Curriculum Vitae
Name: Akihisa Shibata
Position: Professor, Institute of Economic Research, Kyoto University, Yoshida,
Sakyo-ku, Kyoto 606-8501, Japan
Date of Birth: August 26, 1964
Education:
Ph.D. in Economics, Osaka University, 1998
Master of Economics, Osaka University, 1989
Bachelor of Economics, Kyoto University, 1987
Academic Appointments:
Professor, Institute of Economic Research, Kyoto University, Kyoto, Japan, 2003present
Academic Visitor, Department of Economics, LSE, London, UK, 1998-1999
Associate Professor, Institute of Economic Research, Kyoto University, Kyoto, Japan,
1996-2003
Associate Professor, Faculty of Economics, Osaka University, Osaka, Japan, 1994-1996
Associate Professor, Faculty of Economics, Osaka City University,Osaka, Japan, 19921994
Research Associate, Faculty of Economics, Osaka City University, Osaka, Japan, 19901992
Research Associate, Faculty of Economics, Osaka University, Osaka, Japan, 1989-1990

1Publications
1. "Financial Destabilization," with K. Hashimoto, R. Im and T. Kunieda, Journal of
Mathematical Economics, forthcoming.
2. "Middle-Income Traps and Complexity in Economic Development," with T.
Asano and M. Yokoo, Studies in Nonlinear Dynamics and Econometrics,forthcoming (DOI: 10.1515/snde-2021-0100).
3. "Asset Bubbles, Unemployment, and Financial Market Frictions," with K.
Hashimoto, R. Im and T. Kunieda, Economic Inquiry 60(4), Octobet 2022, 18061832 (DOI: 10.1111/ecin.13101).
4. "Quasi-Periodic Motions in a Two-Class Economy with Technology Choice: An
Extreme Case," with T. Asano and M. Yokoo, Nonlinear Dynamics 110,
September 2022 (DOI: 10.1007/s11071-022-07643-9).
5. "On the Two Catching-Up Mechanisms in Asian Development," with T.
Kunieda, K. Okada and Y. Sawada, Asian Development Review 38, September
2021, 31-57.
6. "Current Account Dynamics under Information Rigidity and Imperfect Capital
Mobility," with M. Shintani and T. Tsuruga, Journal of International Money andFinance 92, April 2019, 153-176 (DOI:10.1016/j.jimonfin.2018.12.001).
7. "Reexamination of the Serendipity Theorem from the Stability Viewpoint,” withA. Momota and T. Sakagami, Journal of Demographic Economics 85, March
2019, 43-70 (DOI:10.1017/dem.2018.21).
8. "Specializations, Financial Constraints, and Income Distribution,” with T.
Kunieda and K. Nishimura, International Review of Economics & Finance 56,
July 2018, 3-14 (DOI: 10.1016/j.iref.2018.03.012).
9. "Unemployment, Nonstandard Employment, and Fertility: Insights from Japan’s
Lost 20 Years,” with J. M. Raymo, Demography 54 (6), December 2017, 23012329 (DOI: 10.1007/s13524-017-0614-y).
10. "A Simple Model of Contract Enforcement Institutions," with T. Kunieda and K.
Okada, Pacific Economic Review 22 (3), August 2017, 410-437 (DOI:10.1111/1468-0106.12090).
11. "Entrepreneurs,Financiers,andBoom-BustCycles,"withT.
Kunieda, Macroeconomic Dynamics 21(3), April 2017, 785-816 (DOI:10.1017/S1365100515000681).
12. "Corruption, Financial Development, and Economic Growth: Theory andEvidence from an Instrumental Variable Approach with Human Genetic
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Diversity," with T. Kunieda and K. Okada, Economic Notes 45(3), November
2016, 353-392 (DOI: 10.1111/ecno.12061).
13. "Asset Bubbles, Economic Growth, and a Self-fulfilling Financial Crisis," with T.
Kunieda, Journal of Monetary Economics 82, September 2016, 70-84 (DOI:10.1016/j.jmoneco.2016.07.001).
14. "Collateral Constraints and the Current Account: Theory and Evidence," with T.
Kunieda and K. Okada, Economic Inquiry 54(1), January 2016, 633-651 (DOI:10.1111/ecin.12251).
15. "Overconfidence, Underconfidence, and Welfare," with T. Asano and T.
Kunieda, Journal of Institutional and Theoretical Economics171(2), June 2015,372-384 (DOI: 10.1628/093245615X14273596659161).
16. "Taxing Capital is a Good Idea: The Role of Idiosyncratic Risk in an OLG
Model," with R. Hiraguchi, Journal of Economic Dynamics and Control 52,
March 2015, 258-269 (DOI:10.1016/j.jedc.2014.12.003).
17. "Credit Market Imperfections and Macroeconomic Instability," with T.
Kunieda, Pacific Economic Review 19(5), December 2014, 592-611 (DOI:10.1111/1468-0106.12085).
18. "Corruption, Capital Account Liberalization, and Economic Growth: Theory andEvidence," with T. Kunieda and K. Okada, International Economics Volume 139,
October 2014, 80–108 (DOI: 10.1016/j.inteco.2014.03.001).
19. "Natural Capital Investment under Knightian Uncertainty," with T.
Asano, Environment and Development Economics 19(05), October 2014, 529547 (DOI: 10.1017/S1355770X13000661).
20. "Finance and Inequality: How Does Globalization Change Their Relationship?"with T. Kunieda and K. Okada, Macroeconomic Dynamics 18(05), July 2014,
1091-1128 (DOI: 10.1017/S1365100512000843).
21. "Complex Behavior in a Piecewise Linear Dynamic Macroeconomic Model with
Endogenous Discontinuity," with T. Asano and T. Kunieda, Journal of Difference
Equations and Applications 18(11), November 2012, 1889-1898 (DOI:10.1080/10236198.2011.601301).
22. "Asset Bubbles, Credit Market Imperfections, and Technology Choice," with T.
Matsuoka, Economics
Letters 116(1),
July
2012,
52-55
(DOI:/10.1080/10236198.2011.601301) .
23. "Endogenous Growth and Fluctuations in an Overlapping Generations Economy
with Credit Market Imperfections," with T. Kunieda, Asia-Pacific Journal of3

