Hiro Ito

Portland State University - Department of Economics

Assistant Professor

Portland, OR 97207-0751

United States

www.econ.pdx.edu

SCHOLARLY PAPERS

34

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Scholarly Papers (34)

Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence

UC Santa Cruz Center for International Economics Working Paper No. 02-11
Number of pages: 44 Posted: 15 Aug 2002
Menzie David Chinn and Hiro Ito
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 331 (88,350)

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financial development, capital controls, financial liberalization, legal institutions

Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence

NBER Working Paper No. w8967
Number of pages: 44 Posted: 30 May 2002 Last Revised: 27 Oct 2010
Menzie David Chinn and Hiro Ito
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 92 (277,299)

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What Matters for Financial Development? Capital Controls, Institutions, and Interactions

UC Santa Cruz SCCIE Working Paper No. 05-03
Number of pages: 44 Posted: 22 Mar 2005
Menzie David Chinn and Hiro Ito
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 278 (106,973)

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Financial development, capital controls, financial liberalization, legal institutions, sequence of liberalization

What Matters for Financial Development? Capital Controls, Institutions, and Interactions

NBER Working Paper No. w11370
Number of pages: 45 Posted: 04 Jul 2005 Last Revised: 28 Jul 2010
Menzie David Chinn and Hiro Ito
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 47 (398,810)

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The 'Impossible Trinity' Hypothesis in an Era of Global Imbalances: Measurement and Testing

La Follette School of Public Affairs Working Paper Series No. 2012-007
Number of pages: 28 Posted: 02 Jun 2012
National Bureau of Economic Research (NBER), University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 302 (97,890)

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Impossible trinity, international reserves, financial liberalization, exchange rate regime

The 'Impossible Trinity' Hypothesis in an Era of Global Imbalances: Measurement and Testing

Review of International Economics, Vol. 21, Issue 3, pp. 447-458, 2013
Number of pages: 12 Posted: 16 Jul 2013
National Bureau of Economic Research (NBER), University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
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4.

The Financial Crisis, Rethinking of the Global Financial Architecture, and the Trilemma

ADBI Working Paper No. 213
Number of pages: 43 Posted: 21 Apr 2010
National Bureau of Economic Research (NBER), University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 234 (128,465)

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trilemma policy, capital outflows, investment channel, Asia

5.

Is Financial Openness a Bad Thing? An Analysis on the Correlation between Financial Liberalization and the Output Performance of Crisis-Hit Economies

UC Santa Cruz International Economics Working Paper No. 04-23
Number of pages: 55 Posted: 22 Nov 2004
Hiro Ito
Portland State University - Department of Economics
Downloads 210 (142,609)

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Currency crisis, banking crisis, capital controls, financial liberalization

Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma

La Follette School Working Paper No. 2010-009
Number of pages: 54 Posted: 23 Mar 2010
National Bureau of Economic Research (NBER), University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 100 (262,447)

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Impossible trinity, international reserves, financial liberalization, exchange rate, FDI flows

Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma

Asian Development Bank Economics Working Paper Series No. 180
Number of pages: 56 Posted: 29 May 2010
National Bureau of Economic Research (NBER), University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 75 (314,749)

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Impossible trinity, international reserves, financial liberalization, exchange rate, FDI flows

Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma

NBER Working Paper No. w15876
Number of pages: 54 Posted: 05 Apr 2010 Last Revised: 13 Apr 2010
National Bureau of Economic Research (NBER), University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 14 (568,505)

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7.

Was Japan's Real Interest Rate Really Too High During the 1990s? The Role of the Zero Interest Rate Bound and Other Factors

UC Santa Cruz International Economics Working Paper No. 03-21
Number of pages: 45 Posted: 14 Apr 2004
Hiro Ito
Portland State University - Department of Economics
Downloads 175 (168,518)

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Regime switching, real interest rates, nonlinear time series, monetary policy, zero interest rate policy, deflation, Japan, liquidity trap, state-space models

8.

A Cross-Country Empirical Analysis of International Reserves

CESifo Working Paper Series No. 2654
Number of pages: 47 Posted: 28 May 2009
Yin-Wong Cheung and Hiro Ito
City University of Hong Kong - Department of Economics & Finance and Portland State University - Department of Economics
Downloads 155 (186,959)

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developed vs developing economies, excess hoarding, macro determinants, financial factors, institutional variables

Current Account Balances, Financial Development and Institutions: Assaying the World 'Savings Glut'

La Follette School Working Paper No. 2005-023
Number of pages: 45 Posted: 06 Nov 2005
Menzie David Chinn and Hiro Ito
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 107 (250,287)

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Current account, net foreign assets, savings glut, investment drought, panel regressions, capital controls, institutional development

Current Account Balances, Financial Development and Institutions: Assaying the World "Savings Glut"

NBER Working Paper No. w11761
Number of pages: 45 Posted: 07 Feb 2006 Last Revised: 22 Aug 2010
Menzie David Chinn and Hiro Ito
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 43 (413,852)

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10.
Downloads 148 (194,379)

A Forensic Analysis of Global Imbalances

La Follette School of Public Affairs Working Paper No. 2011-007
Number of pages: 55 Posted: 31 Mar 2011
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics, University of California, Berkeley and Portland State University - Department of Economics
Downloads 127 (220,370)

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A Forensic Analysis of Global Imbalances

NBER Working Paper No. w17513
Number of pages: 64 Posted: 15 Oct 2011 Last Revised: 01 Dec 2013
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics, University of California, Berkeley and Portland State University - Department of Economics
Downloads 21 (523,569)

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11.

