FUKUDA, Shin-ichi

FUKUDA, Shin-ichi

Name / Position

FUKUDA, Shin-ichi / Professor





Curriculum Vitae


December 1989 PhD of economics from Yale University
September 1986 - August 1989 Yale University, Graduate school (Economics)
April 1984 - August 1986 University of Tokyo, Graduate school of Economics
March 1984 Bachelor of Economics (Keizai Gakushi)
April 1980 - March 1984 University of Tokyo, Faculty of Economics

Professional Experience

December 2001 – present Professor of Economics, University of Tokyo,  Faculty of Economics
April 1996 – November 2001 Associate Professor of Economics, University of Tokyo,  Faculty of Economics
April 1992 - March 1996 Associate Professor of Economics, Hitotsubashi University,  The Institute of Economic Research
October 1989 - March 1992 Associate Professor of Economics, Yokohama National University, Faculty of Economics.

Research Field

Macroeconomics, money and banking, international finance

Research Theme

He specializes in macroeconomics and international finance. His recent works have dealt with issues related to exchange rate policy, monetary policy, foreign exchange reserve accumulation, and banking problems under crises.


Articles - After 2016

  • (1) “On the Predictability of Daytime and Nighttime Yen/Dollar Exchange Rates,” Applied Economics Letters Volume 23, Issue 9, pp.618-622, (2016).
  • (2) “Unconventional Monetary Policy and its External Effects: Evidence from Japan’s Exports,” The Developing Economies Volume 54, Issue 1, pp.59-79, (March 2016) (with Tsutomu Doita).
  • (3) “Regional Liquidity Risk and Covered Interest Parity during the Global Financial Crisis: Evidence from Tokyo, London, and New York,” International Economic Journal, Volume 30, Issue 3, pp.339-359, (August 2016).
  • (4) “Strong Sterling Pound and Weak European Currencies in the Crises: Evidence from Covered Interest Parity of Secured Rates” Journal of the Japanese and International Economies 42, pp. 109-12, (2016).
  • (5) “Monetary Policy and Covered Interest Parity in the Post GFC Period: Evidence from the Australian Dollar and the NZ Dollar,” Journal of International Money and Finance, Volume 74, pp.301–317, (June 2017).
  • (6) “The Impacts of Emerging Asia on Global Financial Markets,” Emerging Markets Finance and Trade, Volume 53 (12), pp. 2725-2743, (September 2017) (with Mariko Tanaka).
  • (7) “The Impacts of Japan’s Negative Interest Rate Policy on Asian Financial Markets,” Pacific Economic Review, Volume 23, Issue 1, pp. 67-79, (February 2018).
  • (8) “The Role of Corporate Governance in Japanese Unlisted Companies,” Japan and the World Economy, Volume 47, Pages 27-39, (September 2018) (with Munehisa Kasuya and Jouchi Nakajima).
  • (9) “Inflation target and anchor of inflation forecasts in Japan,” Journal of the Japanese and International Economies, Volume 52, Pages 154-170, (June 2019) (with Naoto Soma).
  • (10) “Financial Spillovers in Asian Emerging Economies,” Asian Development Review, Vol. 37, No. 1, pp. 93–118, (March 2020) (with Mariko Tanaka).
  • (11) “Regional Convergence under Declining Population: The Case of Japan,” Japan and the World Economy, Volume 55, Article 101023, (September 2020) (with Koki Okumura).

