KEIO RESEARCHERS INFORMATION SYSTEM

Career 【 Display / hide 】

Career 【 Display / hide 】

• 2005.05

  -

  2006.03

  National Graduate Institute for Policy Studies, Assistant professor

• 2006.04

  -

  2009.03

  Nihon University, College of Economics, Lecturer

• 2009.04

  -

  2014.03

  Nihon University, College of Economics, Associate professor

• 2014.04

  -

  2025.03

  Nihon University, College of Economics, Professor

• 2025.04

  -

  Present

  Keio University, Faculty of Business and Commerce, Professor

Academic Background 【 Display / hide 】

Academic Background 【 Display / hide 】

• 1994.04

  -

  1998.03

  The University of Tokyo, Faculty of Economics

  University, Graduated

• 1998.04

  -

  2000.03

  The University of Tokyo, Graduate School of Economics

  Graduate School, Completed, Master's course

• 2000.04

  -

  2005.03

  The University of Tokyo, Graduate School of Economics

  Graduate School, Completed, Doctoral course

Academic Degrees 【 Display / hide 】

Academic Degrees 【 Display / hide 】

• Ph.D (Economics), The University of Tokyo, Coursework, 2005.03

Research Areas 【 Display / hide 】

Research Areas 【 Display / hide 】

• Humanities & Social Sciences / Economic theory

• Humanities & Social Sciences / Economic policy

• Humanities & Social Sciences / Money and finance

Research Keywords 【 Display / hide 】

Research Keywords 【 Display / hide 】

• Liquidity

• Financial Crisis

• Monetary Economics

• Banking Theory

Papers 【 Display / hide 】

Papers 【 Display / hide 】

• Effects of asset commonality among banks on interbank liquidity allocation and economic fluctuations

  Kenta Toyofuku

  Journal of International Financial Markets, Institutions and Money 109 2026.06

  Research paper (scientific journal), Accepted

  • Access to Document (DOI)

• Risk sharing and asset commonality in the financial sector

  Kenta Toyofuku

  Economics Bulletin  2022.02

  Accepted

• Unit of account, sovereign debt and optimal currency area

  Kenta Toyofuku

  Journal of International Financial Markets, Institutions and Money 75 2021.11

  Accepted

  • Access to Document (DOI)

• Stability or restructuring? Macroeconomic dynamics under soft budget constraint problems

  Kenta Toyofuku

  Economic Systems 37 ( 4 ) 625 - 649 2013.12

  Accepted,  ISSN  0939-3625

  • Access to Document (DOI)

• Soft budget constraints, bank capital, and the monetary transmission mechanism

  Kenta Toyofuku

  Japan and the World Economy 20 ( 2 ) 194 - 216 2008.03

  Accepted,  ISSN  0922-1425

  • Access to Document (DOI)

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

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

• A Theoretical Analysis of the Relationship Between Asset Commonality Among Banks and Financial Crisis

  2026.04

  -

  2030.03

  Japan Society for the Promotion of Science, Grants -in-Aid for Scientific Research, Kenta Toyofuku, Grant-in-Aid for Scientific Research (C), Principal investigator

• Money as a unit of account and optimal currency area theory

  2019.04

  -

  2025.03

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C), Grant-in-Aid for Scientific Research (C), No Setting

