Shigeto Kitano

Publications

• "Capital Flow Management Measures and Capital Flows: Evidence from India" (with Yang Zhou) The Singapore Economic Review (SSCI), forthcoming.
• "Geopolitical Risk and Extreme Capital Flow Episodes" (with Yang Zhou) Japan and the World Economy (SSCI), Volume 79, 2026, 101360. https://doi.org/10.1016/j.japwor.2026.101360. "DP version with robustness checks"
• "Effectiveness of Capital Controls: Gates versus Walls" (with Yang Zhou) Empirical Economics (SSCI),Volume 70, article number 38, 2026. https://doi.org/10.1007/s00181-026-02890-w.
• "Commodity Prices, Financial Frictions, and Macroprudential Policies" (with Kenya Takaku) Journal of the Asia Pacific Economy (SSCI),1–30. https://doi.org/10.1080/13547860.2025.2546529.
• "Capital Controls or Macroprudential Regulation: Which is Better for Land Booms and Busts?" (with Yang Zhou) Open Economies Review (SSCI), Volume 36, pp. 835–871, 2025.
• "Effect of Sovereign Wealth Funds in Commodity-Exporting Economies when Commodity Prices Affect Interest Spreads" (with Kenya Takaku) Asian Economic Journal (SSCI),37(3), 267–292, 2023.
• "Global Financial Flows in the Pre- and Post-global Crisis Periods" (with Yoichi Matsubayashi) Springer 2022.
• "Effects of China's Capital Controls on Individual Asset Categories " (with Yang Zhou) Finance Research Letters (SSCI), Volume 49, 103032, 2022.
• "Financial Market Incompleteness and International Cooperation on Capital Controls " (with Kenya Takaku) International Journal of Economic Theory (SSCI), 18, 624– 642, 2022.
• "How Do World Commodity Prices Affect Asian Commodity Exporting Economies? The Role of Financial Frictions " Applied Economics Letters (SSCI), 29:1, 84-90, 2021.
• "Capital Controls, Macroprudential Regulation, and the Bank Balance Sheet Channel" (with Kenya Takaku), Journal of Macroeconomics (SSCI), Vol.63,103161, 2020.
• "Capital Controls, Monetary Policy, and Balance Sheets in a Small Open Economy" (with Kenya Takaku), Economic Inquiry (SSCI), Vol. 56, Issue 2, pp. 859–874, 2018.
• "Capital Controls as a Credit Policy Tool in a Small Open Economy" (with Kenya Takaku), The B.E. Journal of Macroeconomics (SSCI), Vol.18, Issue 1, pp. 1-19, 2018.
• "Capital Controls and Financial Frictions in a Small Open Economy" (with Kenya Takaku), Open Economies Review (SSCI), Vol.28, Issue 4, 761-793, 2017.
• "External Debt and Taylor Rules In a Small Open Economy" (with Kenya Takaku), Pacific Economic Review (SSCI), Vol.21, pp. 541–559, 2016.
• "Predetermined Exchange Rate, Monetary Targeting, and Inflation Targeting Regimes" International Journal of Economic Theory (SSCI), Vol. 12, Issue 3, pp. 233-256, 2016.
• "Monetary Policy, Incomplete Asset Markets, and Welfare in a Small Open Economy" (with Kenya Takaku), Economics Bulletin, Vol. 35, No. 1, pp. 112-121, 2015.
• "Financial Integration, Capital Flows and Macro-Prudential Policy in East Asia" (with Yoichi Matsubayashi) in Takuji Kinkyo, Shigeyuki Hamori, Yoichi Matsubayashi ed. Financial Globalisation and Regionalism in East Asia: Routledge, Chapter 2, pp. 29-46, 2013.
• "An Optimal Government Spending Reversal Rule in a Small Open Economy" (with Kenya Takaku) International Review of Economics and Finance (SSCI), Vol.27, pp. 374-382, 2013.
• "Structural Change in Current Account and Real Exchange Rate Dynamics: Evidence from the G7 Countries" (with Masahiko Shibamoto), Pacific Economic Review (SSCI), Vol. 17, Issue 5, pp. 619-634, 2012. WP version with color figures.
• "Capital Controls and Welfare" Journal of Macroeconomics (SSCI), Vol. 33, Issue 4, pp. 700-710, 2011.
• " Nominal Debt and Inflation Stabilization" International Journal of Economic Theory (SSCI), Vol. 5, Issue 4, pp. 409–422, 2009.
• " Capital Controls, Public Debt and Currency Crises" Journal of Economics (SSCI), Vol.90 No.2, pp.117-142, 2007.
• "The Government's Foreign Debt in the Argentine Crisis" Review of Development Economics (SSCI), Vol.9 No.3, pp.368-379, 2005.
• " Macroeconomic effect of capital controls as a safeguard against the capital inflows problem " Journal of International Trade and Economic Development (SSCI), Vol.13 No.3,　pp.233-263, 2004.
• " A Model of Balance-of-Payments Crises due to External Shocks: Monetary vs Fiscal Approaches" Bulletin of Economic Research (SSCI), Vol.56 No.1, pp.53-66, 2004.

