Tomoo Kikuchi/菊地朋生

Professor of Economics, Korea University

Contact Information

  • Department of Economics, Korea University, 145 Anam-ro Seongbuk-gu, Seoul 02841, Republic of Korea

  • tomookikuchi76@gmail.com


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My main research and teaching areas are International Finance, Macroeconomics and Economic Growth and Development.

I have written theoretical papers on broadly two topics: international capital flows and bubbles.

First, I have analyzed how financial market imperfections lead to global imbalances, fluctuations in international capital flows, and national inequality in the long run. This helps us to examine how global market forces influence the development of a country. Second, I have analyzed how bubbles can emerge fueled by higher saving and financial leverage in productive as well as non-productive assets. This helps us to examine how financial indices relate to production.

More recently, I have worked on how production networks are formed in a competitive market with transaction costs. This helps us to examine how market frictions ripple through production networks.

My empirical work concerns with how international capital flows contribute to growth.

My policy work focuses on Japanese and Chinese investment in Southeast Asia. I am interested in the role of financial markets at different stages of economic development.

Lastly on Japan, the fundamental challenge is to remain prosperous while its population is aging and declining. The government needs to invest more in human capital. Companies need to reform their cooperate practices faster to survive in a diverse and globalized world. Japan must manage its relationship with neighbors in East Asia better to maintain peace and contribute to the development of the region.

Selected Publications

  1. Capital Bubbles, Interest Rates and Investment in a Small Open Economy

Tomoo Kikuchi and Athakrit Thepmongkol

Journal of Money, Credit and Banking, forthcoming.

  1. Volatile Capital Flows and Financial Integration: The Role of Moral Hazard

Tomoo Kikuchi, John Stachurski and George Vachadze

Journal of Economic Theory, 176, 170–192, 2018.

  1. Transaction Costs, Span of Control and the Structure of Production Chains

Tomoo Kikuchi, Kazuo Nishimura and John Stachurski

Theoretical Economics, 13, 729-760, 2018.

  1. Endogenous Inequality and Fluctuations in a Two Country Model

Tomoo Kikuchi and John Stachurski

Journal of Economic Theory, 144, 1560-1571, 2009.

  1. International Asset Markets, Nonconvergence, and Endogenous Fluctuations

Tomoo Kikuchi

Journal of Economic Theory, 139, 310-335, 2008.

Upcoming Talks

  • Institute of New Structural Economics, Peking University, June 11, 2021 (Online).

  • School of Economics, Sichuan University, May 6-7 and May 13-14, 2021 (Online).

Past Talks

  • 3rd Annual Symposium on Connecting the World and the Future, Shanghai International Studies University, December 13, 2020 (Online).

  • Macro & Money Workshop, Hitotsubashi University, November 9, 2020 (Online).

  • Department of Economics, Seoul National University, October 6, 2020.

  • Jeonbuk International Finance Conference 2020, Jeonju, September 1, 2020.

  • Allied Social Science Association Annual Meeting, San Diego, January 3-5, 2020.

  • Conference on Indonesian Foreign Policy, Jakarta, November 30, 2019.

  • Department of Economics, Sogang University, Seoul, November 19, 2019.

  • "Understanding the Indo-Pacific through Japan's Regional Role: Implications for Korea," Graduate School of International Studies, Seoul National University, October 30, 2019.

  • Japan Special Report Launch by Perth USAsia Centre, GRIPS, Tokyo, October 28, 2019.

  • Partners or Rivals? Discussion on New Roles of Japan and China in Southeast Asia, Young China Watchers, Singapore, July 23, 2019.

  • Pacific Trade and Development (PAFTAD) Conference, Bangkok, July 17-19, 2019.

  • ISA Asia-Pacific Conference, Singapore, July 4-6, 2019.

  • EAI Seminar, East Asia Institute, National University of Singapore, June 26, 2019.

  • The Risks to the Asian Peace: Avoiding Paths to Great Power War, Taipei, June 17, 2019.

  • 10th RSIS-WTO Parliamentarian Workshop, Singapore, June 12, 2019.

  • Conference on Dialogue of Asian Civilizations on "Mutual Exchanges of Asian Civilizations and a Community of Shared Future for Mankind", Beijing, May 15, 2019.

  • Asian Security Conference, New Dehli, March 26-28, 2019.