The Rise of the 'Redback' and the People's Republic of China's Capital Account Liberalization: An Empirical Analysis of the Determinants of Invoicing Currencies

ADBI Working Paper 473
Number of pages: 49 Posted: 10 Apr 2014
Hiro Ito and Menzie David Chinn
Portland State University - Department of Economics and University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics
Downloads 135 (209,281)

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RMB internationalization, capital account liberalization, US dollar, export invoicing, currency invoicing, settlement currency

12.

Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences

HKIMR Working Paper No. 7/2008
Number of pages: 35 Posted: 16 Jul 2008
Yin-Wong Cheung and Hiro Ito
City University of Hong Kong - Department of Economics & Finance and Portland State University - Department of Economics
Downloads 110 (244,077)

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Foreign Exchange Reserves, Macro Determinants, Financial Factors, Institutional Variables

13.

New Measures of the Trilemma Hypothesis: Implications for Asia

ADBI Working Paper 381
Number of pages: 45 Posted: 23 Sep 2012
Hiro Ito and Masahiro Kawai
Portland State University - Department of Economics and Asian Development Bank Institute
Downloads 89 (281,027)

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trilemma hypothesis, trilemma triangle, exchange rate stability, monetary policy independence, financial market openness, Asia

14.

Determinants of the Trilemma Policy Combination

ADBI Working Paper No. 456
Number of pages: 37 Posted: 01 Feb 2014
Hiro Ito and Masahiro Kawai
Portland State University - Department of Economics and Asian Development Bank Institute
Downloads 84 (291,335)

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trilemma hypothesis, macroeconomic policy, exchange rate stability, financial market openness, monetary policy independence, financial crisis, policy combination

15.

Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations Over Time

NBER Working Paper No. w14533
Number of pages: 74 Posted: 10 Dec 2008 Last Revised: 18 Sep 2010
National Bureau of Economic Research (NBER), University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 77 (306,797)

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16.

The Persistence of Current Account Balances and its Determinants: The Implications for Global Rebalancing

ADBI Working Paper No. 400
Number of pages: 43 Posted: 18 Dec 2012
Erica Clower and Hiro Ito
Asian Development Bank Institute and Portland State University - Department of Economics
Downloads 74 (313,948)

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current account, financial liberalization, global imbalances, capital controls

Trilemma Policy Convergence Patterns and Output Volatility

HKIMR Working Paper No. 11/2012
Number of pages: 29 Posted: 19 Apr 2012
Joshua Aizenman and Hiro Ito
National Bureau of Economic Research (NBER) and Portland State University - Department of Economics
Downloads 58 (361,583)

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Impossible Trinity, International Reserves, Financial Liberalization, Exchange Rate Regime

Trilemma Policy Convergence Patterns and Output Volatility

NBER Working Paper No. w17806
Number of pages: 25 Posted: 03 Feb 2012
Joshua Aizenman and Hiro Ito
National Bureau of Economic Research (NBER) and Portland State University - Department of Economics
Downloads 16 (555,397)

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18.

What Makes Developing Asia Resilient in a Financially Globalized World?

Asian Development Bank Economics Working Paper Series No. 181
Number of pages: 58 Posted: 18 Jun 2010
Portland State University - Department of Economics, Asian Development Bank and Asian Development Bank
Downloads 73 (316,414)

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Financial Globalization, Financial Development, Output Volatility, Trilemma

19.

Effects of Financial Market Imperfections on Indian Firms’ Exporting Behavior

Asian Development Bank Economics Working Paper Series No. 256
Number of pages: 50 Posted: 14 Jul 2011
Hiro Ito and Akiko Terada-Hagiwara
Portland State University - Department of Economics and Asian Development Bank
Downloads 59 (353,488)

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India, firm-level analysis, hysteresis hypothesis, financial constraint, market imperfection, Economics Working Paper No. 256

20.

The People's Republic of China and Global Imbalances from a View of Sectorial Reforms

ADBI Working Paper No. 393
Number of pages: 38 Posted: 06 Nov 2012
Hiro Ito and Ulrich Volz
Portland State University - Department of Economics and University of London - School of Oriental and African Studies (SOAS) - Economics
Downloads 51 (378,257)

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global imbalances, PRC, current account balance, budget deficit, financial liberalization, social sector reform

21.

