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UESUGI, Iichiro

Professor / Research Division of Economic Institutions and Policy

Financial Intermediation, Small Businesses, Interfirm Networks, Japanese Economy


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Previous research

At UC San Diego, my Ph.D. dissertation dealt with the movement in short-term money markets and the influence of central bank market operations as part of their monetary policy on such movements. I subsequently returned to the Ministry of Economy, Trade and Industry (METI), where I engaged in macroeconomic analysis, and then moved to the Research Institute of Economy, Trade and Industry (RIETI), where I shifted the focus of my research interest to corporate finance and small and medium enterprises (SMEs). Research there included an investigation of the role of collateral and personal guarantees in SMEs’ procurement of funds and an evaluation of SME financing policies such as loan guarantees. Based on the knowledge gained through this research experience, I was in charge of the writing of the 2007 edition of the White Paper on Small and Medium Enterprises in Japan at the Small and Medium Enterprise Agency of METI. After the secondment to Hitotsubashi (from 2007-2010) and working for the minister's secretariat at METI (2010-2011), I started my academic career here at IER in March 2011.


Current research projects

(1) Effects of bank mergers on firm-bank relationships
(2) Transaction relationships, interfirm networks, and their relationship with industrial agglomeration
(3) Determinants of trade credit
(4) Effects of government policies on small business financing
(5) Natural disasters and firm dynamics


firm-bank relationships, interfirm networks