Updated on 2024/04/16

写真a

 
KIKUCHI, Tomoo
 
Affiliation
Faculty of International Research and Education, Graduate School of Asia Pacific Studies
Job title
Professor
Mail Address
メールアドレス

Research Experience

  • 2021.04
    -
    Now

    早稲田大学大学院アジア太平洋研究科

Research Areas

  • Economic theory / Economic statistics / Economic policy

Research Interests

  • マクロ経済

  • 経済成長

  • 国際金融

 

Papers

  • Coase Meets Bellman: Dynamic Programming for Production Networks

    Tomoo Kikuchi, Kazuo Nishimura, John Stachurski, Junnan Zhang

    Journal of Economic Theory   196   105287 - 105287  2021.09

    DOI

    Scopus

    1
    Citation
    (Scopus)
  • Capital Bubbles, Interest Rates, and Investment in a Small Open Economy

    TOMOO KIKUCHI, ATHAKRIT THEPMONGKOL

    Journal of Money, Credit and Banking   52 ( 8 ) 2085 - 2109  2020.12

    DOI

    Scopus

    1
    Citation
    (Scopus)
  • Volatile Capital Flows and Financial Integration: The Role of Moral Hazard

    Tomoo Kikuchi, John Stachurski, George Vachadze

    Journal of Economic Theory   176   170 - 192  2018.07

    DOI

    Scopus

    3
    Citation
    (Scopus)
  • Span of Control, Transaction Costs, and the Structure of Production Chains

    Tomoo Kikuchi, Kazuo Nishimura, John Stachurski

    Theoretical Economics   13 ( 2 ) 729 - 760  2018.05

    DOI

  • Endogenous Inequality and Fluctuations in a Two-country Model

    Tomoo Kikuchi, John Stachurski

    Journal of Economic Theory   144 ( 4 ) 1560 - 1571  2009.07

    DOI

    Scopus

    11
    Citation
    (Scopus)
  • International Asset Market, Nonconvergence, and Endogenous Fluctuations

    Tomoo Kikuchi

    Journal of Economic Theory   139 ( 1 ) 310 - 334  2008.03

    DOI

    Scopus

    9
    Citation
    (Scopus)
  • Transitional Dynamics of the Saving Rate and Economic Growth

    Markus Brueckner, Tomoo Kikuchi, George Vachadze

    Macroeconomic Dynamics     1 - 24  2021.08

     View Summary

    <title>Abstract</title>
    We estimate the relationship between GDP per capita growth and the growth rate of the national saving rate using a panel of 130 countries over the period 1960–2017. We find that GDP per capita growth increases (decreases) the growth rate of the national saving rate in poor countries (rich countries), and a higher credit-to-GDP ratio decreases the national saving rate as well as the income elasticity of the national saving rate. We develop a model with a credit constraint to explain the growth-saving relationship by the saving behavior of entrepreneurs at both the intensive and extensive margins. We further present supporting evidence for our theoretical findings by utilizing cross-country time series data of the number of new businesses registered and the corporate saving rate.

    DOI

  • Bubbles and Crowding-in of Capital via Savings Glut

    Marten Hillebrand, Tomoo Kikuchi, Masaya Sakuragawa

    Macroeconomic Dynamics   22 ( 5 ) 1238 - 1266  2018.07

     View Summary

    This paper uncovers a mechanism by which bubbles crowd in capital investment. If capital formation is initially depressed by a binding credit constraint, a bubble triggers a savings glut. Higher returns in a new bubbly equilibrium attract additional savings, which are channeled to expand investment at the extensive margin, leading to permanently higher capital, output, and wages. We demonstrate that crowding-in through this channel is a robust phenomenon that occurs along the entire time path.

    DOI

  • Minimum Investment Requirement, Financial Market Imperfection and Self-fulfilling Belief

