RIETI Annual Report 2014/4-2015/3
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Contents Messages from the Chairman and the President 01 Overview of Fiscal 2014 Activities 02 Research Activities/ Research Programs 07 List of Research Projects 08 Discussion Papers & About RIETI Policy Discussion Papers 45 The Research Institute of Economy, Trade and Industry (RIETI), an Public Relations Activities 53 incorporated administrative agency, was established on April 1, 2001 to conduct extensive policy research and formulate policy Publications 54 recommendations. Levering its location in Kasumigaseki, RIETI Website 57 takes full advantage of the synergy among policymakers, researchers, industry leaders, and other stakeholders. RIETI has Publicity Materials 58 developed an excellent reputation both in Japan and abroad for its Symposiums 59 evidence-based theoretical and empirical research, working in synergy with policy authorities. Workshops & Seminars 63 BBL Seminars 71 RIETI has set up an overall framework of research themes to respond to policymaking needs. Within this overall framework, fellows List of Fellows 74 undertake their own research in a free atmosphere, building organic linkages with other current research. Furthermore, RIETI Organization & Others 81 incorporates the knowledge and insights of outside experts into its research through symposiums and other forums. RIETI thus contributes to policy debates and formulation through the built-in Abbreviations synergy in its research and its proactive dissemination of its research, RIETI：Research Institute of Economy, Trade and Industry, IAA leading to policy recommendations. For the realization of a flexible and interdisciplinary research environment, a diverse group of METI：Ministry of Economy, Trade and Industry fellows are engaged in research at RIETI. In addition to full-time CRO：Chief Research Officer fellows, RIETI also appoints part-time fellows consisting of Faculty SRA：Senior Research Advisor Fellows who concurrently hold positions at universities and PD Program Director ： Consulting Fellows who concurrently hold positions at METI, other SF：Senior Fellow ministries, government agencies and organizations. F：Fellow FF：Faculty Fellow The world is changing at a blistering pace. To deal with these changes and build a Japanese society that is mature as well as CF：Consulting Fellow energetic, Japan needs to craft policy backed by research that breaks VF：Visiting Fellow out of conventional frameworks. RIETI will continue to provide VS：Visiting Scholar theoretical backing and knowledge networks efficiently and RC Research Coordinator ： effectively to authorities in their work to formulate policy. We will RAs：Research Associate continue to work toward our mission of strengthening and improving the quality of policymaking capacities and helping to invigorate policy discussions. Messages from the Chairman and the President The Japanese economy in fiscal 2014 started on a sluggish tone following the consumption tax rate hike in April, but the decline subsequently began showing signs of bottoming out as a weak yen and low crude oil prices helped boost corporate earnings. In fiscal 2015, the upward wage trend is continuing, and the economy is on a solid recovery path. However, despite the upturn in economic performance, the Japanese economy remains fraught with many challenges. Weighted by mounting deficits, Japan’s fiscal health is in a serious condition. Many structural problems, including demographic challenges of low fertility and an aging population, remain largely unaddressed. The vitality of businesses has improved in tandem with the economic recovery. However, in order to further invigorate the business sector, the government needs to lift unnecessary restrictions to reduce constraints on business activities. It is also crucial for companies to pursue organizational reform and address other management issues. In fiscal 2014, we continued to conduct research in a wide range of policy areas including the economy and finance, social security, human capital, energy and the environment, and international trade, which resulted in a large number of research papers. Also, as part of our efforts to disseminate our research findings, we hosted or co-hosted symposiums and seminars on topical economic subjects as well as other themes such as productivity, human capital, and energy. We are also placing a significant emphasis on our collaboration with overseas research institutes as well as on the development of databases for areas relevant to our research such as the economy, industry, and livelihood, and those databases are made available to researchers including those outside RIETI. In fiscal 2014, we updated and expanded the existing databases. We also hosted an international symposium that presented research