周 揚

周 揚ZHOU Yang

役職 / Title 特命助教 / Project Assistant Professor
研究部門 / Research Division グローバル金融研究部門 / Global Finance
学歴 / Education
平成27年6月
Shandong University of Technology (China) 卒業
平成30年6月
Tianjin University of Finance and Economics (China)博士課程前期課程 修了
令和 5年3月
神戸大学大学院経済学研究科博士課程後期課程 修了
学位 / Degree
令和5年3月
博士(経済学)神戸大学
職歴 / Employment History
令和2年10月-令和5年3月
神戸大学経済経営研究所学生研究支援員
令和4年5月
神戸大学経済経営研究所ジュニアリサーチフェロー
令和5年4月
独立行政法人日本貿易振興機構アジア経済研究所 研究員
研究分野 / Research Area 国際金融政策 / International Monetary Policy
研究課題 / Research Topic 新興国の金融政策、資本規制、マクロプルーデンス政策の効果に関する分析
The effects of monetary policy, capital control and macroprudential policy in emerging markets
個人ページ / Personal Webpage https://sites.google.com/view/zhou-yang/homepage

研究活動<概要> / Research Activities (Summary)

コロナ後に不確実性が高まった世界経済において、新興国が直面しているマクロ経済問題、特に近年変動の激しい国際資本移動の現状やマクロ経済政策に関する研究を行います。
具体的には、(1) データセットの制限により、これまでの実証研究では資本規制の効果を十分に解明することができないと考えられます。そこで、現地調査やオンライン調査を通じて、より詳細な資本規制データセットを構築します。(2) 構築した資本規制データセットを用いて、新興市場における資本規制の資本流動(および資本流動リスク)への影響を(分位数)ローカル・プロジェクション法を用いて評価します。(3) 資本規制とマクロプルーデンス政策の政策効果を、コロナの要素を考慮した実証的手法を用いて検証し、これらの政策の効果を分析します。(4) 理論的な「パンデミック小国開放マクロ経済モデル」を構築し、政策効果を厚生レベルで評価可能にします。

In the uncertain post-COVID world economy, I am conducting research on macroeconomic issues facing emerging markets, particularly on the current situation of volatile international capital flows and macroeconomic policies. Specifically, (1) empirical research thus far has been limited in its ability to fully elucidate the effects of capital controls due to dataset restrictions. Therefore, I will construct a more granular capital control dataset for emerging countries through on-site and online surveys. (2) Using the constructed capital control dataset, I will evaluate the effects of capital controls on capital flows (and capital flow-at-risk) in emerging markets. (3) I will verify the policy effects of capital controls and macroprudential policies using empirical methods that consider the events of COVID, and analyze the effects of these policies. (4) I will construct a theoretical "Pandemic Small Open Economy Macroeconomic Model" that the policy effects can be evaluated in terms of welfare level.

研究業績 / Research Achievements

  • 研究業績

    研究業績 / Research Achievements

    分担執筆

    Title   Date
    「統計から見たASEANの国々」 濵田美紀編『日本ASEAN友好協力50周年に考える:ASEANと日本――変わりゆく経済関係――』アジア経済研究所 332-347頁 2023年11月

    論文 / Publications

    Title   Date
    "Capital Controls or Macroprudential Policies: Which is Better for Land Booms and Busts?" (with Shigeto Kitano), Open Economies Review forthcoming
    "The Effects of Capital Controls on Housing Prices" Journal of Real Estate Finance and Economics, DOI: 10.1007/s11146-024-09983-2 forthcoming
    "Benefits and Costs: the impact of capital control on Growth-at-risk in China" International Review of Financial Analysis, Vol.93, Article 103161, DOI: 10.1016/j.irfa.2024.103161 2024年
    "Effects of China's capital controls on individual asset categories" (with Shigeto Kitano), Finance Research Letters, Vol.49, Article 103032, DOI: 10.1016/j.frl.2022.103032 2022年

    Pre-doctoral Published Papers (in Chinese)

