Updated on 2022/05/18

写真a

 
KIKUCHI, Tomoo
 
Affiliation
Faculty of International Research and Education, Graduate School of Asia Pacific Studies
Job title
Associate 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

  • 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

  • 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

  • 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

  • International Asset Market, Nonconvergence, and Endogenous Fluctuations

    Tomoo Kikuchi

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

    DOI

  • 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

  • Introduction: Trade, Industrialization, and Structural Reform in Southeast Asia

    Tomoo Kikuchi

    Journal of Asian Economics   55   1 - 3  2018.04

    DOI

  • 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

  • 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

  • Financial Liberalization: Poverty Trap or Chaos

    Tomoo Kikuchi, George Vachadze

    Journal of Mathematical Economics   59   1 - 9  2015.08

    DOI

  • 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

  • Natural Resources and Patterns of Overtaking

    Volker Böhm, Tomoo Kikuchi, George Vachadze

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

    DOI

  • 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

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Specific Research

  • 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;

 

Syllabus

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