findings based on data collected in the Japanese Study of Aging and Retirement (JSTAR) survey, a large-scale panel survey of Japanese elderly people, which has been carried out four times so far. In fiscal 2015, we continue to focus on key economic issues both within and outside Japan, conducting research that contributes to economic and industrial policy making — the very mission of RIETI — and delivering research findings in a timely manner. Lastly, on behalf of RIETI, I would like to thank all who have supported us and ask for your continued support and encouragement. May 2015 NAKAJIMA Atsushi Chairman Under the third medium-term plan covering the five-year period starting in April 2011, RIETI has established its mission to undertake theoretical and empirical research to create a grand design of putting the Japanese economy on a growth path and solidifying sustainable growth in the future. In fiscal 2015, which is the end of the five-year period, we will conduct research activities by invariably keeping in mind our three Priority Viewpoints: (1) incorporating the growth of the world economy, (2) developing new growth areas, and (3) responding to changes in society and creating new economic and social systems for sustainable growth. The first viewpoint reflects the importance of incorporating the growth of the world economy—particularly emerging Asia that has achieved remarkable development in recent years—to promote trade, investment, and business activities by leveraging Japan's scientific and technological capabilities. The second viewpoint represents the importance of theoretically and empirically analyzing research and development (R&D) policy and productivity improvement as a way to help develop new growth industries, particularly in areas related to green innovation and life innovation, by taking advantage of Japan's strength and social conditions. Finally, the third viewpoint exhibits the importance of overcoming a range of constraints we face today, such as low birthrate and an aging population, deteriorating fiscal health, the need to protect the environment, as well as building sound economic and social systems able to meet the changing needs of society in an effort to support the sustainable growth of our country. Cognizant of these three Priority Viewpoints, we have been comprehensively conducting research that is conducive to ensuring our country's sustainable growth this century in close collaboration with researchers from outside RIETI, policymakers in Japan, as well as with overseas researchers including those from other Asian countries, the United States, and Europe. Amid the rapid development of globalization and technological innovation, RIETI will dedicate itself to advancing research from the mid- and long-term points of view on the grounds that Japan will be able to strive for a new goal of economic development accompanied by recovery from damage due to the Great East Japan Earthquake. May 2015 FUJITA Masahisa President Research Institute of Economy, Trade and Industry, IAA, ANNUAL REPORT April 2014 - March 2015 01 Overview of Fiscal 2014 Activities Three Priority Viewpoints on economic and industrial policies to be kept in mind when carrying out research activities: The five years from fiscal 2011 to fiscal 2015 (1) Incorporating growth of the world economy; (2) Developing new growth areas; and constitute the period of RIETI's 3rd medium-term (3) Responding to changes in society and creating new plan, in which RIETI's primary mission is to provide economic and social systems for sustainable growth theoretical support for a grand design to put the Research Programs No. of Research Projects Program Director Japanese economy firmly on a growth track. To in Fiscal 2014 under the Program International Trade and WAKASUGI Ryuhei, FF 8 accomplish this mission, RIETI has established a I investment International ITO Takatoshi, FF 5 research framework of nine research programs, II Macroeconomics under each of which multiple research projects are III Regional Economies HAMAGUCHI Nobuaki, FF 5 conducted. IV Technology and Innovation NAGAOKA Sadao, FF 7 V Raising Industrial and FUKAO Kyoji, FF 7 In fiscal 2014, the fourth year of the 3rd medium-term Firm Productivity VI New Industrial Policy OHASHI Hiroshi, FF 7 plan, RIETI’s previously commenced research went Human Capital TSURU Kotaro, FF 7 even deeper. Additionally, while keeping an eye on VII Social Security, Taxation, developments in the economy in Japan and abroad, we VIII and Public Finance FUKAO Mitsuhiro, FF 7 Policy History and actively conducted research and disseminated IX Policy Assessment TAKEDA Haruhito, FF 3 research fiinnddiinnggs concerning a wiidde range of policy SP Special Projects 6 Total number of 62 fields, including tradead policyy,, financnan ing, corporate Research