東京大学公共政策大学院 | GraSPP / Graduate School of Public Policy | The university of Tokyo

Asian economies, Finance and development, Public-Private Partnerships (PPPs), Sovereign debt

Prof. Nishizawa has been actively engaged in policy dialogue and research activities with the main focus on emerging and developing economies in Asia. He has published a number of articles and written a chapter in a few publications on Asian economies, financing for development, Public-Private Partnerships (PPPs) and sovereign risk assessment.

A full-time project professor at UTokyo College of Design Planning and Coordination Office under the University President’s Office since April 2025, after serving as a faculty member of The University of Tokyo’s Graduate School of Public Policy (GraSPP) since July 2013. The early career includes years at the Export-Import Bank of Japan, the Ministry of Foreign Affairs, the International Monetary Fund (IMF), the World Bank, and the Japan Bank for International Cooperation (JBIC). The past two decades featured active engagement in policy dialogue and research focusing on financing for development, Asian economies, Public-Private Partnerships (PPPs), sovereign debt, and geoeconomics in Asia.

Mr. Nishizawa served as a guest lecturer and professor at the Osaka School of International Public Policy (OSIPP) of Osaka University (2004-14). He taught at Kobe University and Chuo University as a visiting lecturer. He was also a visiting lecturer to teach PPPs at GraSPP (2010-13) and invited as a visiting professor by Chulalongkorn University in Thailand and by the Escola de Administração de Empresas de São Paulo da Fundação Getulio Vargas (EAESP-FGV) in Brazil, both in 2014.

He served as a member of the Expert Group on Financial Cooperation with Asian Countries under the Council on Customs, Tariff, Foreign Exchange and Other Transactions (2013-14) and has been a member of the IMF Study Group and a senior visiting fellow at Policy Research Institute (PRI) of Ministry of Finance (MOF).

He was also invited by the Japan International Cooperation Agency (JICA) to serve as a member of the Support Committee for the Project for Capacity Building of Public-Private Partnership in Mongolia (2014-15); the lead researcher of Working Group 1 (Fiscal and Debt Management) under Joint Policy Research and Dialogue Program for Fiscal Stabilization in Lao PDR (2018-2020); the chief advisor to Feasibility Survey for Micro Investment Crowdfunding to Support Local Micro Small and Medium Businesses in Peru (2018); and an economic policy advisor to the Ministry of Finance of the Republic of Maldives (2023-).

Prof. Nishizawa received “Foreign Minister’s Commendations for FY2022” for his outstanding achievements in international fields: “Since 2004, he has continued personnel exchanges with the National University of Laos, been involved in human resource development in the economic and public policy field in Laos, and led the compilation of policy proposals as the leader of the fiscal and debt management team in the Laos Joint Policy Research and Dialogue Program for Fiscal Stabilization.”

Mr. Nishizawa holds a BA in Latin American studies from the Tokyo University of Foreign Studies (1982), a BA in economics from the University of Tokyo (1984), and an MSc in economics from the University of Wisconsin-Madison (1988).

Mr. Nishizawa was born in Tokyo, Japan, in 1959 and is married with two children.

Contact information: tnishizawa@g.ecc.u-tokyo.ac.jp; toshironishizawa@gmail.com

Comments quoted in an article “Sri Lanka’s China ‘debt trap’ fears grow as Beijing keeps investing.” Nikkei Asia, January 2, 2024.

Comments quoted in an article “Laos is spiraling toward a debt crisis as China looms large.” CNBC, November 8, 2023.

Comments quoted in an article "'一带一路' 十周年: 中国在南美面临挑战 (10th Anniversary of the Belt and Road Initiative: China faces challenges in South America)." 关于美国之音 (Voice of America), October 18, 2023

Comments quoted in an article “China’s promise of prosperity brought Laos debt — and distress.” Washington Post, October 12, 2023.

Comments quoted in an article, "中老铁路没能带来中国人潮，却带来了中国地产公司与性产业 (The China-Laos Railway failed to bring Chinese tourists, but it brought Chinese real estate companies and the sex industry)." Radio Free Asia, September 28, 2023

Comments quoted in an article “2023 will be better, but not great, for Laos. The communist-run country faces economic and political challenges.” Asia Times, December 28, 2022.

Comments quoted in an article “Don’t like, don’t hate: Pragmatic Laos embraces China.” The Straits Times, September 5, 2022.

Comments quoted in an article “Will Laos default on its debt? The country’s finances are in trouble, but it may yet turn the corner.” The Economist, June 30, 2022.

Comments quoted in an article “Laos faces public backlash as economy teeters toward default.” Nikkei Asia, June 23, 2022.

