Institute of Social Science The University of Tokyo

the University of Tokyo



Research Staff

Masaki Nakabayashi

Division Department of Comparative Contemporary Economics
Research Fields Economic History, Business History, Comparative Institutional Analysis

Teaching and Research Appointments

April 1995 -
March 1998
JSPS Fellow.
April 1998 -
March 1999
Research Associate, Graduate School of Economics, The University of Tokyo.
April 1999 -
August 2002
Associate Professor, Department of Economics, Chiba University.
April 2002 -
March 2008
Associate Professor, Graduate School of Economics, Osaka University.
April 2008 -
March 2014
Associate Professor, Institute of Social Science, The University of Tokyo
April 2014 - Professor, Institute of Social Science, The University of Tokyo

Topics of Research

1Governance mechanism of trades
2Economic history
3Development economics

Publications (2015- )

Journal Articles and Book Chapters

  • Matthew Carlson and Masaki Nakabayashi, “Factions and the redistributive effects of reform in Japan,“ Political Studies Review, December 2023.
  • MASAKI NAKABAYASHI, “Vertical separation revisited,“ The Singapore Economic Review, October 2023.
    Open access:
  • Kenneth McElwain, Keisuke Kawata and Masaki Nakabayashi, “Narrative premiums in policy persuasion,“ Political Psychology, September 2023.
    Open access:
  • Taiyo Fukai, Keisuke Kawata and Masaki Nakabayashi, “Updated beliefs and shaken confidence: Evidence from vaccine hesitancy caused by experiencing "COVID arm",“ BMC Infectious Diseases, 23(1) , September 2023.
    Open access:
  • Aigerim Zhangaliyeva and Masaki Nakabayashi, “Legacy of the Czar: Complementarity between education and work in Russia,“ Journal of Applied Economics, 26(1) , July 2023.
    Open access:
  • Keisuke Kawata and Masaki Nakabayashi, “Persistent mind: The effects of information provision on policy preferences,“ Journal of Policy Modeling, 45(3), May 2023, pp.522-537.
    Open access:
  • Matthew M. Carlson and Masaki Nakabayashi, “Political reforms and the funding of parties in Japan: 1955–2020,” Democratization, Vol.30, No.2, September 2022, pp. 195-214.
  • Takashi Iida, Keisuke Kawata and Masaki Nakabayashi, “The citizen preferences-positive externality trade-off: A survey study of COVID-19 vaccine deployment in Japan,” SSM - Population Health, 19, September, 2022, 101191.
    Open access:
  • Masaki Nakabayashi, “Cumulative Adverse Mental Health Outcomes After Concurrent Disasters—Social, Scientific, and Policy-Making Implications,” JAMA Network Open, Invited Commentary, 2022;5(6):e2217260, Jun 16, 2022 Invited
  • Keisuke Kawata and Masaki Nakabayashi, “Determinants of COVID-19 Vaccine Preference: A Survey Study in Japan,” SSM - Population Health, 15, September, 2021, 100902.
    Open access:
  • “Tokugawa Japan and the foundations of modern economic growth in Asia,” in Broadberry, Stephen and Kyoji Fukao eds. The Cambridge Economic History of Modern World, Volume 1, June 2021, Cambridge University Press, pp.67-96.
  • Masaki Nakabayashi, Kyoji Fukao, Masanori Takashima and Naofumi Nakamura, “Property systems and economic growth in Japan, 730-1874,” Social Science Japan Journal, 23(2), Summer 2020, pp.147-184
    Open access:
  • Susumu Cato and Masaki Nakabayashi, “A rehabilitation of the institutional approach to Japanese economic history: Introduction to the special issue,” Social Science Japan Journal, 23(2), Summer 2020, 137–145
  • Masaki Nakabayashi, “The thin line between economic dynamism and social stability: Regulation and deregulation in Japan (Twelfth to nineteenth century),” in Kaveh Yazdani and Dilip M. Menon, Capitalisms: Towards a Global History, New Delhi: Oxford University Press, January 2020, pp.277-305.
  • Masaki Nakabayashi, “Ownership structure and market efficiency: Stockholder/manager conflicts at the dawn of Japanese capitalism,” Journal of International Financial Markets, Institutions and Money, 61, pp.189-212, July 2019. Open Access by Elsevier:
  • Masaki Nakabayashi, “From family security to the welfare state: Path dependency of social security on the difference in legal origins,” Economic Modelling, 82, pp.280-293, November 2019. Open access by Elsevier:
  • Yu Mandai and Masaki Nakabayashi, “Stabilize the peasant economy: Governance of foreclosure by the Shogunate,” Journal of Policy Modeling, 40(2), pp.305-327, March-April 2018.
  • Masaki Nakabayashi, “From the substance to the shadow: The role of the court in Japanese labour markets,” The Economic History Review, 71(1), pp.267-289, February 2018.
  • Masaki Nakabayashi, “Contained crisis and socialized risk: Unconventional monetary policy by the Bank of Japan in the 1890s,” Research in International Business and Finance, 40, pp.231-241, April 2017.
  • Masaki Nakabayashi, “Honesty, diligence, and skill: Risk sharing and specialization in the Kiryu silk weaving cluster, Japan,” Review of Development Economics, 21(4), pp.1401-1424, November 2017.

