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東京大学公共政策大学院 | GraSPP / Graduate School of Public Policy | The university of Tokyo

河合 正弘 KAWAI, Masahiro

客員教授 / Visiting Professor 河合 正弘KAWAI, Masahiro

Representative Director and Director-General, Economic Research Institute for Northeast Asia (ERINA)

Courses in AY 2020

  • 5123300 Asian Financial Markets


June 1971
Graduated from the University of Tokyo with a BA in economics
September 1978
Obtained a PhD in economics from Stanford University
July 1977—June 1978
Research Fellow, Foreign Policy Studies, Brookings Institution
July 1978—June 1986
Assistant Professor (and Associate Professor from July 1984), Department of Political Economy, The Johns Hopkins University
July 1986—September 2008
Associate Professor (and Professor from July 2003) of Economics, Institute of Social Science, University of Tokyo
April 1998—April 2001
Chief Economist, East Asia and the Pacific, World Bank
July 2001—July 2003
Deputy Vice Minister of Finance for International Affairs (and President of the Policy Research Institute from March 2003), Ministry of Finance, Government of Japan
October 2005—February 2014
Special Advisor to the President (and Dean of the Asian Development Bank Institute from February 2007), Asian Development Bank
June 2009
Professor Emeritus, University of Tokyo
April 2014—Present
Project Professor (and Adjunct Professor from April 2020), Graduate School of Public Policy, University of Tokyo
April 2016—Present
Representative Director and Director General, Economic Research Institute for Northeast Asia (ERINA)


International money and finance, Asian economic development and integration, Asian financial markets, Japanese economy and finance, Japan's economic diplomacy


Main books and monographs published since 2010:
• Basu Das, Sanchita and Masahiro Kawai, eds. Trade Regionalism in the Asia-Pacific: Developments and Future Challenges. Singapore: ISEAS-Yusof Ishak Institute, 2016.
• Kawai, Masahiro, Yung Chul Park and Charles Wyplosz, eds. Monetary and Financial Cooperation in East Asia: The State of Affairs after the Global Financial and European Crisis. Oxford: Oxford University Press, 2015.
• Kawai, Masahiro and Barry P. Bosworth, eds. Transpacific Rebalancing: Implications for Trade and Economic Growth. Washington, D.C.: Brookings Institution Press, 2015.
• Eichengreen, Barry and Masahiro Kawai, eds. Renminbi Internationalization: Achievements, Prospects, and Challenges. Washington, D.C.: Brookings Institution Press, 2015.
• Kawai, Masahiro and Jong-Wha Lee, eds. Rebalancing for Sustainable Growth: Asia's Postcrisis Challenge. Tokyo: Springer, 2015.
• Baldwin, Richard, Masahiro Kawai and Ganeshan Wignaraja, eds. A World Trade Organization for the 21st Century: The Asian Perspective. Cheltenham: Edward Elgar, 2014.
• Kawai, Masahiro and Ganeshan Wignaraja. Patterns of Free Trade Areas in Asia. East-West Center Policy Studies, No. 65, Honolulu: East –West Center, 2013.
• Kawai, Masahiro and Andrew Sheng, eds. Capital Market Reform in Asia: Towards Developed and Integrated Markets in Times of Change. New Delhi: Sage, 2012.
• Dervis, Kemal, Masahiro Kawai and Domenico Lombardi, eds. Asia and Policymaking for the Global Economy. Washington, D.C.: Brookings Institution Press, 2011.
• Kawai, Masahiro, Jong-Wha Lee and Peter A. Petri, eds. Asian Regionalism in the World Economy: Engine for Dynamism and Stability (with the assistance of Giovanni Capannelli). Cheltenham: Edward Elgar, 2010.
• Kawai, Masahiro and Mario Lamberte, eds. Managing Capital Flows: Search for a Framework. Cheltenham: Edward Elgar, 2010.
Main papers published in refereed academic journals since 2010:
• Kawai, Masahiro and Kanda Naknoi. “ASEAN's Trade and Foreign Direct Investment: Long-term Challenges for Economic Integration.” Singapore Economic Review, 62:3 (2017), pp. 643-680.
• Ito Hiro and Masahiro Kawai. “Trade Invoicing in Major Currencies in the 1970s-1990s: Lessons for Renminbi Internationalization.” Journal of the Japanese and International Economies, 42 (2016), pp. 123-145.
• Kawai, Masahiro and Victor Pontines. “Is There Really a Renminbi Bloc in Asia?: A Modified Frankel-Wei Approach.” Journal of International Money and Finance, 62 (2016), pp. 72-97.
• Kawai, Masahiro and Li-Gang Liu. “Trilemma Challenges for the People's Republic of China.” Asian Development Review, 32:1 (March 2015), pp. 49-89.
• Kawai, Masahiro and Peter A. Petri. “Asia’s Role in the Global Economic Architecture.” Contemporary Economic Policy, 32:1 (January 2014), pp. 230-245.
• Kawai, Masahiro. “Financing Development Cooperation in Northeast Asia.” Northeast Asian Economic Review, 1:10 (March 2013), pp. 1-40.
• Kawai, Masahiro and Peter J. Morgan. “Central Banking for Financial Stability in Asia.” Public Policy Review, Special Issue: Achieving Financial Stability, 8:3 (August 2012), pp. 215-246.
• Kawai, Masahiro and Ganeshan Wignaraja. “Asian FTAs: Trends, Prospects and Challenges.” Journal of Asian Economics, 22:1 (February 2011), pp. 1-22.
• Kawai, Masahiro and Fan Zhai. “Asia’s Post-Global Financial Crisis Adjustment: A Model-Based Dynamic Scenario Analysis.” Asian Development Review, 27:2 (December 2010), pp. 122-151.
• Kawai, Masahiro. “Reform of the International Financial Architecture: An Asian Perspective.” Singapore Economic Review, 55:1 (March 2010), pp. 207-242.