Takeo Hoshi is the Henri and Tomoye Takahashi Senior Fellow at the Walter H. Shorenstein Asia-Pacific Research Center at Stanford University, and a professor of finance (by courtesy) at the Stanford Graduate School of Business. Before he joined Stanford University in 2012, he was Pacific Economic Cooperation Professor in International Economic Relations at the Graduate School of International Relations and Pacific Studies (IR/PS) at the University of California, San Diego (UCSD), where he conducted research and taught on the Japanese economy for 24 years. Hoshi also serves on the Board of Directors at Union BanCal Corporation. He is also a research associate at the National Bureau of Economic Research (NBER) and at the Tokyo Center for Economic Research (TCER). His main research interests include the study of the financial aspects of the Japanese economy, especially corporate finance, banking, and monetary policy. He received the 2011 Reischauer International Education Award of the Japan Society of San Diego and Tijuana, the 2006 Enjoji Jiro Memorial Prize of the Nihon Keizai Shimbun-sha, and the 2005 Japan Economic Association-Nakahara Prize. His book titled Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001), co-authored with Anil Kashyap (Graduate School of Business, University of Chicago), received the Nikkei Award for the Best Economics Books of 2002. His other publications include, “Japanese Government Debt and Sustainability of Fiscal Policy” (with Takero Doi and Tatsuyoshi Okimoto), Journal of the Japanese and International Economies, 2011; “Corporate Restructuring in Japan during the Lost Decade” (with Satoshi Koibuchi and Ulrike Schaede), Japan’s Bubble, Deflation, and Long-term Stagnation, MIT Press, 2011 (Koichi Hamada, Anil K Kashyap, and David E. Weinstein, eds.); “Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan” (with Anil Kashyap), Journal of Financial Economics, 2010;and “Zombie Lending and Depressed Restructuring in Japan” (joint with Ricardo Caballero and Anil Kashyap), American Economic Review, December 2008. He has been the editor-in-chief of the Journal of the Japanese and International Economies since 1999. Hoshi received his BA in social sciences from the University of Tokyo in 1983, and a PhD in economics from the Massachusetts Institute of Technology in 1988.