Articles - Selective articles before 2015

  • (1) “What Role Has the 'Main Bank' Played in Japan?” Journal of Japanese and International Economies, 2, (1988) (With Akiyoshi Horiuchi and Frank Packer) pp.159-180.
  • (2) “Some International Evidence on Inventory Fluctuations” Economics Letters Volume 28, Issue 3, pp.225- 230, (1988) (with Hiroshi Teruyama).
  • (3) “Monetary and Fiscal Policies under Two Alternative Types of Rules” Journal of Economic Dynamics and Control 13, pp.401-420, (1989).
  • (4) “Exchange Market Intervention under Multiple Solutions: Should We Rule Out the Multiple Solutions?” Journal of Economic Dynamics and Control, 15, pp.339-353, (1991).
  • (5) “Seasonality of Interest Rates in Japan,” Japan and the World Economy 4, pp.201- 213, (1992) (with Chih-Shen Shao).
  • (6)  “Why does the Two-Party System Exist?: A New Economic Explanation,” Economics and Politics 4, pp.277-287, (1992).
  • (7) “Informational Advantage, Exogenous Variability, and Economic Welfare: Can Informational Advantage of Policymaker Reduce Welfare?” Journal of Macroeconomics 15, pp.349- 363, (1993).
  • (8) “International Transmissions of Monetary and Fiscal Policies: A Symmetric N Country Analysis with Union,” Journal of Economic Dynamics and Control, 17, pp.589-620, (1993).
  • (9) “The Emergence of Equilibrium Cycles in a Monetary Economy with a Separable Utility Function,” Journal of Monetary Economics, 32, pp.321-334, (1993).
  • (10) “On the Choice of Invoice Currency: The PTM Approach,” Journal of Japanese and   International Economies, 8, pp.511-529, (1994) (with Ji Cong).
  • (11) “The Role of Monetary Policy in Eliminating Non-Convergent Dynamic Paths,” International Economic Review 38, pp.249-261, (1997).
  • (12) “International Price Linkage within a Region: The Case of East Asia,” Journal of the Japanese and International Economies 11, pp.643-666 , (1997) (with Takashi Kano).
  • (13) “Sunspot Equilibria and Periodic Cycles Under Idiosyncratic Uncertainty,” Journal of Economic Behavior and Organization 36, pp.127-138, (1998).
  • (14) “Determinants of Long-term Loans: A Theory and Empirical Evidence in Japan,” Journal of Multinational Financial Management 8, pp.113-135, (1998) (with Ji Cong and Akihiro Nakmura).
  • (15) “A New Composite Index of Coincident Economic Indicators in Japan: How Can We Improve Forecast Performances?” International Journal of Forecasting, 17, pp.483-498, (2001) (with Takashi Onodera).
  • (16) “Extraneous Shocks and International Linkage of Business Cycles in a Two-Country Monetary Model,” Journal of Economic Behavior and Organization, 54, pp.389-409, (2004).
  • (17) “The Impacts of “Shock Therapy” under a Banking Crisis: Experiences from Three Large Bank Failures in Japan” Japanese Economic Review, Volume 57, No.2, pp.232-246, (June 2006) (with Satoshi Koibuchi).
  • (18) “On the Determinants of Exporters’ Currency Pricing: History vs. Expectations” Journal of the Japanese and International Economies, Volume 18, No.4, pp.548-568 (Also available as NBER Working Paper No. 12432), (December 2006) (with Masanori Ono).
  • (19) “The Impacts of “Shock Therapy” on Large and Small Clients: Experiences from Two Large Bank Failures in Japan,” Pacific-Basin Finance Journal, Volume 15, Issue 5, pp.434-451, (November 2007) (with Satoshi Koibuchi).
  • (20) “Knightian Uncertainty and Poverty Trap in a Model of Economic Growth” Review of Economic Dynamics, Volume 11, Issue 3, pp. 652-663, (July 2008).
  • (21) “Impaired Bank Health and Default Risk” Pacific-Basin Finance Journal, Volume 17, Issue 2, pp.145-162, (2009) (with Munehisa Kasuya and Kentaro Akashi).
  • (22) “Why Did “Zombie” Firms Recover in Japan?” The World Economy, 34(7), pp.1124-1137, (July 2011), (with Junichi Nakamura).
  • (23) “Stock Price Targeting and Fiscal Deficit in Japan: Why Did the Fiscal Deficit Increase during Japan’s Lost Decades?” Journal of the Japanese and International Economies, 25(4), pp.447-464, (December 2011), (with Junji Yamada).
  • (24) “Market-specific and Currency-specific Risk during the Global Financial Crisis: Evidence from the Interbank Markets in Tokyo and London,” Journal of Banking and Finance. Volume 36, Issue 12, pp. 3185-3196, (December 2012).
  • (25) “Abenomics: Why was it so successful in changing market expectations?” Journal of the Japanese and International Economies, 37, pp.1-20, (September 2015).

Other Professional Activities and Awards

Other Professional Activities and Services

  • Journal of the Japanese and International Economies(Chief-in-editor, 2013- )
  • Japan and the World Economy(Chief-in-editor, 2018- )