CV

in Building a Common Future in Southern Africa: Challenges and Opportunities, International Monetary Fund, April 2013

(with Xavier Debrun and Paul Masson) (previously IMF WP/12/136).

“Optimal Exchange Rate System in East Asia with Regional Bond Market”, 2005, edited by Zhang Yunling in Emerging East

Asian Regionalism: Trend and Response, pp.233-258, World Affairs Press, September 2005, (With Naoyuki Yoshino and

Sahoko Kaji).

“The Economic Situation of ASEAN+3”, 2004, edited by Japan Center for International Finance (JCIF), in Exchange Rate

Arrangements in East Asia: The Road Ahead, Chapter 3, research papers and policy recommendation in March 2004. (With

Kiyosato Ishikawa) http://www.mof.go.jp/jouhou/kokkin/ASEAN+3research-2-3.pdf

“Current Situation of Exchange Rate in China and Dynamic Analysis on Transition to Optimal Exchange Rate Regime,”

edited by Naoyuki Yoshino, Keigo Kameda, Masaki Nakahigashi, and Masao Nakata in Challenge and Future Direction of

Japanese Economy, Chapter 16, Keio University Press 2015 (Japanese) (with Naoyuki Yoshino and Sahoko Kaji).

“Asia-keizai no genjyou to Ajia-saiken-sijyou” (Economic Situation of Asia and Asia Bond Market), 2004, edited by Naoyuki

Yoshino in Asian Financial Crisis and Macroeconomic Policy Response, Chapter 1, Keio University Press 2004 (Japanese).

(With Naoyuki Yoshino and Kiyosato Ishikawa).

Working Papers

Submitted Papers/Under Reviews

“Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Flow-Credit Channel,” 2019, (with Marcos Chamon, Aitor Erce,

Akira Sasahara) (IMF WP/19/69).

“Sovereign Debt Overhang, Expenditure Composition, and Debt Restructurings,” 2020, submitted (with Hyungseok Joo).

“Sovereign Defaults, External Debt and Real Exchange Rate Dynamics,” 2016, submitted. (IMF WP/16/27).

“Is Banks’ Home Bias Good or Bad for Debt Sustainability?” 2015 (with Said Bakhache and Heiko Hesse), submitted, (IMF

WP/15/44).

“Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes and Lessons Learned,” 2017, submitted. (w. Mike Xin

Li, Michael G. Papaioannou, Saji Thomas, and Eriko Togo) (IMF WP/17/171).

“Serial Sovereign Defaults and Debt Restructurings,” 2016, submitted (IMF WP/16/66).

“Trade Costs of Sovereign Debt Restructurings: Does a Market-Friendly Approach Improve the Outcomes,” 2016, submitted

(with Marcos Chamon and Akira Sasahara) (IMF WP/16/222).

IMF Working Paper/ Other Working Paper

“Comparison of Static and Dynamic Analyses on Exchange Rate Regime in East Asia,” 2015 ADBI WP No.532 (with Naoyuki

Yoshino and Sahoko Kaji).

Others

“Portfolio Flows to South Africa: Fundamentally Different?” Oct. 2013 (with Gavin Gray)

“Incidence of Export Tax Rebate in China,” October 2010.

“Quantifying Market Perception of Foreign Exchange Intervention,” (with Romain Veyrune), April 2011.

“Political Risk of South Africa and its Relation to Capital Flow,” February 2011

“Official Foreign Exchange Transaction: Motives and Modalities,” (with Alain Vandepeute and Romain Veyrune),

February 2011.

Work in Progress

“Sovereign Debt Restructurings: Ex-ante Optimal Restructuring Strategies” (tentative) (with Marcos Chamon)

“Sovereign Debt Restructurings: Official Debt or Private Debt (tentative) (with Mark L.J.Wright)

“Eurozone’s Fragility: It’s Mostly Fiscal” (with Xavier Debrun)

“Growth Uncertainty and Fiscal Space” (with Jun Il Kim)

“Domestic Sovereign Debt Restructurings: Theoretical Approach” (tentative) (with Kenichi Ueda)

“Political Risks and Debt Crisis Resolutions” (with Christoph Trebesch and Hyungseok Joo)

“Contagion and Sovereign Default (with Francisco Roch)

“Re-accessing International Capital Markets after Sovereign Debt Restructuring – Role of Domestic Bond Issuance” (with

James Reade)

“Domestic Sovereign Debt Restructurings: Processes, Outcomes, and Consequences” (with Michael Papaioannou)

“Sovereign Debt Restructurings in Saint Kitts and Nevis,” (with Michael Papaioannou and Sumiko Ogawa)

“Dynamic Adjustments toward the Stable Basket-peg or Floating Regime in a Two-Country General Equilibrium Model” (with

Naoyuki Yoshino)

“Choices of Optimal Monetary Policy Response under the High Public Debt” (with Naoyuki Yoshino)

“Dynamic Transition of Exchange Rate Regime in China: Adjustment of Exchange Rates and Capital Account

Restrictions,” (with Naoyuki Yoshino)

IMF Board Papers or Staff Reports (contributions)

Board Papers (Policy)

“The Fund’s Lending Framework and Sovereign Debt – Further Considerations” January 2016

“Reforming the Fund's Policy on Non-Toleration of Arrears to Official Creditors,” December 2015

“From Banking to Sovereign Stress: Implications for Public Debt,” January 2015

“Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring,” October

2014

“The Fund’s Lending Framework and Sovereign Debt – Preliminary Considerations” June 2014

“Sovereign Debt Restructuring - Recent Developments and Implications for the Fund's Legal and Policy Framework,” April 2013

Staff Reports (Country specific)

“Regional Economic Outlook: Sub-Sahara Africa,” May 2013.

