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Research Activities

Research Projects

FY 2011/2012 Research Topic: 4-16
Global Recession and Economic Policies in Developing Countries


The global recession, triggered by Lehman shock in late 2008, had a grave impact on the economies of developing countries. However, the magnitude of the impact differs between countries. 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 of them have been successful in containing the damage of the recession.
However, there are also some people who blame the excess savings in East Asia for the background of the bubble in the US real estate market, and consequently the occurrence of the subprime loan problem and the Lehman shock. According to their view, excess saving in these countries provided excess liquidity to the US market by way of net capital inflow from those countries to the US. Such a story is convenient for US policy makers, and it should be investigated critically.
In this study, we will consider the impact of the global recession on developing countries and evaluate their policy reactions. In addition, we will analyze the policy of accumulating foreign reserves in developing countries, as well as its background and economic consequences.


April 2010 - February 2012

Members of the Research Project

[ Organizer ] KUNIMUNE Kozo
[ Co-researchers ] INOUE Takeshi
NGUYEN Quoc Hung
SATO Hitoshi (Fellow, Research Institute of Economy, Trade, and Industry)
SHIMANE Yoshie (Associate Professor, Ryukoku University)
KOHSAKA Akira (Professor, Osaka School of International Public Policy)
KOMATSU Masaaki (Professor, Graduate School for International Development and Cooperation)
MATSUZAWA Yuusuke (Associate Professor, Bunri University of Hospitality)
SONE Yasuo (Associate Professor, College of Economics, Nihon University)
MIENO Fumiharu (Professor, Graduate School of International Cooperation Studies, Kobe University)
(Associate Professor, International Finance,International Monetary Economics, Kyoto Sangyo University)