East Asia and Global Imbalances: Saving, Investment, and Financial Development

NBER Working Paper No. w13364
Number of pages: 45 Posted: 10 Sep 2007 Last Revised: 09 Jul 2010
Hiro Ito and Menzie David Chinn
Portland State University - Department of Economics and University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics
Downloads 49 (384,853)

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International Reserves Before and After the Global Crisis: Is There No End to Hoarding?

CESifo Working Paper Series No. 5237
Number of pages: 39 Posted: 20 Mar 2015
University of Southern California - Department of Economics, City University of Hong Kong - Department of Economics & Finance and Portland State University - Department of Economics
Downloads 35 (447,251)

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global financial crisis, gross saving, swap agreements, macro-prudential policies, sovereign wealth funds

International Reserves Before and after the Global Crisis: Is There No End to Hoarding?

NBER Working Paper No. w20386
Number of pages: 47 Posted: 18 Aug 2014
University of Southern California - Department of Economics, City University of Hong Kong - Department of Economics & Finance and Portland State University - Department of Economics
Downloads 10 (595,008)

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23.

A Key Currency View of Global Imbalances

BIS Working Paper No. 762
Number of pages: 32 Posted: 13 Feb 2019
Hiro Ito and Robert N. McCauley
Portland State University - Department of Economics and Bank for International Settlements (BIS)
Downloads 41 (413,247)

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global imbalances, current accounts, currency zones, international investment positions

24.

Price-Based Measurement of Financial Globalization: A Cross-Country Study of Interest Rate Parity

Pacific Economic Review, Vol. 12, Issue 4, pp. 419-444, October 2007
Number of pages: 26 Posted: 22 Oct 2007
Hiro Ito and Menzie David Chinn
Portland State University - Department of Economics and University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics
Downloads 19 (518,188)
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25.

Monetary Policy Spillovers and the Trilemma in the New Normal: Periphery Country Sensitivity to Core Country Conditions

NBER Working Paper No. w21128
Number of pages: 51 Posted: 04 May 2015
University of Southern California - Department of Economics, University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 13 (553,060)

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26.

Balance Sheet Effects on Monetary and Financial Spillovers: The East Asian Crisis Plus 20

NBER Working Paper No. w22737
Number of pages: 49 Posted: 17 Oct 2016
University of Southern California - Department of Economics, University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 10 (571,119)

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27.

East Asian Economies and Financial Globalization in the Post-Crisis World

NBER Working Paper No. w22268
Number of pages: 35 Posted: 24 May 2016
Joshua Aizenman and Hiro Ito
University of Southern California - Department of Economics and Portland State University - Department of Economics
Downloads 8 (583,336)

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28.

The More Divergent, the Better? Lessons on Trilemma Policies and Crises for Asia

Asian Development Review 31:2
Number of pages: 34 Posted: 07 Apr 2016
Joshua Aizenman and Hiro Ito
University of Southern California - Department of Economics and Portland State University - Department of Economics
Downloads 8 (583,336)

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impossible trinity, international reserves, financial liberalization, financial crisis, exchange rate regime

29.

Financial Spillovers and Macroprudential Policies

NBER Working Paper No. w24105
Number of pages: 44 Posted: 16 Dec 2017
University of Southern California - Department of Economics, University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 6 (595,839)
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30.

The Interest Rate Effect on Private Saving: Alternative Perspectives

NBER Working Paper No. w22872
Number of pages: 52 Posted: 28 Nov 2016
University of Southern California - Department of Economics, City University of Hong Kong - Department of Economics & Finance and Portland State University - Department of Economics
Downloads 6 (595,839)

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31.

Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries

NBER Working Paper No. w19448
Number of pages: 43 Posted: 20 Sep 2013
Joshua Aizenman and Hiro Ito
University of Southern California - Department of Economics and Portland State University - Department of Economics
Downloads 6 (595,839)

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32.

Global Current Account Imbalances: American Fiscal Policy versus East Asian Savings

Review of International Economics, Vol. 16, Issue 3, pp. 479-498, August 2008
Number of pages: 20 Posted: 14 Jul 2008
Menzie David Chinn and Hiro Ito
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics and Portland State University - Department of Economics
Downloads 3 (616,770)
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33.

China and Global Imbalances from a View of Sectorial Reforms

Review of International Economics, Vol. 21, Issue 1, pp. 57-71, 2013
Number of pages: 15 Posted: 24 Jan 2013
Hiro Ito and Ulrich Volz
Portland State University - Department of Economics and University of London - School of Oriental and African Studies (SOAS) - Economics
Downloads 2 (626,453)
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34.

How Do the Asian Economies Compete with Japan in the US Market? Is China Exceptional? A Triangular Trade Approach

Asia Pacific Business Review, Vol. 12, No. 3, pp. 285-307, 2006
Posted: 18 Apr 2011
Yushi Yoshida and Hiro Ito
Shiga University - Economics and Portland State University - Department of Economics

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China, Japanese FDI, Export-Platform FDI, Triangular Trade Approach