“Myanmar: Staff-Monitored Program,” 2013.

“South Africa: 2011 Article IV Consultation—Staff Report”, 2011, IMF Country Report No. 11/258”

Seminar Presentations

(Invited Seminars)

2021 – Einaudi Institute for Economics and Finance (Italy)**, University of Konstanz (Germany)**

2020 – World Bank**, York Univ. (Canada)**, Banco Central de Colombia, Waseda Univ., Pontificia Universidad Católica de Chile

2019 - Inter-American Development Bank, Banco de Mexico, Banco de Chile**, Bank of Japan, Osaka Univ. OSSIP.

2018 – Fed Minneapolis, Fed Philadelphia, Fed Richmond, JHU-SAIS, Florida State Univ., Kyoto Univ.,

2017 – Fed Board, Fed Minneapolis, UC Santa Cruz, Univ. of Tokyo, Bank of Japan, Sophia Univ.(Japan),

2016 – Fed Chicago, Fed Philadelphia, European Central Bank, Banco de Espana, Carlos III Univ. (Spain), Bank of England,

University of Reading, Keio Univ., Kyoto Univ., Osaka Univ., GRIPS, Waseda Univ., Tokyo Univ., Keio SFC,

Bank of Japan, ADBI,

2015 – Osaka Univ., Yokohama N. Univ., ADBI, Ministry of Finance (Japan),

2014 – Boston Univ., De Netherlandsche Bank (Central Bank of Netherland), European Stability Mechanism,

University of Reading, GRIPS, Ministry of Finance (Japan), Keio Univ., Osaka Univ.

2013 – Exeter Business School, Osaka Univ., Bank of Japan,

2012 – Halle Institute for Economic Research, Birmingham Business School,

University of Munich, Keio Univ.

2011 – Birmingham Business School, LUISS (Italy), De Netherlandsche Bank (Central Bank of Netherland), CERDI (France),

Graduate Institute for International and Development Studies (Geneva)

2010 – GRIPS, Bank of Japan, Durham Business School, Birmingham Business School, Banco de Espana (Central Bank of

Spain), Halle Institute for Economic Research, IDE-JETRO, Yokohama N. Univ., Keio Univ.,

2009 – GRIPS, Keio Univ., Osaka Univ.,

2005-2008 Boston Univ. (2008)

(At the IMF)

2018 – RES MF, FAD, Meeting with FDMD

2017 – RES, Surveillance Meeting

2016 – RES, SPR-Trade,

2015 – ICD, ICD

2014 – RES, WHD, Surveillance Meeting, APD OAP (Tokyo), APD

2013 – SPR, ICD,

2012 – AFR External&Monetary,

2011 – INS, AFR, AFR Fiscal, SARB (South Africa Central Bank),

IMF-SARB-Treasury Workshop (x2),

2008 – RES, MCM, APD OAP (Tokyo)

2005-2007 APD OAP (Tokyo)(2005, 2007)

Conferences and Presentations (**: scheduled, *: by co-author)

2020 – Tokyo Workshop for International and Development Economics (Univ. of Tokyo), Sovereign Debt Workshop (Richmond Fed),

D-DebtCon Webinar (Universidad Torcuato Di Tella),

1st International Macro/Finance and Sovereign Debt Workshop in East Asia*

2019 - NA Winter Meeting of Econometric Society, Tokyo Workshop for International and Development Economics,

GIC-LeBow Colleagues of Business conference on SDR on Ireland-Portugal-Cyprus, Debt Con3 (Georgetown Law),

Moscow Workshop “Public Debt, Private Debt and Financial Repression”, European Economic Association*

Georgetown Center of Economic Research, RIDGE-UCB workshop**

2018 – AEA, ADEMU conference (Toulouse)*, IMF RES Workshop, RIETI Research workshop (Tokyo),

SEA (invited session), SWET (Hokkaido Univ.)*, Latin American Economic Association*,

GIC-LeBow Colleagues of Business conference on SDR on Venezuela, European Economic Association*,

European Meeting of the Econometric Society*, Asian Meeting of the Econometric Society*

2017 – Econometric Society NA Summer Meeting, ADEMU Workshop on Fiscal Risk and Public Sector Balance

Sheets (Bonn)*, DebtCon2 (Graduate Institute Geneva)*, Econometric Society European Meeting*, Midwest Macro*,

RIDGE-UCB workshop, Georgetown Center of Economic Research, Singapore Economic Review*,