    Tomoo Kikuchi, George Vachadze

    Journal of Evolutionary Economics   28 ( 2 ) 305 - 332  2018.04

    DOI

    Scopus

    7
    Citation
    (Scopus)
  • Introduction: Trade, Industrialization, and Structural Reform in Southeast Asia

    Tomoo Kikuchi

    Journal of Asian Economics   55   1 - 3  2018.04

    DOI

    Scopus

    1
    Citation
    (Scopus)
  • The Effects of Mega-Regional Trade Agreements on Vietnam

    Tomoo Kikuchi, Kensuke Yanagida, Huong Vo

    Journal of Asian Economics   55   4 - 19  2018.04

    DOI

    Scopus

    14
    Citation
    (Scopus)
  • East Asia’s Growing Global Influence and Challenges in Finance and Trade

    Tomoo Kikuchi

    Emerging Markets Finance and Trade   53 ( 12 ) 2645 - 2648  2017.12

    DOI

  • Introduction: Evolving Finance, Trade and Investment in Asia

    Tomoo Kikuchi

    International Economic Journal   30 ( 2 ) 165 - 168  2016.04

    DOI

    Scopus

  • Financial Liberalization: Poverty Trap or Chaos

    Tomoo Kikuchi, George Vachadze

    Journal of Mathematical Economics   59   1 - 9  2015.08

    DOI

    Scopus

    10
    Citation
    (Scopus)
  • A Mechanism for Booms and Busts in Housing Prices

    Marten Hillebrand, Tomoo Kikuchi

    Journal of Economic Dynamics and Control   51   204 - 217  2015.02

    DOI

    Scopus

    10
    Citation
    (Scopus)
  • Natural Resources and Patterns of Overtaking

    Volker Böhm, Tomoo Kikuchi, George Vachadze

    International Journal of Economic Theory   10 ( 2 ) 167 - 177  2014.06

    DOI

    Scopus

  • Asset Pricing and Productivity Growth: The Role of Consumption Scenarios

    Volker Böhm, Tomoo Kikuchi, George Vachadze

    Computational Economics   32 ( 1-2 ) 163 - 181  2008.09

    DOI

    Scopus

    3
    Citation
    (Scopus)

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Research Projects

  • The Mechanism and Stability of Global Imbalances

    日本学術振興会  科学研究費助成事業

    Project Year :

    2022.04
    -
    2025.03
     

    菊地 朋生, 戸部 智

  • Does Banking FDI Promote Firm FDI?

    日本学術振興会  科学研究費助成事業

    Project Year :

    2021.08
    -
    2023.03
     

    菊地 朋生

     View Summary

    We investigate the relationship between bank FDI and manufacturing firm FDI
    using a detailed firm-level dataset on outbound multinational activity from China that was contemporaneous with the global expansion of China's Big-5 banks. Adopting an event study approach that exploits information on years of entry across potential host countries, we find that the establishment of a Big-5 bank subsidiary or branch is associated with a significant increase in subsequent years in Chinese firms'likelihood to establish an overseas subsidiary in that host country. We present tests - including an instrumental variables strategy - that build a case that the relationship from China's bank FDI to firm FDI is causal in nature.

 

Syllabus

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Research Institute

  • 2022
    -
    2024

    Waseda Center for a Carbon Neutral Society   Concurrent Researcher

Internal Special Research Projects

  • Does Foreign Equity Investment Contribute to Economic Growth?

    2023   Tomoo Kikuchi

     View Summary

    Foreign equity, which is the net purchase ofequity by foreign residents, is an order of magnitude higher, even as apercentage of GDP, in OECD countries than in non-OECD countries. This presentsa version of the Lucas puzzle since OECD countries grow on average smaller thannon-OECD countries. Why doesn’t capital flow from rich to poor countries? We investigatethe relationship between foreign equity and GDP growth using a panel datasetcovering 56 countries from 1985 to 2017. We find that foreign equity increasesGDP growth through private investment growth in the whole sample and private investmentand TFP growth in OECD countries and in countries that are closer to technologicalfrontier. We use the interaction between regional foreign equity and the stockmarket capitalization as an instrumental variable to build a case that therelationship from foreign equity to GDP growth is causal in nature. Localprojection analysis shows that the impact of foreign equity on privateinvestment peaks in two-three years before it fades out, and that foreignequity increases the deviation from GDP growth trend and not the trend. Thefindings indicate that the investment by foreign residents in equity has asignaling effect that attracts investment from other investors and contributesto physical capital accumulation due to high marginal product of capital innon-OECD countries and intangible capital accumulation due external economiesof scale in OECD countries. &nbsp;&nbsp;&nbsp;

  • Why does Japan invest so little in securities in East Asia?

    2022   Satoshi Tobe

     View Summary

    The distance between the reporting country and the counterparty country is significant in a basic gravity model for portfolio investment assets, FDI assets and gross exports when we cover all the reporting countries or when we select Korea, China, and the United States as a reporting country in our samples. When we select Japan as a reporting country, the distance is still significant for FDI assets and gross exports but not for portfolio investment assets. This shows the uniqueness of Japan's portfolio investments across countries: 1) it deviates from the world's "average" and 2) it cannot be explained by a basic gravity model that explains Japan's FDI asset allocation and exports. Based on these observations, this paper investigates factors including institutional qualities, risks of issuers, and sizes of bond and equity markets in counterparty countries that can explain and highlight the uniqueness of Japan's portfolio investment asset allocation across countries. Lastly, we estimate if Japan's portfolio investments have achieved above-average returns.

  • Does foreign debt contribute to economic growth?

    2021  

     View Summary

    We study the relationship between foreign debt and GDP growth using a panel dataset of 122 countries from 1980 to 2015. We find that economic growth correlates positively with foreign debt and that the relationship is causal in nature by using the sovereign credit default swap spread as an instrumental variable. Moreover, using a local projection analysis we find that an increase in foreign debt leads to an increase in investment and then GDP growth in subsequent years. This indicates that foreign debt contributes to GDP growth through capital accumulation. On average, the sovereign default risk is lower and foreign debt is higher in OECD than non-OECD countries. This suggests that sovereign default risks are responsible for upstream capital flows - capital flows from poor to rich countries - that contribute to GDP growth in OECD countries. In our model foreign debt accounts at least partially for growth in OECD countries not explained by standard controls used in the growth regression literature. Foreign debt increases GDP growth by 0.4 percentage points on average accounting for 27 percent of economic growth from 1997 to 2015 in the US while it has no impact on GDP growth in China.&nbsp;&nbsp;