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

Publication (academic/referred):  


Population Aging, Health Care and Fiscal Policy Reform: The Challenges for Japan (with Tomoaki Yamada), Scandinavian Journal of Economics,   forthcoming    working paper (final)   RIETI Working Paper


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 – 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 – 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


China’s Economic Fluctuations and Consumption Smoothing: Is Consumption More Volatile than Output in China?  (with Min Zhao), 2012, China Economic Review, 23:4 ,918–927 working paper  Supplemental material (consumer durables  1981-2006)


 Other Publication:

1. Aging, Low Fertility and Development – What is the right population policy for developing countries in Asia?  Economics Classroom in Nikkei News, pp.27, May 30, 2017 (in Japanese)

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

Working Papers:  

Revisiting Private Health Insurance and Precautionary Saving: A Theoretical and Empirical Analysis (with Per-Ju Liao and CC Lin), First version: 2011; current: 2016, 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), First version: 2011; current: 2016, working paper

China’s Business Cycles between 1954 – 2004: Productivity and Fiscal Policy Changes (with Min Zhao), 2009, MPRA Paper 21283

Determinants of Foreign Direct Investment into China: Do Tax Incentives Matter? (with Yanqing Zhao and Roberto Leon Gonzalez), 2011, working paper

Accounting for China's Long-term Growth: How Important is Demographic Change (with Pei-Ju Liao and Min Zhao), 2010, working paper

Population Policy and Economic Growth: Impacts of Deviation from the One-Child Policy in China (with Pei-Ju Liao and Min Zhao), 2009, working paper

Work in Progress:  

Optimal piecewise linear income tax (with CC Yang)

Medicaid and long-term care insurance (with Gary Hansen and Elena Capatina)

Low Fertility, Rapid Aging and Fiscal Challenges with the Presence of Informal Employment (with Tanyasorn Ekapirak and Per-Ju Liao)

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