ADBI-MOF Workshop

2016 – AEA, Econometric Society Winter Meeting, DebtCon1 (Georgetown Law School)*, Barcelona GSE Summer Forum,

Banco de Espana Conference on Fiscal Policy, Econometric Society NA Summer Meeting,

Econometric Society Asian Meeting*

2015 – Barcelona GSE Summer Forum*, Singapore Economic Review*, NYU Economics PhD Alumini Conference*

2014 – North American Summer Meeting of Econometric Society, IMF RES Workshop on Debt Overhang and Restructuring*,

Seoul Conference on “China and World Economy”*

2013 – Conference on “China and Global Economy”*, CASS*,

2011 – Far East and South Asia Meeting of Econometric Society*,

2010 – American Economic Association, Society of Economic Dynamics, European Economic Association*,

Royal Economic Society Ph.D. Presentation, Asian-Pacific Economic Association*, East Asian Economic Association*

Berlin Conference on Sovereign Debt and Default,

2009 – European Economic Association, North American Summer Meeting of Econometric Society, Midwest Macro,

Midwest Theory Spring, Royal Economic Society, BC-BU GLMM, Spanish Economic Association,

Singapore Economic Review*, Far East and South Asia Meeting of Econometric Society*, ADBI-Keio Workshop,

2005-2008 Asia-Pacific Economic Association (*2008), Asian Economic Panel (2008), Asian Economic Panel (*2005),

Japanese Economic Association (*2005)

Discussion

2020 – Toan Phan and Felipe Schwartzman, “Disasters and Defaults” at Climate Economics Workshop at the Federal Reserve

Bank of Richmond

Yun Jung Kim and Jing Zhang, “International Capital Flows: Private versus Public” at 2nd IMF OAP-PRI Economics

Workshop on Sovereign Debt and Corporate Debt”

2019 – Hatchondo, Martinez, and Roch “Constrained Efficient Borrowing with Sovereign Default Risk” at Moscow Workshop

“Public Debt, Private Debt and Financial Repression”

2015 – Willett and Efremidze “Capital Flow Surges, Reversals and Sudden Stops” at 5th Annual CEMP-CIEPS-HKUST IEMS

Workshop

Arndt “Duration Exchange Rate Regimes” 5th Annual CEMP-CIEPS-HKUST IEMS Workshop

Conferences/Workshop/Seminar Organizers

Conferences/Workshops

2020 – 1st International Macro/Finance and Sovereign Debt Workshop in East Asia (Sogang U.)

Sovereign Debt Workshop (Federal Reserve Bank of Richmond)

2nd IMF OAP-PRI Economics Workshop on Sovereign Debt and Corporate Debt

GIC-LeBow College of Business Conference “Sovereign Debt Restructurings: Prospects

and Challenges in Argentina” Session “Lessons Learned and Future Prospects”

2019 – GIC-LeBow College of Business Conference “Sovereign Debt Distress, Restructurings

and Market Access: The Cases of Ireland, Portugal, and Cyprus” Session “Lessons

Learned and Future Prospects”

2018 –AEA Session “Sovereign Default”

1st IMF OAP-PRI Economics Workshop on Bank, Corporate and Sovereign Debt

IMF RES Workshop “Too Many Objectives or Too Few Instruments? Economic Policy

Challenges Ten Years After the Crisis”, Session “Dealing with Debt”

Seminars

2017‒18 IMF Research Department Seminar Organizer Conferences/Workshops

Fellowships and Awards

Student Grant, Spanish Economic Association Annual Conference, Winter 2009

IED Travel Grant, Boston University, Summer/Fall 2008, Summer 2009

Teaching Fellowship, Boston University, Spring 2009 – Spring 2010

Senior Teaching Fellowship, Boston University, Fall 2008

Japan-IMF Scholarship for Advanced Studies, August 2006 – July 2008

Referee service (*: multiple times)

Journal of the European Economic Association(x3), Journal of International Economics(x3), American Economic Journal: Economic Policy, American Economic Review: Insights, International Economic Review, European Economic Review, Journal of Economic Dynamics and Control(x2), Journal of International Money and Finance(x3), IMF Economic Review(x2), Macroeconomic Dynamics (x2), Japanese Economic Review, Journal of Asian Economics, Pacific Economic Review, Asian Development Review(x3), Structural and Economic Dynamics, CESinfo Economic Review, International Economic Journal(x2), World Development, International Finance(x2), International Economics.

Languages : English (fluent), Japanese (native), French (basic)

Computer Skills: STATA, MATLAB, GAUSS, EVIEWS, TSP, LaTEX

Citizenship/Visa: Japan/G4

References

Research

Professor Laurence J. Kotlikoff

Department of Economics

Boston University

Phone: (617) 353-4002

Email: kotlikoff@bu.edu

Professor Adrien Verdelhan

Department of Finance

MIT Sloan School of Management

Phone: (617) 253-5123

Email: adrienv@mit.edu

Dr. Francois Gourio

Research Department

Federal Reserve Bank of Chicago

Phone: (312) 322-5627

Email: fgouriowork@gmail.com

Dr. Romain Ranciere

Department of Economics

University of Southern California

Phone:

Email: ranciere@usc.edu