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;

B.A. Law, Waseda University, Tokyo

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Address:

Portland State University

1721 SW Broadway, Suite 241

Portland, Oregon 97201

Tel: 503-725-3930

Fax: 503-725-3945

Email: ito@pdx.edu

 

Curriculum Vita

 

 

 

The Chinn-Ito index (Chinn and Ito, 2006, 2008) is available here (Updated 8/19/2014)

 

The Trilemma Indexes (Aizenman, Chinn, and Ito) are available here (Updated 10/4/2013)

 

For those students who are enrolled in EC448/548: East Asian Economic Development, click here.

 

 

 

CURRENT RESEARCH AND PUBLICATIONS

 

New Papers

"North Pacific Integration from an International Financial Perspective," forthcoming in the East-West Center and the Korea Institute for International Economic Policy Eds., Strengthening North Pacific Cooperation (October 2014).

"The Policy and Structural Determinants of Emerging Market Sensitivity to Core Economy Conditions," (with J. Aizenman and M. D. Chinn). Mimeo. (October 2014)

"International Reserves Before and After the Global Crisis: Is There No End to Hoarding?" (with J. Aizenman and Y.W. Cheung). Forthcoming in the Journal of International Money and Finance. Also available as NBER Working Paper #20386 (Revised, August 2014).

"The Determinants of the Trilemma Constraint" (with M. Kawai). ADBI Working Paper #456 (January 2014). Under review.

"Monetary Policy in Asia and the Pacific In the Post, Post-Crisis Era." Forthcoming in Pacific Trade and Development (May 2014).

"The Rise of the 'Redback' and China's Capital Account Liberalization: An Empirical Analysis on the Determinants of Invoicing Currencies" (with Menzie D. Chinn), forthcoming in B. Eichengreen and M. Kawai, eds., Currency Internationalization: Lessons and Prospects for the RMB (May 2014).

"Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries" (with Joshua Aizenman), forthcoming in the Journal of International Money and Finance. Also available as NBER Working Paper #19448 (September 2013).

"The More Divergent, the Better?: Lessons on Trilemma Policies, Crises, and Output Losses for Asia" (with Joshua Aizenman), forthcoming in Asian Development Review (May 2014)

 

Peer-reviewed Journal Articles

 

"International Reserves Before and After the Global Crisis: Is There No End to Hoarding?" (with J. Aizenman and Y.W. Cheung). Forthcoming in the Journal of International Money and Finance. Also available as NBER Working Paper #20386 (Revised, August 2014).

"The More Divergent, the Better?: Lessons on Trilemma Policies, Crises, and Output Losses for Asia" (with Joshua Aizenman), forthcoming in Asian Development Review (May 2014)

"Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries" (with Joshua Aizenman), forthcoming in the Journal of International Money and Finance. Also available as NBER Working Paper #19448 (September 2013).

"A Forensic Analysis of Global Imbalances" (with M. Chinn and B. Eichengreen), Oxford Economic Papers (2013), also available as NBER Working Paper Series, #17513 (October 2011).

"The 'Impossible Trinity' Hypothesis in an Era of Global Imbalances: Measurement and Testing" (with Joshua Aizenman and Menzie Chinn). Review of International Economics, 21(3), 447–458 (August 2013).

"China and Global Imbalances from a View of Sectorial Reforms" (with Ulrich Volz). Review of International Economics, Volume 21, Issue 1, pages 57–71 (May 2013).

"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 and Menzie Chinn), 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).

The KAOPEN data are available here.

"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

"North Pacific Integration from an International Financial Perspective," forthcoming in the East-West Center and the Korea Institute for International Economic Policy Eds., Strengthening North Pacific Cooperation (October 2014).

"Monetary Policy in Asia and the Pacific In the Post, Post-Crisis Era." Forthcoming in Pacific Trade and Development (PAFTAD) 36: Financial Development and Cooperation in Asia and the Pacific (May 2014).

"The Rise of the 'Redback' and China's Capital Account Liberalization: An Empirical Analysis on the Determinants of Invoicing Currencies" (with Menzie D. Chinn), forthcoming in forthcoming in B. Eichengreen and M. Kawai, eds., Currency Internationalization: Lessons and Prospects for the RMB (May 2014).

"A New Crisis for Asia's Emerging Economies," East Asian Forum, Australian National University (May 2014).

"The Impossible Trinity, the International Monetary Framework and the Pacific Rim" (with J. Aizenman). In I. N. Kaur and N. Singh ed., Handbook of the Economics of the Pacific Rim (Oxford University Press, 2013).

"Rebalancing of the World Economy and Asia" (with Menzie Chinn) In I. N. Kaur and N. Singh ed., Handbook of the Economics of the Pacific Rim (Oxford University Press, 2013).

"Rebalancing the Chinese Economy" (with Ulrich Volz), China Forex, a magazine published by China's State Administration of Foreign Exchange (SAFE) (May 2013).

"Correcting China's macroeconomic imbalances" (with Ulrich Volz), East Asian Forum, Australian National University (April 2013).

"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). In V. Pontines and R. Siregar eds., Exchange Rate Appreciation, Capital Flows and Excess Liquidity: Adjustment and Effectiveness of Policy Responses. (June 2012).

"Financial Globalization and China" (with Menzie Chinn), forthcoming in the Encyclopedia of Financial Globalization, edited by Gerard Caprio, et al. (Elsevier). (2012).

"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 Reviews

"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).

 

 

Other Publication

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).

 

Working Papers

"The Determinants of the Trilemma Constraint " (with M. Kawai). Mimeo (November 2013).

"Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries" (with Joshua Aizenman), NBER Working Paper #19448 (September 2013).

"New Measures of the Trilemma Hypothesis and Their Implications for Asia" (with Masahiro Kawai). ADBI Working Paper 381. (February 2012).

"The Persistence and Determinants of Current Account Balances: The Implications for Global Rebalancing" (with Erica Clower). ADBI Working Paper 400. (December 2012). Under revision.

"An Analysis of the Effects of Financial Market Imperfections on Indian Firms' Exporting Behavior," (with Akiko Terada-Hagiwara). 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)

 

Other Appointments

 

Associate Editor, Journal of International Money and Finance  

    2013 – present

Associate Editor, Journal of International Commerce, Economics and Policy                                                                  

    2009 – present

                                                                                                     

 

COURSES I HAVE TAUGHT

 

Undergraduate

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

 

Graduate

Advanced Macroeconomics

Applications of Advanced Macroeconomic Theory (sequel to the above course)

International Finance

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 October 13, 2014