Minchung Hsu

Associate Professor

National Graduate Institute for Policy Studies (GRIPS)


Tel: +81-3-6439-6186

Email: minchunghsu@grips.ac.jp

Address: 7-22-1 Roppongi, Minato-ku

Tokyo 106-8677, Japan







C.V. (PDF)






Research Interests:

Health Insurance and Social Insurance Programs, Public Finance and Macroeconomic Policy,  Population Aging/Demographic Changes, Developing Economies

Selected Publication (academic/referred):  

Economic fluctuations, volatility changes and the role of government spending in China: A structural analysis (with Junsang Lee and Min Zhao), Pacific Economic Review Wiley, 2019


Population Aging, Health Care and Fiscal Policy Reform: The Challenges for Japan (with Tomoaki Yamada), Scandinavian Journal of Economics, Wiley,  2019, 121-2, 547-577    working paper (final)   RIETI Working Paper


Demographic Change and Long-term Growth in China:Past Developments and the Future Challenge of Aging (with Pei-Ju Liao and Min Zhao), Review of Development Economics, Wiley,  2018, 22, 928V952    working paper (final)

Tax incentives and foreign direct investment in China (with Junsang Lee, Roberto Leon-Gonzalez & and Yanqing Zhao) Applied Economics Letters, Routledge, 2018, 26:9, 777-780

The Development of Universal Health Insurance Coverage in Thailand: Challenges of Population Aging and Informal Economy (with Xianguo Huang and Somrasri Yupho), 2015, Social Science & Medicine, 145, 227-236  working paper with technical details  (2014 impact factor: 2.89; 5 year: 3.54)

Financing National Health Insurance: Challenge of Fast Population Aging (with Pei-Ju Liao), Taiwan Economic Review (Special Issue of Macroeconomic Theory and Empirics), 2015 43:2, 145-182   paper

Health Insurance Reform V The Impact of a Medicare Buy-in (with Gary Hansen and Junsang Lee), 2014,  Journal of Economic Dynamics and Control, 45, 315-329  working paper

Optimal Linear and Two-bracket Income Taxes with Idiosyncratic Earnings Risk (with CC Yang), 2013,  Journal of Public Economics, 105:6, 58-71.
working paper

Health Insurance and Precautionary Saving V A Structural Analysis, 2013, Review of Economic Dynamics, 16:3, 511-526  working paper

The Provision of Public Universal Health Insurance: Impacts on Private Insurance, Asset  Holdings and Welfare (with Junsang Lee), 2013, Macroeconomic Dynamics, 17:6, 1252-1280  working paper

Chinas Economic Fluctuations and Consumption Smoothing: Is Consumption More Volatile than Output in China?  (with Min Zhao), 2012, China Economic Review, 23:4 ,918V927 working paper  Supplemental material (consumer durables  1981-2006)


Other Publication:

*Declining Birthrate and Aging Population in Asia ― Educational Support to Low-Income Households Improves Quality of Labor Force and Productivity, Discuss Japan, No.44 (Economy), Mar 08, 2018

*Population Aging, Health Care, and Fiscal Policy Reform: The challenges for Japan, Formiche (an Italian magazine about politics, economics and culture). March 2018. pp. 42-45.

* Aging, Low Fertility and Development V What is the right population policy for developing countries in Asia?  Economics Classroom in Nikkei News(経済Ы:饻経済sD), pp.27, May 30, 2017 (in Japanese)

* How developing countries can deal with rising health care costs, 2016, Nikkei Asian Review (Nov. 23, 2016) 

Working Papers:  

Population Aging in Developing Economies V Not Entirely a Bad Thing (with Tanyasorn Ekapirak and Per-Ju Liao), 2021 working paper

Revisiting Private Health Insurance and Precautionary Saving: A Theoretical and Empirical Analysis (with Per-Ju Liao and CC Lin)

Work in Progress:  

Long-term care for singles and married couples (with Gary Hansen and Elena Capatina)

Life-cycle earnings in developing economies with large informal employment (with Trang Le and Trisukon Sawatrukkiat)

Revisiting tax policy on employer-sponsored health insurance: is it still necessary (with Gary Hansen and Junsang Lee)