risks - FY2013 JCER Financial Research Report: General Remarks," with Ikuko Fueda-Samikawa, JCER Financial Report, 2013.

•  "Opportunities and Risks for Japan's Financial Industry to Ensure Growth - Financing for Global Competition, Fiscal, and Socio-Environmental Issues," with Yuki Masujima, JCER Financial Report, April 2013.

•  "Comment on 'Estimating non-Keynesian Effects for Japan' by K. Kameda," Asian Economic Policy Review, Vol.7, Issue2, December 2012,244-245.

•  "Central Bank Balance Sheets Expansion: Japan's Experience," with Shinji Takenaka, BIS Papers No.66, October 2012,132-159.

•  "Financial Markets Grope for Stability and Growth: Nagging Impaired Loan Assets, Currency Worries," with Hideaki Hirata, JCER Financial Report, April 2012.

•  "Comment on 'Financial Integration in Emerging Asia: Challenges and Prospects' by Park C.Y. & Lee J.W.," Asian Economic Policy Review, Vol.6, Issue2, December 2011, 199-200.

•  "Comment on 'Liberalization of Trade in Services and Productivity Growth in Korea' by Jong-Il Kim and June-Dong Kim," Trade in Services in the Asia-Pacific Region, University of Chicago Press, 2002, 202-205.

•  "Comment on 'Korea’s Liberalization of Financial Services Trade' by Sang In Hwang, Inseok Shin, and Jungho Yoo," Trade in Services in the Asia-Pacific Region, University of Chicago Press, 2002, 312-314.

•  "Internationalization and Economic Development: the Case of Japan," From Austerity to Affluence, Macmillan, 2000, 41-59.

•  "The Japanese Big Bang and the Financial Crisis," Japan Review of International Affairs, Vol.13, No.1, 1999, 55-73.

•  "Asset Prices and Consumption: the Risk Premium Puzzle in Japan," Japanese Economy Reconsidered, Edward Elgar, 1998,246-269.

•  "Tax Systems and the International Capital Flow Between the United States and Japan," U.S. - Japan macroeconomic relations: interactions and interdependence in the 1980s, University of Washington Press, 1996, 137-169.

•  "Rule Maker of World Trade: Japan’s Trade Strategy and the World Trading System," Japan's International Agenda, New York University Press, 1994, 111-142.

•  "Political Process of Monetary Policy Making in Japan," Economic and Monetary Policy Cooperation: the EC and Japan, Nomos Verlagsgesellschaft, Baden-Baden, 1994, 143-176.

•  "Debt Relief: Toward Renewed Economic Growth," Common Vision, Different Paths: The United States and Japan in the Developing World, Overseas Development Council, 1993, 65-82.

•  "Budgetary Balance, Aging and External Balance: The Future of the United States - Japan External Imbalance," Journal of the Japanese and International Economies, Vol.5, Issue4, December 1991, 473-497.

•  "Land and External Imbalance: the U.S. - Japan Case," Prospective International Capital Ownership Patterns Across the Pacific at the Turn of the Century, NIRA Research Output, Vol.14, No.1, 1991, 78-85.

•  "Capital Cost of Business Investment in Japan and the United States under Tax Reform," with Atsushi Yoshida, Japan and the World Economy Vol.2, Issue 1, 1990, 23-45.

•  "Comments on 'Differences in Income Elasticities and Trends in Real Exchange Rates' by P. Krugman," European Economic Review, Vol. 33, Issue5, 1989, 745-749.

•  "On the International Capital Ownership Pattern at the Turn of the Twenty-First Century," with Koichi Hamada, European Economic Review, Vol.33, June 1989, 1055-1085.

•  "Capital Costs of Housing Investment and Tax Policy," JCIF Policy Study Series No.8, May 1987.

•  "Liberalization of Trade in Financial Services," Pacific Trade in Services, Allen and Unwinn, 1988,147-169.

•  ”The Significance of Different Saving Ratios for the Current Account: the U.S. – Japan Case," with Koichi Hamada, The U.S. – Japan Financial Interdependence, NBER-NIRA, July 1986,41-67.

•  "Financial Liberalization and Its Impact on the Japanese Economy," Research Paper, No.134, Australia-Japan Research Centre, April 1986, 67-68.

•  "National Income,Terms of Trade and Economic Welfare," with Koichi Hamada, The Economic Journal, Vol.94, Issue 376, 1984, 752-771.

•  "The Call Market and the Money Supply Process in Japan," with Koichi Hamada, International Asienforum, Vol.11 No.3/4, 1980, 337-356.

•  "Budget Indicators," with Hermann Dudler, M.Bailey, Fabrizio Galimberti and Palle Schelde Andersen, OECD Occasional Studies, July 1978.