Selected Publications ( -2014)

  • “Kigyou no Keizaigaku, (Economics of the Firm),”(with Shingo Ishiguro) pp.1-22, “Ginou no Syuutoku to Nouryoku no Gakusyuu,” pp.189-220, Masaki Nakabayashi and Shingo Ishiguro, eds., Kigyou no Keizaigaku:Kouzou to Seichou (Economics of the Firm: Structure and Dynamics), Tokyo: Yuuhikaku, December, 2014.
  • “Imposed Efficiency of Treaty Ports: Japanese Industrialization and Western Imperialist Institutions,” Review of Development Economics, 18(2), pp.254-271, May 2014.
  • Masaki Nakabayashi, ed., Nippon Keizai no Nagai Kindaika: Tochi to Shijo, Soshite Soshiki, 1600-1970 (Long wave of Modernization in the Japanese Economy: Governance, Markets, and Organizations, 1600-1970), Nagoya: Nagoya University Press, February 2013.
  • “The rise of a Japanese fiscal state,” in Bartolome Yun-Casalilla and Patrick K. O'Brien with Francisco Comin Comin, eds., The Rise of Fiscal States:A Global History, 1500-1914, Cambridge University Press 2012, pp.378-409, 2012.
  • “Sangyou Shuuseki no Soshiki: Kiryu Orimonogyou ni okeru Oeimoto to Chinbata no Torihiki Kankei, (Organizations in a industrial cluster: Putting-out system in the Kiryu weaving cluster”, pp.201-217, “Tajigenteki na Shigoto to Yuuin no Seigyo: 20 Seiki Shotou ni okeru Kindai Seishigyou no Keiekn (Multidimensional tasks and incentive controls: An experience in the modern silk reeling industry in the early 20th century)”, pp.237-260, Masaki Nakabayashi and Shingo Ishiguro, eds., Hikaku Seido Bunseki Nyuumon (An Introduction to Comparative Institutional Analysis), Tokyo: Yuuhikaku, December, 2010.
  • Satoshi Sasaki and Masaki Nakabayashi, eds., Koza Nihon Keieishi 3: Soshiki to Senryaku no Jidai: 1914-1937 (Business History of Japan 3, The Era of Strategy and Structure, 1914-1937), Kyoto: Minerva, September, 2010.
  • “Seisan Soshiki to Roudou Soshiki to Kigyou Bunka”, pp.55-79, Takeshi Abe and Naofumi Nakamura, eds., Koza Nihon Keieishi 2: Sangyou Kakumei to Kigyou Keiei: 1882〜1914 (Business History of Japan 2, Management in the Industrial Revolution, 1882-1914), Kyoto: Minerva, February, 2010.
  • “Agrarian Land Tenancy in Prewar Japan: Contract Choice and Implications on Productivity,’ (with Arimoto, Yutaka, Tetsuji Okazaki) The Developing Economies, 48 (3), pp.293-318, 2010.

Educational Activities

Graduate School of Economics / Faculty of Economics, The University of Tokyo Institutional Analysis of Japanese Economy I
Institutional Analysis of Japanese Economy II
Faculty of Economics, Keio University Economic History of Japan A
Economic History of Japan B
Topics in Economic History of Japan
Faculty of Business & Commerce, Keio University The Theory of Business Institutions