Working Papers 

Working Papers

• Trade Networks and the Rise of a Dominant Currency 

Tomoo Kikuchi and Lien Pham, July 2025 

• The Power of Non-Superpowers 

Tomoo Kikuchi and Shuige Liu, October 2023

• Singapore's Role for ASEAN's Portfolio Investment

Tomoo Kikuchi and Satoshi Tobe, March 2025

• Does Foreign Debt Contribute to Economic Growth? 

Tomoo Kikuchi and Satoshi Tobe, September 2021

• Does Banking FDI Promote Firm FDI?: Evidence from China’s Outbound Multinational Activity

Davin Chor, Tomoo Kikuchi and Li Jie, December 2018

Work in Progress

• Does Foreign Equity Investment Contribute to Economic Growth? 

Tomoo Kikuchi, Satoshi Tobe, Duy Van Dang, and Quang Trung Nguyen

• Foreign Policy Similarity and Portfolio Investment

Tomoo Kikuchi, Satoshi Tobe, and Changran Lee

• The Role of Tax Havens for Portfolio Investment of the US and China 

Tomoo Kikuchi, Satoshi Tobe, and Xiaoyu Cheng

• The Exorbitant Privilege and Cross-border M&A

Tomoo Kikuchi, Satoshi Tobe, and Sinan Caner Yamak 

• Does Japan Misallocate Portfolio Investments?

Tomoo Kikuchi and Satoshi Tobe