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Kei-Ichiro INABA

Chief Forecaster


I joined the Bank of Japan in 1998. My work involves economic and financial analyses and international affairs. I obtain a Bachelor of Economics from the University of Tokyo, and a Ph. D. from the University of London. Currently, I am on loan to the JCER. Previously, I was on loan to Japan’s Financial Services Agency for 2 years and to the OECD for 3 years, in each of which I played an active role of secretariat economist for a high-level public policy council. My interests include the function of financial markets, the evolution of banking and finance, the development of monetary policy, and Japanese economy and finance. 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.


◆"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 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]
◆"Corporate Cash and Governance: A Global Look into Publicly-Traded Companies’ Aggregate Cash Ratios," International Review of Financial Analysis, 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, 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. (Joint authorship: 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)