    Title   Date
    "House Price Fluctuation, Macro-prudential Supervision and Optimal Monetary Policy" (with Na Guo, in Chinese) Nankai Economic Studies. DOI: 10.14116/j.nkes.2019.02.010 2019年
    "House Prices Stickiness, Financial Systemic Risks and Macroeconomic Volatility - Based on the DSGE Model of Endogenous Systemic Financial Risks" (with Na Guo and Qian Zhang, in Chinese) Modern Economic Science. 2017年
    "Financial Institutions Arbitrage, Adaptive Learning and the Effectiveness of Central Bank Forward Guidance" (with Xihe Liu and Yuanyuan Mu, in Chinese) Finance Economic Research. 2017年
    "Study on The Path of Re-balancing of Balance Sheet by Enterprise De-leveraging and Household Leveraging" (with Xihe Liu and Yuanyuan Mu, in Chinese) Nankai Economic Studies. DOI: 10.14116/j.nkes.2017.03.007 2017年

    Working papers

    Title   Date
    "Effectiveness of capital controls: Gates versus Walls" (with Shigeto Kitano), RIEB Discussion Paper Series, No. 2022-38. December 2022
    (Revised April 2023)

    報告活動 / Presentations

    Title Conference Date
    "Capital Controls or Macroprudential Regulation: Which is Better for Land Booms and Busts?” The 2023 Annual Meeting (Autumn) of Japan Society of Monetary Economics (JSME), Kyushu University 2023
    “Benefits and Costs: the impact of capital control on Growth-at-risk in China” 41st Pacific Trade and Development Conference and Young Fellows Seminar, Korean Institute for International Economic Policy (Seoul, Republic of Korea) Sep. 12-15, 2023 (Scheduled)
    “Benefits and Costs: the impact of capital control on Growth-at-risk in China” Moriguchi Fellowship Seminar, Osaka University Dec. 1, 2022
    “Effectiveness of capital controls: Gates versus Walls” The 2022 Annual Meeting (Fall) of Japan Society of Monetary Economics (JSME), Kobe University Nov. 26, 2022
    “Benefits and Costs: the impact of capital control on Growth-at-risk in China” Japanese Economic Association Autumn Meeting, Keio University Oct. 15, 2022
    “The effects of capital controls on housing prices” WEAI 97th Annual Conference, Hilton Portland Downtown (Portland, USA) July 1, 2022
    “The effects of capital controls on housing price” Kanematsu Fellowship Seminar, Kobe University June 3, 2022
    “Benefits and Costs: the impact of capital control on Growth-at-risk in China” The 2022 Annual Meeting (Spring) of Japan Society of Monetary Economics (JSME), Seijo University May 14, 2022
    “The effectiveness of capital control on housing price” The 2021 Annual Meeting (Fall) of Japan Society of Monetary Economics (JSME), Osaka University of Economics Oct. 16, 2021
    “The effectiveness of capital control on housing price” The 80th Annual Meeting of The Japan Society of International Economics, The University of Tokyo Oct. 23, 2021

    社会活動

    所属学会

    • 日本経済学会 / Japanese Economic Asscociation (JEA)
    • 日本金融学会 / Japan Society of Monetary Economics (JSME)
    • 日本国際経済学会 / Japan Society of International Economics (JSIE)

    研究助成金 / Research Grants

    2023~2024年度 日本学術振興会 研究活動スタート支援 「新興国における資本規制がGDP成長分布に与える影響」(研究代表者)

    その他 (奨学金・受賞歴など) / Others (Honors, Scholarships and Grants)

    • September 2023
      PAFTAD Fellowship for Young Scholars, PAFTAD International Steering Committee
    • December 2022
      Moriguchi Prize (2nd place), Institute of Social and Economic Research (ISER), Osaka University
    • August 2022
      Kishimoto Prize, Graduate school of Economics, Kobe University
    • June 2022
      Kanematsu Prize, Research Institute for Economics and Business Administration (RIEB), Kobe University
    • 2019-2023
      Japanese Government (MEXT) Scholarship (Ph.D student, full tuition and living expenses)
    • November 2017
      National Scholarship (for Master student), Ministry of Education (China)
    • 2016-2017 Graduate Students Research Grant, Tianjin University of Finance and Economics
    • November 2014
      National Scholarship (for Undergraduate student), Ministry of Education (China)
日本語