Working papers

• "Capital Flow Management in the ASEAN+3: A High-Frequency Database and Its Stylized Facts" (with Yang Zhou) RIEB Discussion Paper, No.2026–23, Kobe University, July 2026.
  Accompanying file [Excel, 734KB]
• "Financial Repression in a Small Open Economy: The Case of Laos" (with Kenya Takaku) RIEB Discussion Paper, No.2026–24, Kobe University, July 2026.
• "Effects of Capital Flow Management Measures on Wealth Inequality: New Evidence from Counterfactual Estimators" (with Yang Zhou) RIEB Discussion Paper, No.2024-30, Kobe University, December 2024.

Other publications (including in Japanese)

Awards

• Prizewinner for the Kanematsu Fellowship, Research Institute for Economics & Business Administration (RIEB), Kobe University, May 2003.
• Finalist for 7th Moriguchi Prize, Institute of Social and Economic Research, Osaka University, January 2003.

Refereeing

• Journal of Money, Credit and Banking, Journal of International Money and Finance, Journal of Macroeconomics, Journal of Economics, The Manchester School, Review of Development Economics, Japanese Economic Review, Japanese Journal of Monetary and Financial Economics, International Economic Journal, Japan and the World Economy, The B.E. Journal of Macroeconomics, Emerging Markets Finance and Trade, Economic Modelling, Open Economies Review, Economics Bulletin, Applied Economics Letters, Asia-Pacific Financial Markets, Economic Systems, Applied Economics, North American Journal of Economics and Finance, Singapore Economic Review (Guest Editor), Journal of Asian Economics, Economic Analysis and Policy.

Competitive Grants

• Principal Investigator
  Grant-in-Aid for Scientific Research (C), Japan Society for the Promotion of Science (2020 - 2024).
  Grant-in-Aid for Scientific Research (C), Japan Society for the Promotion of Science (2016 - 2020).
  Grant-in-Aid for Scientific Research (C), Japan Society for the Promotion of Science (2012 - 2015).
  Grant-in-Aid for Young Scientists (B),The Ministry of Education, Culture, Sports, Science and Technology (2005 - 2007).
• Co-Investigator
  Grant-in-Aid for Scientific Research (S), Japan Society for the Promotion of Science (2020 - 2023), (PI: Takashi Kamihigashi).
  Grant-in-Aid for Scientific Research (B), Japan Society for the Promotion of Science (2019 - 2021), (PI: Nobuyoshi Yamori).
  Grant-in-Aid for Scientific Research (S), Japan Society for the Promotion of Science (2015 - 2019), (PI: Takashi Kamihigashi).
  Grant-in-Aid for Scientific Research (B), Japan Society for the Promotion of Science (2015 - 2017), (PI: Nobuyoshi Yamori).
  Grant-in-Aid for Scientific Research (A), Japan Society for the Promotion of Science (2012 - 2014), (PI: Takashi Kamihigashi).
  Grant-in-Aid for Scientific Research (B), Japan Society for the Promotion of Science (2011 - 2013), (PI: Seiichi Fujita).
  Grant-in-Aid for Scientific Research (A), Japan Society for the Promotion of Science (2009 - 2011), (PI: Takashi Kamihigashi).
  Grant-in-Aid for Scientific Research (B), Japan Society for the Promotion of Science (2008 - 2010), (PI: Seiichi Fujita).