  • High Level Dialogue on Indo-Pacific Cooperation, Jakarta, March 20, 2019.

  • International Seminar "Indo-Pacific Connectivity Outlook", Padang, Indonesia, March 11, 2019.

  • Department of Economics, Sungkyunkwan University, Seoul, January 3, 2019.

  • International Association for Political Science Students (IAPSS) Convention, Singapore, November 23, 2018.

  • PSB Academy, Singapore, September 26, 2018.

  • S. Rajaratnam School of International Studies, Nanyang Technological University, June 21, 2018.

  • East Asia Institute, National University of Singapore, May 18, 2018.

  • RSIS-WTO Parliamentarian Workshop 2018, Singapore, May 8, 2018.

  • RSIS, Nanyang Technological University, Singapore, April 19, 2018.

  • Department of Economics, Korea University, March 28, 2018.

  • Macroeconomics Workshop, University of Tokyo, February 1, 2018.

  • School of Economics, Shanghai University of Finance and Economics, January 15, 2018.

  • The New Eurasian Geopolitics: Regional Multilateral Initiatives, Cooperation, and Competition, Singapore, October 28, 2017.

  • Japan's Snap Election, Between the Lines, Channel News Asia, Singapore, October 23, 2017.

  • Public Forum, Japan and ASEAN: Toward Next 50 years, 12th Japan-Singapore Symposium, Singapore, October 23-24, 2017.

  • Macro Workshop, Department of Economics, National University of Singapore, September 6, 2017.

  • Special Lecture, School of Development Economics, National Institute of Development Administration, September 2, 2017.

  • Research Seminar, School of Social Sciences, Economics, Nanyan Technological University, August 23, 2017.

  • ASEAN Outlook, Economist Cooperate Network, Singapore, June 20, 2017.

  • Korea Money & Finance Association 2017 Annual Conference, Seoul, June 16, 2017.

  • Seminar, Research School of Economics, Australian National University, June 8, 2017.

  • Regional Cooperation Initiatives in the Asia-Pacific and the Emergence of New Eurasian Geopolitics, Singapore, April 8, 2017.

  • International Conference on Money and Finance, Tokyo, March 18, 2017.

  • Third Policy Dialogue on International Cooperation in the Development of Russia’s Siberia and Far East, Tokyo, January 21-22, 2017.

  • New Institutions for Growth in Asia and Eurasia: What Mission for Russia? Valdai Club Conference, Singapore, December 13, 2016.

  • Launch of Asian Economic Integration Report 2016: An Annual Report of the Asian Development Bank, Singapore, December 6, 2016.

  • Keio University SFC Open Research Forum 2016 「日本と中国の協力関係の果実について考えよう -財政・金融・通貨-」, 東京ミッドタウン, Tokyo, November 18, 2016.

  • East Asia in a Global Perspective, Keio University, Tokyo, July 14, 2016.

  • Risk and Yield Management for Official Asset Managers in a Multicurrency System, OMFIF, Singapore, March 29, 2016.

  • Stars Singapore Symposium Asia: The New Normal, Changi Cove, Singapore, February 24-27, 2016.

  • Japan-US Kanazawa Conference, Shiinoki Cutural Complex, Kanazawa, December 11-14, 2015.

  • Seminar on the Asian Economic Integration Report 2015, LKYSPP, Singapore, December 8, 2015.

  • Rethinking the Silk Road: European and Asian Perspectives on China's Global Network Vision, Tongji University, Shanghai, December 2-4, 2015.

  • Third OMFIF-LKY School Asian Forum, LKYSPP NUS, Singapore, December 1, 2015.

  • Second Policy Dialogue on International Cooperation in the Development of Russia’s Siberia and Far East, Seoul, November 25-27, 2015.

  • Keio University SFC Open Research Forum 2015「50年後のアジアと日本の協力関係にむけてー中国リスクを乗り越えてー」, 東京ミッドタウン, Tokyo, November 20, 2015. Video

  • Funding the Next Phase of Infrastructure Development in the Indo-Pacific, Ocean Financial Centre, Singapore, October 26, 2015.

  • Taiwan-US-Japan Trilateral Security Dialogue, Shangri-La’s Far Eastern Plaza Hotel, Taipei, August 24-28, 2015.

  • East Asia Symposium, Fullerton Hotel, Singapore, August 11-12, 2015.

In Taipei Guest House, August 2015