Dr. Hiro (Hiroyuki) Ito
Professor of Economics
Ph.D. Economics, University of California, Santa Cruz;
M.A. Economics, UCSC;
M.A. International Relations, Johns Hopkins University;
Law, Waseda University,
Portland State University
1721 SW Broadway, Suite 241
Portland, Oregon 97201
The Chinn-Ito index (Chinn and Ito, 2006, 2008) is available here (Updated! 4/24/2013)
The Trilemma Indexes (Aizenman, Chinn, and Ito, 2008) are available here (Updated 4/17/2011)
CURRENT RESEARCH AND PUBLICATIONS
Peer-reviewed Journal Articles
"The 'Impossible Trinity' Hypothesis in an Era of Global Imbalances: Measurement and Testing" (with Joshua Aizenman and Menzie Chinn). Mimeo. Forthcoming in Review of International Economics.
"China and Global Imbalances from a View of Sectorial Reforms" (with Ulrich Volz, University of London and German Development Institute). Review of International Economics, Volume 21, Issue 1, pages 57–71 (February).
"Trilemma Policy Convergence Patterns and Output Volatility" (with J. Aizenman). NBER Working Paper #17806. North American Journal of Economics and Finance, Volume 23, Issue 3, December 2012, Pages 269–285 (December 2012).
"Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma," (with Joshua Aizenman, University of Southern California and Menzie Chinn, University of Wisconsin, Madison), Journal of the Japanese and International Economies, vol. 25(3), p. 290 – 320 (September 2011).
"The Emerging Global Financial Architecture: Tracing and Evaluating the New Patterns of the Trilemma's Configurations" (with Joshua Aizenman and Menzie Chinn), Journal of International Money and Finance, Vol. 29, No. 4, p. 615-641 (2010).
"Cross-sectional analysis on the determinants of international reserves accumulation" (with Yin-Wong Cheung). International Economic Journal, Vol. 23, No. 4, p. 447-481, (December 2009).
"U.S. Current Account Debate, With Japan then, with China now". Journal of Asian Economics, Volume 20, Issue 3, p. 294-313 (May 2009).
"East Asia and Global Imbalances: Saving, Investment, and Financial Development" (with Menzie Chinn). In Financial Sector Development in the Pacific Rim, edited by Takatoshi Ito and Andrew Rose, National Bureau of Economic Research-East Asian Seminar on Economics (NBER-EASE) Volume 18 (April 2009).
"A New Measure of Financial Openness" (with Menzie Chinn). Journal of Comparative Policy Analysis, Volume 10, Issue 3, p. 309-322 (September 2008).
"Global Current Account Imbalances: American Fiscal Policy versus East Asian Savings" (with Menzie Chinn). Review of International Economics, Volume 16, Issue 3, p. 479-498 (August 2008).
"Price-based Measurement of Financial Globalization: A Cross-Country Study of Interest Rate Parity" (with Menzie Chinn). Pacific Economic Review, Vol. 12, Issue 4 (October, 2007).
"Current Account Balances, Financial Development and Institutions: Assaying the World 'Savings Glut'," (with Menzie Chinn). Journal of International Money and Finance, Volume 26, Issue 4, p. 546-569 (June 2007), also available as NBER Working Paper No. 11761 (November 2005).
"Financial Development in Asia: Thresholds, Institutions, and the Sequence of Liberalization". North American Journal of Economics and Finance, issue 17(3) (December 2006).
"What Matters for Financial Development? Capital Controls, Institutions, and Interactions," (with Menzie Chinn). Journal of Development Economics, Volume 81, Issue 1, Pages 163-192 (October 2006). The longer version is available as NBER Working Paper No. 11370 (May 2005). The previous version is "Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence," (with Menzie Chinn) NBER Working Paper Series, #8967 (June 2002). This paper has been awarded for being one of the 10 most cited papers published by Journal of Development Economics over the 2005-09 period.
The updated KAOPEN data series are available. Visit this site.
"Does China Compete with Japan in the US Market? What About Other East Asian Countries? A Triangular Trade Approach" (with Yushi Yoshida). Asian Pacific Business Review, Volume 12, Number 3, p. 285-307 (July 2006).
Non-peer Reviewed Articles, Book Chapters
"Global Imbalances: Are They Back, Should We Worry, and What Should We Do About Them?" (with B. Eichengreen and M. D. Chinn). Mimeo (May 2012). Forthcoming in J. Sachs and W. T. Woo, Eds. The Global Economy in Uncertain Waters (tentative), Cambridge, MA: MIT Press.
"The Trilemma Challenge for SEACEN Member Economies: New Measures of the Trilemma Hypothesis and Their Implications on Asia" (with Masahiro Kawai, ADBI). In V. Pontines and R. Siregar eds., Exchange Rate Appreciation, Capital Flows and Excess Liquidity: Adjustment and Effectiveness of Policy Responses. (June 2012).
"The Impossible Trinity, the International Monetary Framework and the Pacific Rim" (with J. Aizenman). Forthcoming in I. N. Kaur and N. Singh ed., Handbook of the Economics of the Pacific Rim (Oxford University Press).
