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Kei-Ichiro INABA

Chief Forecaster


◇I joined the Bank of Japan (BOJ) in 1998.
◇My work has involved (i) assessing economic and financial developments and (ii) analysing macro-economic policy at the BOJ, the Organisation for Economic Co-operation and Development (OECD), and the Japan Center for Economic Research, (iii) dealing with the BOJ's international affairs as well as relationship management with Japanese major banks and companies, whilst (iv) managing influential councils in the G20 process, Japan's Financial Services Agency, and the OECD.
◇Currently, I serve also as a member of editorial board of Japan Statistical Association's flagship monthly magazine (Tokei).
◇My interests include the function of financial markets, the pricing of securities, the development of corporate finance, and Japanese economy, finance, and monetary policy. Recently, I have looked into international asset price comovement as well as into corporate cash holdings. See below for my recent publications in peer-reviewed journals.


◆"Cross-Border Portfolio Investment Inflows to Emerging Countries: Enhanced Dominance of Global Factors amid the COVID-19 Pandemic" at a seminar in SEACEN Centre's Online-Seminars(Kuala Lumpur, Malaysia), October 2021.
◆"A Global Look into Corporate Cash after the Global Financial Crisis" at the 13th International Conference on Computational and Financial Econometrics (London, U.K.) and Paris Financial Management Conference 2019 (Paris, France), December 2019.
◆"The Integration of Countries Sovereign Bond Markets: An Empirical Illustration of a Global Financial Cycle" at the 27th Nippon Finance Association Annual Conference (Tokyo, Japan) and the 13th SEACEN-BOJ SEACEN Expert Group Seminar/Meeting on Capital Flows (Kuala Lumpur, Malaysia), June 2019.
◆"Countries' Sovereign Bond Markets in a Global Financial Cycle" at the 12th International Conference on Computational and Financial Econometrics (Pisa, Italy) and Paris Financial Management Conference 2018 (Paris, France), December 2018.
◆"A Global Look at Stock Market Comovements" at Government Pension Investment Fund (Tokyo, Japan), November 2018.
◆"Are Emerging Asian Bond Markets in a Global Financial Cycle?" at Bruegel (Brussels, Belgium) and at the Banque de France (Paris, France), May 2018.

Papers. etc.

[Publications in peer-reviewed journals]
◆"Japan’s Unemployment Rate Hike amid the COVID-19 Pandemic – Why Was It So Mild?" (in press) Applied Economics Letters. (Joint authorship: JA)
◆"Corporate Cash and Governance: A Global Look into Publicly-Traded Companies’ Aggregate Cash Ratios," International Review of Financial Analysis, Vol. 78, 2021. DOI:10.1016/j.irfa.2021.101808. (Single authorship: SA)
◆"An Empirical Illustration of the Integration of Sovereign Bond Markets," Journal of Multinational Financial Management Vol. 61, 2021. DOI:10.1016/j.mulfin.2020.100674. (SA)
◆"Inbound Portfolio Bond Investments and Domestic Monetary Policy Effect in Emerging Countries," Applied Economics Letters Vol. 28(7): 535-540, 2021. DOI:10.1080/13504851.2020.1761941. (SA)
◆"Japan’s Impactful Augmentation of Quantitative Easing Sovereign-Bond Purchases," North American Journal of Economics and Finance Vol. 54, 2020. DOI:10.1016/j.najef.2020.101252. (SA)
◆"A Global Look into Stock Market Comovements," Review of World Economics Vol. 156(3): 517-555, 2020. DOI: 10.1007/s10290-019-00370-1. (SA)
◆"Information-Driven Stock Return Comovements across Countries," Research in International Business and Finance Vol. 51, 2020. DOI: 10.1016/j.ribaf.2019.101093. (SA)
◆"The Behaviour of Bidders in Quantitative Easing Auctions of Sovereign Bonds in Japan: Determinants of the Popularity of the 9 to 10 Year Maturity Segment," Quarterly Review of Economics and Finance Vol. 72: 206-214, 2019. DOI: 10.1016/j.qref.2018.12.008. (SA)
◆"Liquidity and Pricing of Credit Default Swaps in Japan: Evidence from a Benchmark Index for Corporate Debt Claims," Journal of Financial Services Research Vol. 54(1): 111-143, 2018. DOI:10.1007/s10693-016-0241-6. (SA)
◆"Beneath the Finance-Growth Nexus: The Case of Japan’s Post World War II Commercial Banking," Journal of Comparative Asian Development Vol. 15(1): 19-69, 2016. DOI:10.1080/15339114.2016.1153977. (SA)

[Policy papers released from the OECD]
◆Monetary Policy and Inequality. OECD Economics Department Working Papers No. 1281, 2016. (JA)
◆The Conduct of Monetary Policy in the Future: Instrument Use. (JA) OECD Economics Department Working Papers No. 1187, 2015. (JA)
◆Secular Stagnation: Evidence and Implications for Economic Policy. (JA) OECD Economics Department Working Papers No. 1169, 2014. (JA)
◆Factors behind the Decline in Real Long-Term Government Bond Yields. (JA) OECD Economics Department Working Papers No. 1167, 2014. (JA)
◆Spillover Effects from Exiting Higher Expansionary Monetary Policies. (JA) OECD Economics Department Working Papers No. 1116, 2014. (JA)