SelectedWorks - Hiro (Hiroyuki) Ito

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Selected Works of Hiro (Hiroyuki) Ito

Professor, Economics

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About Hiro (Hiroyuki) Ito

Present	Professor, Portland State University ‐ Economics
Institution Organization Position Type Position Title Time Period to Options Current Position Affiliate my profile with this Institution

Business and Economics

Economics, International finance, and East Asian economies

PSU Department of Economics
1721 SW Broadway, Suite 241
Portland, OR 97201
Tel/Fax: 503-725-3930/3945
Email: ito@pdx.edu
URL: http://web.pdx.edu/~ito/

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Articles (40)

The Impacts of Financial Crises on the Trilemma Configurations

Open Economies Review (2022)

Joshua Aizenman, Menzie Chinn and Hiro Ito

Over the years, policymakers have explored various combinations of varying degrees of monetary policy independence, exchange rate stability, and financial ...

A Disaster Under‑(Re)Insurance Puzzle: Home Bias in Disaster ...

IMF Economic Review (2022)

Hiro Ito and Robert N. Mccauley

We examine disaster reinsurance from the perspective of international risk-sharing. We find that losses from disasters are shared internationally to ...

Emerging Market Economies' Challenge: Managing the Yield Curve in a ...

Open Economies Review (2022)

Hiro Ito and Phuong Tran

In a financially globalized world, managing long-term interest rates through short-term interest rates can be difficult. In this paper, we ...

Central Bank Swap Arrangements in the COVID-19 Crisis

Journal of International Money and Finance (2022)

Joshua Aizenman, Hiro Ito and Gurnain Kaur Pasricha

Facing acute strains in the offshore dollar funding markets during the COVID-19 crisis, the Federal Reserve (Fed) provided US dollar ...

A Requiem for “Blame It on Beijing” Interpreting Rotating Global ...

Journal of International Money and Finance (2022)

Menzie David Chinn and Hiro Ito

Global current account imbalances have reappeared, although the extent and distribution of these imbalances are noticeably different from those experienced ...

Post COVID-19 Exit Strategies and Emerging Markets Economic Challenges

National Bureau of Economic Research (2022)

Joshua Aizenman and Hiro Ito

We study emerging markets’ 1980s lost growth decade, triggered by the massive reversal of the snowball effect in the US ...

U.S. Macro Policies and Global Economic Challenges

East Asian Economic Review (2021)

Joshua Aizenman and Hiro Ito

This paper overviews different exit strategies for the U.S. from the debt-overhang, and analyses their implications for emerging markets and ...

Clamoring for greenbacks: Explaining the resurgence of the U.S ...

International Finance (2020)

Hiro Ito and Cesar M. Rodriguez

This paper characterizes trends of the shares of the U.S. dollar, the euro, and total foreign currencies in international debt ...

Financial Spillovers and Macroprudential Policies

International Finance and Macroeconomics (2020)

Joshua Aizenman, Menzie David Chinn and Hiro Ito

We estimate the impact of the extensity of macroprudential policies on the correlation of the policy interest rates between the ...

The Political-Economy Trilemma

Economics Faculty Publications and Presentations (2020)

Joshua Aizenman and Hiro Ito

This paper investigates Rodrik’s political-economy trilemma: policy makers face a trade-off of choosing two out of three policy goals or ...

A Key Currency View of Global Imbalance

Journal of International Money and Finance (2018)

Hiro Ito and Robert N. Mccauley

This study divides the world into currency zones according to the co-movement of each currency with the key currencies. The ...

Balance Sheet Effects on Monetary and Financial Spillovers: The East ...

Journal of International Money and Finance (2017)

Joshua Aizenman, Menzie D. Chinn and Hiro Ito

We study how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other countries ...

The Interest Rate Effect on Private Saving: Alternative Perspectives

Economics Faculty Publications and Presentations (2016)

Joshua Aizenman, Yin-Wong Cheung and Hiro Ito

Using an uneven panel of 135 countries from 1995 to 2014, we investigate the link between interest rates and private ...

Trade Invoicing in Major Currencies in the 1970s-1990s: Lessons for ...

Journal of the Japanese and International Economies (2016)

Hiro Ito and Kawai Masahiro

In this paper, we investigate how much a major currency is used for trade invoicing by focusing primarily on the ...

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

Economics Faculty Publications and Presentations (2016)

Joshua Aizenman and Hiro Ito

This paper assesses the East Asian Economies’ openness to cross-border capital flows and exchange rate arrangements in the past decades, ...

Emerging Market Currency Composition of Reserves, Denomination of Trade and ...

Emerging Markets Review (2015)

Robert N. Mccauley, Hiro Ito and Tracy Chan

This article analyses the relationships among the unit of account and means of exchange functions of an international currency, on ...

Monetary Policy Spillovers and the Trilemma in the New Normal ...

Economics Faculty Publications and Presentations (2015)

Joshua Aizenman, Menzie David Chinn and Hiro Ito

We investigate why and how the financial conditions of developing and emerging market countries (peripheral countries) can be affected by ...

Clamoring for Greenbacks: Explaining the Resurgence of the U.S ...

RIETI Discussion Paper Series (2015)

Hiro Ito and Cesar M. Rodriguez

This paper investigates the determinants of currency denomination in international debt. Using data on currency shares for international debt securities ...

The More Divergent, the Better? Lessons on Trilemma Policies and ...

Asian Development Review (2014)

Joshua Aizenman and Hiro Ito

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the ...

International Reserves Before and After the Global Crisis: Is There ...

NBER Working Paper Series - National Bureau of Economic Research (2014)

Joshua Aizenman, Yin-Wong Cheung and Hiro Ito

We evaluate the global financial crisis (GFC) and the structural changes of recent years that have been associated with new ...

Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises ...

Economics Faculty Publications and Presentations (2014)

Joshua Aizenman and Hiro Ito

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the ...

China and Global Imbalances from a View of Sectorial Reforms

Review of International Economics (2013)

Hiro Ito and Ulrich Volz

This paper examines the impact of sectorial reforms on current account imbalances, with a special focus on China. In particular, ...

The “Impossible Trinity” Hypothesis in an Era of Global Imbalances ...

Review of International Economics (2012)

Joshua Aizenman, Menzie David Chinn and Hiro Ito

We outline new metrics for measuring the trilemma aspects: exchange rate flexibility, monetary independence, and capital account openness, taking into ...

Trilemma Policy Convergence Patterns and Output Volatility

North American Journal of Economics and Finance (2012)

Joshua Aizenman and Hiro Ito

We examine the open macroeconomic policy choices of developing economies from the perspective of the economic “trilemma” hypothesis. We construct ...

A Forensic Analysis of Global Imbalances

Economics Faculty Publications and Presentations (2011)

Menzie David Chinn, Barry Eichengreen and Hiro Ito

We examine whether the behavior of current account balances changed in the years preceding the global crisis of 2008-09, and ...