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Research Activities

Research Projects

FY 2008/2009 Research Topic: 4-15
Global Capital flow and East Asian Emerging Market Countries


The project concerns about the experiences of East (and South-East) Asian countries during last 20 years, which includes the period of the Asian Currency Crisis. First, we will analyze international capital flows in and out of these countries and find out the characteristics of them. Second, in relation to those characteristics, we will analyze and evaluate the individual countries’ 1) financial and capital account liberalization policies, 2) development in financial intermediation, 3) changes in the composition of capital flows, especially focusing on foreign direct investments, and 4) changes in foreign reserves and its management.

In the first year, we will gather data and information concerning above four aspects of financial development and make clear the most important issues depending on the country concerned. Then, in the second year, we will concentrate the important issues and conduct deeper study on them.

The countries in question are China, South Korea, Thailand, the Philippines, Malaysia, and Indonesia.



Members of the Research Project

SATO Hitoshi
MIENO Fumiharu (Associate Professor, GSICS, Kobe University)
KOMATSU Masaaki (Professor, Graduate School for International Development and Cooperation, Hiroshima University)
TAKAYASU Yuichi (Associate Professor, Graduate School of Systems and Information Engineering, University of Tsukuba)
SONE Yasuo (Associate Professor, Collage of Economics, Nihon University)