Research Programs: Macroeconomy and Low Birthrate/Aging Population

International Financial System and the World Economy: Medium and long-term issues
(International Capital Flows and the World Economy: Medium and long-term relations)

Project Leader/Sub-Leader

UEDA Kenichi

UEDA Kenichi (Faculty Fellow)



It is often said that international capital flows from East Asian countries, including Japan and China, were the source of the global savings glut and contributed to the asset price bubble in the mid-2000s, the run-up to the financial crisis in 2008. However, the jury is still out to determine how such East Asian investments in the United States and Europe were unnecessarily large and even harmful. This research project sheds light on this issue from the viewpoint of the medium and long-term relations between international capital flows of various countries, primarily in East Asia, Europe, and the United States, through the lens of economic growth theory and by supporting empirical evidence. Moreover, the project tries to deepen the understanding of the effects of unconventional monetary policies and the consequences of structural policies such as corporate governance in a broad sense.

July 6, 2015 - March 31, 2017

Major Research Results


RIETI Discussion Papers


RIETI Discussion Papers