AccountingandEconomics 18(3),December
2011,333-357(DOI:10.1080/16081625.2011.9720887).
24. "Optimal Pricing and Quality Choice of a Monopolist under Knightian
Uncertainty," with T. Asano, International Journal of Industrial Organization 29(6), November 2011, 746-754 (DOI:10.1016/j.ijindorg.2011.04.002).
25. "Risk and Uncertainty in Health Investment," with T. Asano, European Journalof Health Economics 12(1), 2011, 79-85 (DOI: 10.1007/s10198-010-0238-2).
26. "Dynamic Game Model of Endogenous Growth with Consumption Externalities,"with K. Hori, Journal of Optimization Theory and Applications 145(1), 2010, 93107, (DOI: 10.1007/s10957-009-9631-3).
27. "Time Patience and Specialization Patterns in the Presence of Asset Trade," withY. Ono, Journal of Money, Credit and Banking 42, 2010, 93-112 (DOI:10.1111/j.1538-4616.2009.00279.x).
28. "International Asset Trade, Capital Income Taxation, and Specialization
Patterns," with K. Futagami, A. Kaneko and Y. Ono, Journal of Public Economic
Theory 10, 2008, 743 - 763 (DOI: 10.1111/j.1467-9779.2008.00384.x).
29. "International and Intergenerational Aspects of Capital Income Taxation in an
Endogenously Growing World Economy," with Y. Iwamoto, Review ofInternational
Economics 16,
2008,383-399(DOI:10.1111/j.14679396.2007.00719.x).
30. "The Role of Expectations in a Specialization-driven Growth Model with
Endogenous Technology Choice," with S. Kuwahara, Division of Labor &Transaction Costs 2, 2006, 55-69 (DOI: 10.1142/S0219871106000287).
31. "Environmental Transfers against Global Warming: A Credit-based Program,"with N. Matsueda and K. Futagami, International Journal of Global
Environmental Issues 6, 2006, 47-72 (DOI: 10.1504/IJGENVI.2006.009400).
32. "Long-run Specialization," with Y. Ono, Review of International Economics 14,January 2006 (DOI: 10.1111/j.1467-9396.2006.00557.x).
33. "Credit Constraints and the Current Account: A Test for the Japanese Economy,"with T. Kunieda, Journal of International Money and Finance 24, December
2005 (DOI:10.1016/j.jimonfin.2005.08.013).
34. "Fiscal Spending, Relative Price Dynamics, and Welfare in a World Economy,"with Y. Ono, Review of International Economics 13, May 2005.
35. "Endogenous Growth Cycles in an Overlapping Generations Model withInvestment Gestation Lags," with A. Kitagawa, Economic Theory 25, April 2005.

