KEIO RESEARCHERS INFORMATION SYSTEM

Career 【 Display / hide 】

Career 【 Display / hide 】

• 2002.04

  -

  2004.04

  Japan Bank for International Cooperation, 開発第4部

• 2004.05

  -

  2006.08

  Japan Bank for International Cooperation, 国際審査部

• 2007.06

  -

  2007.09

  United Nations, Department of Economic and Social Affairs, Intern

• 2009.05

  -

  2009.08

  International Monetary fund, IMF Institute, Intern

• 2011.09

  -

  2013.08

  World Bank, Economist

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Academic Background 【 Display / hide 】

Academic Background 【 Display / hide 】

• 1998.04

  -

  2002.03

  Keio University, Faculty of Economics

• 2006.09

  -

  2007.05

  Brown University, Graduate School of Economics, M.A.

  United States

• 2007.06

  -

  2012.05

  Brown University, Graduate School of Economics, Ph.D.

  United States

Research Areas 【 Display / hide 】

Research Areas 【 Display / hide 】

• Humanities & Social Sciences / Economic policy

• Humanities & Social Sciences / Public economics and labor economics

Papers 【 Display / hide 】

Papers 【 Display / hide 】

• Fiscal expectations, the sovereign–bank nexus, and bond yields in emerging and developing economies

  Manabu Nose

  Journal of Macroeconomics  2026.06

  • Access to Document (DOI)

• Demographic Influences on Technology Adoption: Network Effects in E-commerce Diffusion

  Daiji Kawaguchi, Sagiri Kitao, Manabu Nose

   2026

  • Access to Document (DOI)

• Digitalization, Firm Resilience, and Inequality in Global Crises

  Manabu Nose

   2026

  • Access to Document (DOI)

• 貿易紛争

  能勢学 and 澤田康幸

  フィナンシャル・レビュー 162   122–148 2026

  ISSN  0912-5892

• The digital divide in firm resilience: New evidence from global crises

  Nose, Manabu and Honda, Jiro

  Economic Modelling    107812 2026

  ISSN  0264-9993

  　View Summary

  Global crises affect firms unevenly, with some remaining resilient while others contract or exit. This paper examines whether digitalization explains this divergence in performance gaps. Using balance sheet data for 1.8 million listed and non-listed firms across 53 countries, combined with OECD input–output linkages, we construct a comparable firm-level measure of digital input intensity and estimate dynamic responses to uncertainty shocks using state-dependent local projections. We find that digitalized firms adjust more resiliently with smaller declines in sales, while less-digitalized firms suffer deeper and more persistent contractions, particularly among SMEs and service firms. In emerging and developing economies, digital leaders even expand as laggards retreat. Digitalization thus acts as a form of insurance against crises. Because this capability is unevenly distributed, however, it also widens a digital divide. This points to a role of fiscal policies that broaden digital access alongside traditional crisis support.

  • Access to Document (DOI)

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Reviews, Commentaries, etc. 【 Display / hide 】

Reviews, Commentaries, etc. 【 Display / hide 】

• Mongolia: 2023 Article IV Consultation-Press Release; and Staff Report

  International Monetary Fund. Asia and Pacific Dept

  IMF Staff Country Reports  2023.10

  ISSN  1934-7685

  • Access to Document (DOI)

• Solomon Islands: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Solomon Islands

  International Monetary Fund. Asia and Pacific Dept

  IMF Staff Country Reports  2022.01

  ISSN  1934-7685

  • Access to Document (DOI)

• Solomon Islands: Selected Issues

  International Monetary Fund. Asia and Pacific Dept

  IMF Staff Country Reports  2022.01

  ISSN  1934-7685

  • Access to Document (DOI)

• South Africa: Selected Issues

  International Monetary Fund

  IMF Staff Country Reports  2016

  ISSN  1934-7685

  • Access to Document (DOI)

• Kingdom of Swaziland: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Kingdom of Swaziland

  International Monetary Fund

  IMF Staff Country Reports  2015.12

  ISSN  1934-7685

  • Access to Document (DOI)

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Research Projects of Competitive Funds, etc. 【 Display / hide 】

Research Projects of Competitive Funds, etc. 【 Display / hide 】

• Causal impact of tax enforcement

  2026.04

  -

  2029.03

  Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), No Setting

  　View Summary

  本研究では，日本の税務執行における自然実験的状況を利用して，税務執行の変化が租税回避行動や税収にどれほど影響するかを明らかにする．公的債務の累増，超高額所得者や多国籍企業の租税回避の疑い，途上国での税収確保の必要性を背景に，税務執行の定量的分析は拡大しつつある．本研究では，特別徴収と呼ばれる個人所得税の源泉徴収や電子申告の義務化が租税回避行動や徴収率，納税額に与える効果を検証する．

• Evaluation of Public and Private Provisions of Infrastructure for Urban Development: Application of Big Data

  2018.04

  -

  2021.03

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Nose Manabu, Grant-in-Aid for Early-Career Scientists, No Setting

  　View Summary

  Using geocoded ground-level data and satellite imageries, the project analyzed the impact of infrastructure investments (through public and private financing) on industrialization and spatial income distribution. The interregional highway construction in China and northern Vietnam significantly expanded local market potential, and facilitated the agglomeration of manufacturing firms. We observed the diffusion of economic activities to peripheral cities where overall gains in industrialization and real wages were larger, which equalized the initial spatial income inequality. I also used the contract-level data of public-private partnership (PPP) and unpacked the mechanism why PPP investments tend to increase the fiscal risk in emerging and low-income countries. The adverse selection and fiscal manipulation due to weak fiscal management are shown to be the main roots of low contract survival and high fiscal risk.

Courses Taught 【 Display / hide 】

Courses Taught 【 Display / hide 】

• RESEARCH SEMINAR (THESIS)

  2026

• DEVELOPMENT ECONOMICS A

  2026

• RESEARCH SEMINAR B

  2026

• SEMINAR: INTERNATIONAL ECONOMICS

  2026

• DEVELOPMENT ECONOMICS

  2026

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Courses Previously Taught 【 Display / hide 】

Courses Previously Taught 【 Display / hide 】

• Seminar: Applied Economics

  Keio University, Graduate School of Economics

  2026.04

  -

  Present

• Topics in Applied Economics and Policy

  Keio University, Graduate School of Economics

  2025.04

  -

  Present

• Development Economics A (Micro)

  Keio University, Faculty of Economics

  2025.04

  -

  Present

• Development Economics B (Macro)

  Keio University, Faculty of Economics

  2025.04

  -

  Present

• Research Seminar/Thesis

  Keio University, Faculty of Economics

  2025.04

  -

  Present

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