"Rebalancing of the World Economy and Asia" (with Menzie Chinn) Forthcoming in I. N. Kaur and N. Singh ed., Handbook of the Economics of the Pacific Rim (Oxford University Press). Mimeo (July 2011).
"Financial Globalization and China" (with Menzie Chinn), forthcoming in the Encyclopedia of Financial Globalization, edited by Gerard Caprio, et al. (Elsevier). Mimeo (August 2011).
"The Financial Crisis, Rethinking of the Global Financial Architecture, and the Trilemma," (with Joshua Aizenman and Menzie Chinn). In P. Morgan and M. Kawai, eds., Monetary and Currency Policy Issues for Asia: Implications of the Global Financial Crisis, Edward Elgar (February 2012).
"Rebalancing Global Growth" (with Barry Eichengreen and Menzie Chinn). In Canuto, O and D. M. Leipzige, eds. Ascent after Decline: Regrowing Economic Growth (Jan. 2012).
"Trilemma Configurations in Asia in an Era of Financial Globalization" (with Joshua Aizenman and Menzie Chinn), In China and Asia in the Global Economy, edited by Yin-Wong Cheung and Guonan Ma (July 2011).
"Liquidity Trap" The Princeton Encyclopedia of the World Economy, Princeton University Press, edited by Kenneth Reinert and Ramkishen Rajan (December 2008).
"Financial Repression" The Princeton Encyclopedia of the World Economy, Princeton University Press, edited by Kenneth Reinert and Ramkishen Rajan (December 2008).
"Expenditure Switching and Expenditure Changing" The Princeton Encyclopedia of the World Economy, Princeton University Press, edited by Kenneth Reinert and Ramkishen Rajan (December 2008).
"Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences" (with Yin-Wong Cheung). In Rajan, R.S., S. Thangavelu and R.A. Parinduri, Eds., Monetary, Exchange Rate and Financial Issues and Policies in Asia, Singapore: World Scientific Press (December 2008).
"American Fiscal Profligacy or East Asian Saving Glut? Appraisal of the Global Current Account Imbalances." International Reserves in Middle- and Low-Income Countries: Background of Recent Accumulation, Management, Monetary and Exchange Rate Policy, and Outlook edited by FLAR (Latin American Reserve Fund) (December 2007).
"Book review on China and Asia: Economic and Financial Interactions edited by Yin-Wong Cheung and Kar-Yiu Wong, Routledge Studies in the Modern World Economy, 2009). Pacific Affairs, Volume 84, No. 2 (June 2011).
Book Review on Monetary Policy with Very Low Inflation in the Pacific Rim (Edited by Takatoshi Ito and Andy Rose, National Bureau of Economic Research, 2006). International Review of Economics and Finance, Volume 17, Issue 3, p. 492-494 (2008).
Study Guide to Accompany International Economics: Theory and Policy, by Paul Krugman, Maurice Obstfeld, and Marc J. Meltiz, with Michael Klein, Linda Goldberg, and Jay Shambaugh. Harper-Collins: New York (2011).
"The More Divergent, the Better?: Lessons on Trilemma Policies, Crises, and Output Losses for Asia" (with Joshua Aizenman, USC), prepared for the Asian Development Review Conference held by Asian Development Bank in Manila, Philippines, March 25-26, 2013. (March 2013)
"New Measures of the Trilemma Hypothesis and Their Implications for Asia" (with Masahiro Kawai, ADBI). ADBI Working Paper 381. (February 2012).
"The Persistence and Determinants of Current Account Balances: The Implications for Global Rebalancing" (with Erica Clower, University of Washington). ADBI Working Paper 400. (December 2012). Under review.
"A Forensic Analysis of Global Imbalances" (with M. Chinn and B. Eichengreen), NBER Working Paper Series, #17513 (October 2011). Revise and resubmit.
"An Analysis of the Effects of Financial Market Imperfections on Indian Firms' Exporting Behavior," (with Akiko Terada-Hagiwara, ADB). Mimeo (July 2011), under review.
"Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time" (with Joshua Aizenman and Menzie Chinn), NBER Working Paper Series, #14533 (December 2008, updated in April 2009).
"Is Financial Openness a Bad Thing? An Analysis on the Correlation Between Financial Liberalization and the Output Performance of Crisis-Hit Economies", UCSC Working Paper series #4-23 (August 2004).
"Was Japan's Real Interest Rate Really Too High during the 1990s? The Role of the Zero Interest Rate Bound and Other Factors," UCSC Working Paper Series (November 2003)
COURSES I HAVE TAUGHT
Principle of Economics (that includes both intro. micro- and macroeconomics)
Principle of Macroeconomics
Intermediate Macroeconomic Theory
International Finance (open to graduate students)
East Asian Economic Development (open to graduate students)
Political Economy of Japanese Development
Introduction to Econometrics
Applications of Advanced Macroeconomic Theory (sequel to the above course)
East Asian Economic Development
Pacific Rim Economies, Trade, and Financial Markets (for MBA students)
Macroeconomics and Financial System (MBA at Willamette University)
Pacific Rim Economies, Trade, and Financial Markets (MBA at Portland State University)
Updated on April 24, 2013