  　View Summary

  昨年度は、価値尺度の観点から共通通貨のメリットとデメリットを考察し、理論研究として論文の形にすることができた。まず、価値尺度が違う状況では、為替リスクがあることによって消費水準が平準化しなくなってしまうことを示した。次に、契約における価値尺度を共通通貨にすることによって、将来のpreference shockを回避することができ、消費水準が平準化されることを示した。この結論により、共通通貨のリスク分担機能を明らかにした。また、この結論を得る際に、共通通貨は内生的に生じるようになっている点も大きな特徴である。
  ただし、既存債務がある際には、競争力の低い地域や国では、共通通貨を採用することでかえって負債の負担が増えてしまうことを明らかにした。それによって、既存債務に対する負債の負担と共通通貨による消費の平準化機能とのトレードオフによって、最適通貨圏が決定されることを示した。
  以上の結論は、学術的には以下のような特徴がある。すなわち、これまで最適通貨圏は、労働移動や資本市場などに摩擦がなければ単一通貨圏を形成するのが望ましいと指摘されていたのに対し、本論文では、貨幣の価値尺度の観点から、今まで取り上げてこなかった共通通貨を採用することでの債務負担という負の側面を指摘し、そこから共通通貨を採用することのデメリットを導くことで最適通貨圏を導出したことである。また、この結論は、近年の欧州債務危機において、EU圏内において相対的に競争力の低い南ヨーロッパ諸国が相次いで債務危機に直面したことに対する理論的裏付けを与えるものである。
  昨年は、以上の分析をまとめ、海外の学会や研究会などで発表を行い、海外学会誌への投稿まで進めることができた。今後は、査読プロセスを通じて、論文が公開できるようにしていきたいと考えている。

• Dynamic analysis of financial crisis under the fluctuation of collateral value and coordination failure among creditors

  2013.04

  -

  2018.03

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Young Scientists (B), TOYOFUKU Kenta, Grant-in-Aid for Young Scientists (B), No Setting

  　View Summary

  This research analyzes an economy in which agents are spatially separated and hold several contracts with different agents. If IOUs are the medium of exchange, agents cannot share risks to their consumption because of relative price shocks. In contrast, if common currency is used as a medium of exchange, then agents can share consumption risks as the relative wealth distribution among workers is immune to relative price shocks. Thus, the use of common currency improves welfare despite the availability of credit. Because of this risk-sharing effect, common currency is generally used not only as a unit of account but also as a medium of exchange.

• Role of Financial intermediation and monetary policy in order to urge innovation of firms

  2009

  -

  2012

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Young Scientists (B), TOYOFUKU Kenta, Grant-in-Aid for Young Scientists (B), No Setting

  　View Summary

  This research investigates the role of financial intermediation and monetary policy in order to enhance innovation of firms. I especially focus on the role of coordination among creditors and show that absolute priority rule violation or capital injections to large debt holders may be justified.

• Global Outsourcing and Dynamics of Economic System

  2008

  -

  2011

  Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (A), INUI Tomohiko, KWON Hyeog ug, IJIRI Naohiko, TOYOFUKU Kenta, TODO Yasuyuki, TOKUI Joji, MATSUURA Toshiyuki, TOMIURA Eiichi, SAKURAI Kojiro, HAYAKAWA Kazunobu, YOKOI Norie, Grant-in-Aid for Scientific Research (A), No Setting

  　View Summary

  The main purpose of this study is to examine the effects of outsourcing activities on the economic systems both in Japan and the host countries. We found that these activities are positively associated with the productivity growth across Japanese firms. However, at the same time, we also found that multinational firms have withdrawn from Japan, which partly reduces the productivity growth at the macro level in Japan. China is one of the major host countries of outsourcing from Japanese firms and gains benefits from the positive spillover effects, which somewhat enable Chinese firms to improve their own productivities. Independently of these productivity improvements, this research confirms that the economic globalization in China proceeds.

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Awards 【 Display / hide 】

Awards 【 Display / hide 】

• Best Paper Award, The Second paper contest byJyutaku-Kinyu Forum

  2008.05

Courses Taught 【 Display / hide 】

Courses Taught 【 Display / hide 】

• SPECIAL RESEARCH TOPICS IN BUSINESS AND COMMERCE (S)

  2026

• FINANCIAL SYSTEM 1

  2026

• SEMINAR (DB)

  2026

• SEMINAR

  2026

• SEMINAR: FINANCE

  2026

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Memberships in Academic Societies 【 Display / hide 】

Memberships in Academic Societies 【 Display / hide 】

• American Economic Association, 

  2018.04

  -

  Present

• Western Economic Association International, 

  2017

  -

  Present

• Econometric Society, 

  2016

  -

  Present

• Japan Society of Monetary Economics, 

  2003

  -

  Present

• Japanese Economic Association, 

  2001

  -

  Present