Farhad Taghizadeh-Hesary

About Farhad Taghizadeh-Hesary

Farhad Taghizadeh-Hesary is assistant professor of Economics at Keio University, Tokyo, and assistant to the dean of Asian Development Bank Institute.

Author Archive | Farhad Taghizadeh-Hesary
Economics, Finance, Poverty Reduction, Social Development and Poverty

International remittances and poverty reduction

International remittances and poverty reduction
The World Bank (2014) estimates that international remittances to developing countries reached $436 billion in 2014. Remittances to the East Asia and the Pacific region and the South Asia region account for the largest and second-largest shares in the world. The authors examine the impact of international remittances on poverty reduction to determine whether such remittances contributed to a reduction in various indicators of poverty. Read more.

Economics, Education, Finance

Hometown investment trust funds: A sustainable solution for financing green energy projects

Hometown investment trust funds: A sustainable solution for financing green energy projects
The Fukushima Daiichi nuclear disaster was an energy accident at the Fukushima No. 1 Nuclear Power Plant in Fukushima, Japan, initiated primarily by the tsunami that followed the Tohoku earthquake on 11 March 2011 and led to a nuclear shutdown in the country. Japan substituted the loss of nuclear power with fossil fuels, such as oil, gas, and coal, and became more dependent on their imports and consumption. Read more.

Energy

Decline of oil prices and the negative interest rate policy in Japan

Decline of Oil Prices and the Negative Interest Rate Policy in Japan
In February 2016, the Bank of Japan (BOJ), in order to reach a 2% inflation target, initiated a negative interest rate policy by increasing massive money supply through the purchase of long-term Japanese government bonds (JGBs). This policy flattened the yield curve of JGBs. Banks started to purchase government bonds less frequently, because of the negative yield for both short-term government bonds and even for long-term government bonds up to 15 years. On the other hand, a vertical investment–savings curve in the Japanese economy prevented the growth of corporate bank loans. Except for a few periods, the 2% inflation target could not be achieved. This paper examines this phenomenon, presents the reasons behind it, and offers solutions. Read more.

Economics, Energy

Do Japan’s oil consuming sectors still react to oil price movements?

Do Japan’s oil consuming sectors still react to oil price movements?
Japan is almost fully dependent on energy imports. In March 2011, a devastating earthquake and tsunami hit eastern Japan and damaged the nuclear power plant in Fukushima. This disaster led to the shutdown of all nuclear power plants due to the lack of government safety approvals. Japan replaced this significant loss of nuclear power with energy generated from imported natural gas, low-sulfur crude oil, fuel oil, and coal. Read more.

Economics

Importance of SMEs in the Thai economy

Importance of SMEs in the Thai economy
Small and medium-sized enterprises (SMEs) play a significant role in the Thai economy. In 2012 there were 2.7 million SMEs in Thailand (see Figure 1) comprising 98.5% of total enterprises. In the same year, SMEs accounted for 37.0% of gross domestic product (GDP) and 80.4% of the workforce. Thai SMEs also contributed to 28.8% of total exports and 31.9% of total imports by value in 2012. Read more.

Economics

Impacts of oil prices on emerging and developed economies

Impacts of oil prices on emerging and developed economies
In recent years, the sharp increase in oil prices that began in 2001 and the two sharp declines that followed in 2008, due to the subprime mortgage crisis, and at the end of 2014–early 2015 have renewed interest in the effects of oil prices on the macro economy. Most recently, the price of oil has more than halved in a period of less than 5 months since September 2014. After nearly 5 years of stability, the price of a barrel of Brent crude oil in Europe fell from over $100 per barrel in September 2014, to below $46 per barrel in January 2015. Read more.

Economics

The necessity of developing SME databases in Asian economies

The necessity of developing SME databases in Asian economies
Considering the importance of small and medium-sized enterprises (SMEs) for employment and GDP and the number of such firms in Asian countries, further efforts need to be made to offer SMEs access to finance. Asian economies are often characterized as having bank-dominated financial systems and underdeveloped capital markets, and as a result, banks are the main source of financing for SMEs. Read more.

Economics

What’s behind the recent oil price drop?

What’s behind the recent oil price drop?
The price of oil has more than halved in the period of less than 5 months since September 2014. After nearly 5 years of stability, the price of a barrel of Brent crude oil in Europe fell from $117.15 on 6 September 2014, to $45.13 on 14 January 2015. Figure 1 shows the movements in the spot price of crude oil from June 2009 to February 2015, including the recent price drop. Read more.

Economics

An analysis of challenges faced by Abenomics

An Analysis of Challenges Faced by Abenomics
In December 2012, Japan’s Liberal Democratic Party won the general election, making Shinzo Abe Prime Minister of Japan, a post that he had previously held in 2007. “Abenomics” refers to the economic policies advocated by the prime minister after the election, which were designed to revive the sluggish economy with “three arrows”: (i) fiscal consolidation, (ii) more aggressive monetary easing by the Bank of Japan, and (iii) structural reforms to boost Japan’s competitiveness and economic growth. Read more.