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36. "Budget Deficits and Economic Growth," with K. Futagami, Public Finance 53,
1998 (Published in 2003).
37. "Strategic Interactions in a Growth Model with Infrastructure
Capital," Metroeconomica 53, November 2002.
38. "Government Spending, Interest Rates, and Capital Accumulation in a TwoSector Model," Canadian Journal of Economics 34, No.4 with Y. Ono,
November 2001.
39. "Long Gestation in an Overlapping Generations Economy: Endogenous Cycles
and Indeterminacy of Equilibrium," Journal of Mathematical Economics 35, No.1,
with A. Kitagawa, February 2001.
40. "Growth and Welfare Effects of Monetary Expansion in an Overlappinggenerations Economy," Japanese Economic Review 51, No.3, with K. Mino,September 2000.
41. "Growth Effects of Bubbles in an Endogenous Growth Model,"Japanese
Economic Review 51, No.2, with K. Futagami, June 2000.
42. "Welfare Effects of Bubbles in an Endogenous Growth Model," Research inEconomics 53, with K. Futagami, December 1999.
43. "Foreign Tax Credit and the Current Account," International Tax and Public
Finance 6, with Y. Iwamoto, May 1999.
44. "Intrinsic Bubbles, Target Zones, and Investment under Uncertainty," Journal ofEconomic Research 3, No.2, November 1998.
45. "Capital Mobility in the World Economy: An Alternative Test," Journal ofInternational Money and Finance 17, No.5, with M. Shintani, October 1998.
46. "Keeping One Step Ahead of the Joneses: Status, the Distribution of Wealth, andLong Run Growth," Journal of Economic Behavior and Organization 36, with K.
Futagami, July 1998.
47. "MonetaryPolicy,Overlapping
Generations,andPatternsofGrowth," Economica 62, No.246, with K. Mino, May 1995.
48. "Fundamentals Uncertainty, Bubbles, and Exchange Rate Dynamics," Journal ofInternational Economics 38, No.3/4, with S. Ikeda, May 1995.
49. "A Cointegration Test of the Optimal Seigniorage Model,” Economics Letters 44,No.4, with Y. Fukuta, April 1994.
50. "Dynamic Analysis of an Endogenous Growth Model with Public
Capital," Scandinavian Journal of Economics 95, No.4, with K. Futagami and Y.
Morita, December 1993.

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51. "Endogenous Economic Growth Theory," in Japanese, Economic Studies
Quarterly 44, No.5, December 1993.
52. "The Long-run Effects of Subsidies for Investment on Foreign Asset Holdings,"in Japanese, Economic Review 44, January 1993.
53. "Fundamentals-dependent Bubbles in Stock Prices," Journal of Monetary
Economics 30, No.1, with S. Ikeda, October 1992.
54. "Spill-over Effects of Supply-side Changes in a Two-country Economy with
Capital Accumulation," Journal of International Economics 33, No.1/2, with Y.
Ono, August, 1992.
55. "Capital Income Taxation and the Current Account in a Small Open
Economy,"Journal of International Money and Finance 10, No.4, with Y.
Iwamoto, December 1991.
56. "Testing the Optimal Seigniorage Model in the Five Developed Countries," inJapanese, JCER Economic Journal, No.21, May 1991.

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