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Research Activities

Research Projects

FY 2009/2010 Research Topic: 4-16
Global Capital flow and East Asian Emerging Market Countries


The project concerns 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 identify their characteristics. 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 gathered data and information concerning the above four aspects of financial development and clarified the most important issues depending on the country concerned. Then, in the second year, we will concentrate on the important issues and study them in greater depth.

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


2008/4 - 2010/2



SATO Hitoshi
OYAMADA Kazuhiko
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
NAKAGAWA Rika, Associate Professor, Faculty of Economics, Toyo University
FUDA Koji, , Institute of Social Science, the University of Tokyo


March 2009: Interim Report (in Japanese)
Final report (in Japanese) is scheduled to be published in 2010 by IDE