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New & Forthcoming Titles | Economics, Law, and Institutions in Asia Pacific (About the Editor)

Economics, Law, and Institutions in Asia Pacific

Economics, Law, and Institutions in Asia Pacific

Series Ed.: Yano, Makoto

ISSN: 2199-8620

Makoto Yano is Chairman of the Research Institute of Economy, Trade and Industry (RIETI); he is also a specially appointed professor at Kyoto University, Jochi University, and Chubu University. He is an internationally known researcher who has made a number of substantial contributions in international trade, market theory, and especially on economic dynamics. His contributions in economic dynamics, for example, are represented by articles in Econometrica in 1995 and the Journal of Economic Theory in 1996, which explained the conditions under which general economic equilibrium shows chaotic behavior. His 1998 Econometrica article is recognized as the latest most important work on the characterization of dynamic general equilibrium.


Besides those rather theoretical works, Prof. Yano has also provided influential insights on contemporary real-world phenomena. Those include transfer problems (American Economic Review, 1999), voluntary export restraints (International Economic Review[IER], 1995), and trade conflicts (IER, 1998), on which there have been a number of follow-up papers.


His recent research on “market quality” addresses various problems in modern economies, including the financial market crisis since 2008 and the recent nuclear accidents in Japan, from the point of view of market quality—a new economic concept that Prof. Yano has developed and is applying to Japanese and international markets. Concerning quality of competition, quality of information, and quality of products, market quality is defined as an index jointly determined by the efficiency of an allocation and the fairness of the prices that are achieved in a market.

Prof. Yano received a B.A. in economics from The University of Tokyo in 1971 and a Ph.D. in economics from The University of Rochester in 1981.