「中国ラオス鉄道開業」週刊エコノミスト「世界経済総予測2022」2021年12月28日・1月4日合併号

Comments quoted in an article “China-Laos high-speed railway set to roll through COVID cloud.” Nikkei Asia, November 30, 2021

Comments quoted in an article about hidden debt controversy with the BRI by Deutsche Welle (DW), a Germany's international broadcaster, September 30, 2021

「不採算確実な中国ラオス鉄道　それでも敷設を進める事情」月刊Wedge「一帯一路大解剖」特集、2021年4月

Comments quoted in an article “Thailand challenges Laos dam building spree on Mekong River.” Nikkei Asia, January 30, 2021

An interview aired by The World, a US-based public radio’s global news program, on the topic of “a Chinese company’s control of an entire nation’s electrical grid in Lao PDR.” September 30, 2020

Comments quoted in an article “Laos faces sovereign default as forex reserves dip below $1bn.” Financial Times, September 3, 2020

2025 GraSPP’s Best Professor Award 2024, March 2025

2024 GraSPP’s Best Professor Award 2024, September 2024

2024 GraSPP’s Best Professor Award 2023, March 2024

2023 GraSPP’s Outstanding Professor Award 2023

2022 Foreign Minister’s Commendations for FY2022

2021 GraSPP’s Outstanding Professor Award 2021

2021 UTokyo President’s Award for Good Online Teaching Practice for AY2020

2020 GraSPP’s Outstanding Professor Award 2020

Book chapters, journal papers, articles, and blog posts “China’s role in the global sovereign debt landscape.” GraSPP Blog. March 21, 2025. “Debt cancellation not a cure-all for debt-distressed Asia.” East Asia Forum. East Asian Bureau of Economic Research (EABER) and South Asian Bureau of Economic Research (SABER), August 21, 2024. “China’s role in sovereign debt restructuring.” China International Strategy Review. June 19, 2024. “Comment on ‘Macroeconomic imbalance, external debt, and the financial system in Laos’.” Asian Economic Policy Review. June 3, 2024. “Die Regierung muss die Schwächsten schützen [Challenges for next-generation leaders in Laos seeking a modernized governance].” Südostasien. March 27, 2024. “Australia as Japan’s regional partner of choice.” East Asia Forum, November 11, 2023. “China’s double-edged debt trap.” East Asia Forum, September 19, 2023. “Who’s trapped, debtor or creditor?” GraSPP Blog. May 2, 2023. “Creditors, politicians and ‘morons’: who’s really caught in the government debt trap?” in Special Report "Governments in the red" 360info, February 27, 2023 “Challenging times ahead for Laos’s new prime minister.” East Asia Forum, February 11, 2023 (peer-reviewed article) “Claims of default in Laos are bankrupt.” East Asia Forum, August 25, 2022 (peer-reviewed article) “Waking up from the Japanese debt dream.” East Asia Forum, August 10, 2022 (peer-reviewed article) “Can the G20 shift the global debt finance landscape?” East Asia Forum, June 7, 2021 (peer-reviewed article) 「論説『一帯一路』を見る視点：ASEAN諸国の文脈で」、『SRIDジャーナル』第16号、2019年1月 “Infrastructure Investment and Finance in Asia.” Public Policy Review, Policy Research Institute, Ministry of Finance, Japan, Vol. 14, No.5 pp. 925-953, September 2018 (peer-reviewed) 「アジアのインフラ投資ファイナンス」『ファイナンシャル・レビュー』、財務総合政策研究所、2018年第1号（通巻第133号）、2018年3月（査読あり） “Risks in Policy Prescriptions for the European Sovereign-debt Crisis: Muddling through or Trapped in a Vicious Circle?” EU Financial Market Focus, Korea Capital Market Institute (KCMI), July 2012 “Changes in Development Finance in Asia: Trends, Challenges, and Policy Implications.” Asian Economic Policy Review, Vol.6, Issue 2, pp. 225-244, Japan Center for Economic Research (JCER), Wiley-Blackwell, December 2011 (peer-reviewed) 「アジア債券市場への国際協力銀行の取組み」、小川英治編『アジア・ボンドの経済学―債券市場の発展を目指して』、東洋経済新報社、2009年5月 “Exploring the Use of Revenue Bond for Infrastructure Financing in Asia.” (with Hyun, Suk and Naoyuki Yoshino), Discussion Paper No. 15, JBIC Institute, July 2008 「マレーシア及びタイにおける日系中堅・中小企業の資金需要・調達の現状」、『開発金融研究所報』、国際協力銀行、2007年10月 「変貌を遂げるタイ経済―金融セクターの視点から―」（ピティ・ディスヤタットとの共著）、『開発金融研究所報』、国際協力銀行、2005年3月 「経済発展における外国資金の役割」（黒柳雅明との共著）、奥田英信・黒柳雅明編著『入門開発金融：理論と政策』、日本評論社、1998年2月 “Financing from Multilateral Institutions.”” Official Financing for Developing Countries (co-authored by IMF staff team), International Monetary Fund, February 1998 “Financing from Multilateral Institutions.” Official Financing for Developing Countries (co-authored by IMF staff team), International Monetary Fund, December 1995 「ブラジル経済の発展と産業政策：累積債務問題への政策的対応」、『海外投資研究所報』、日本輸出入銀行、1987年5月 「一次産品ブームと製造業部門の国際競争力低下：1970年代におけるコロンビア、ペルー、ベネズエラの経験」、『海外投資研究所報』、日本輸出入銀行、1986年4月