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Research Activities

Research Projects

FY 2010/2011 Research Topic: 4-21
Global Recession and Economic Policies in Developing Countries


The global recession, triggered by the “Lehman shock” of late 2008, had a grave impact on the economies of developing countries. However, the magnitude of the impacts differs from country to country. Those who suffered most are the countries in Mid-and-Eastern Europe and CIS countries. Although some Asian countries also suffered a decline in exports, many have been successful in containing the damage.

On the other hand, some people blame excess savings in East Asia for creating the bubble in the US real estate market, and consequently the development of the subprime loan problem and the Lehman shock. According to this view, excess saving provided excess liquidity to the US market by way of net capital inflow from those countries to the US. Such a story may be convenient for US policymakers, but should be investigated critically.

We study the impact of global recession on developing countries and evaluate their policy reactions. In addition, we analyze the policy of accumulating foreign reserves in developing countries, the background of the policy, and its economic consequences.


April 2010-February 2012

Members of the Research Project

[ Organizer ] KUNIMUNE Kozo
[ Co-researchers ] INOUE Takeshi
SATO Hitoshi
KOHSAKA Akira (Professor, Osaka School of International Public Policy)
(Professor, Hiroshima University Graduate School for International Development and Cooperation)
MATSUZAWA Yuusuke (lecturer, Bunri University of Hospitality Faculty of Service Management )
SONE Yasuo (Associate Professor, Nihon University College of Economics) (Associate Professor, Nihon University College of Economics)
MIENO Fumiharu (Professor, Graduate School of International Cooperation Studies, Kobe University)
INOGUCHI Masahiro (Associate Professor, Kyoto Sangyo University)


  • March 2011: Interim Report (in Japanese)
  • February 2012: Final report (in Japanese), which will be published during 2012 by IDE