At the 127th GRIPS Forum on July 25, 2016,?Dr. Kiyohiko G. Nishimura, Professor of Economics, The University of Tokyo;? Professor of GRIPS; Former Deputy Governor, Bank of Japan gave a lecture titled “Three “Seismic Shifts” in the Global Economy and Japan as a Spearhead of Change”.

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Abstract

Three “seismic” shifts in the global economy are identified: a persistent dampening fallout from the property bubbles, busts, and the ensuing financial crises; ubiquitous and employment-unfriendly information communication technological change; and a demographic shift from the demographic bonus phase of young and growing population to the demographic onus phase of aging population. Japan has been a spearhead of these changes and many economies seem to follow suit.

Policy implications of these changes will be discussed.

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Speakers’ Profile:

Kiyohiko G. Nishimura is Professor of Economics of the Graduate School of Economics at the University of Tokyo and National Graduate Institute for Public Policy. Before returning to academia, he was Deputy Governor of the Bank of Japan for five years until March 19, 2013, one of the most turbulent periods in the history of the world economy and central banking. He has been particularly influential in the debates over macro-prudential policies, especially in pointing out the critical importance of demographic factors on property bubbles and financial crisis. His work and speeches on demography and economic policy have been cited widely and policy makers around the world have increasingly been recognizing the urgency of the problem.

Degree: B.A. (1975) and M.A. (1977) from the University of Tokyo, and Ph. D. (1982) from Yale University.