IMF RESEARCHER

Yuko Hashimoto is a senior economist in the Strategy, Policy, and Review (SPR) Department of the International Monetary Fund. She joined the IMF in September 2009. Previously, she worked in academia in Tokyo, Japan and was an associate professor of Economics at Toyo University and an assistant professor at Keio University. Since she joined the IMF, she has worked in multiple areas, including surveillance cases of European region (Estonia, Montenegro) as well as small and Fragile states (Tuvalu, Malawi), data standard assessment (Albania, Barbados, Botswana, Guyana, Seychelles). She also contributed to multilateral surveillance review and policy papers, including Review of the role of the SDR Board paper, External Sector Report, and a series of Board papers responding to the G-20 Data Gap Initiative.

Email: YHASHIMOTO@imf.org

Fluent In: Japanese.

Education:

Ph.D. in Economics, University of Tokyo, 2003.

M.A. in Economics, University of Tokyo.

B.A. in Economics, Yokohama City University.

Previous Experience:

Associate Professor, Toyo University, Tokyo, Japan. 2003-September 2009.

Assistant Professor, Keio University, Fujisawa, Japan. 2000-2003.

Editorial Activities:

Guest editor, The IMF Research Perspectives, June 2019 issue, forthcoming.

Current Position:

Senior Economist, Non-concessional Lending Division, Strategy, Policy and Review (SPR) Department, IMF, February 2023- current.

Senior Economist, External Sector Policy Division, Strategy, Policy and Review (SPR) Department, IMF, July 2020 - February 2023.

Senior economist, Systemic Issues Division, Research Department, IMF. February 2016-current.

Senior economist, Data Dissemination and Review Division, Statistics Department, IMF. November 2012- February 2016.

Economist, Data Dissemination and Review Division, Statistics Department, IMF. September 2009-October 2012.

Other Professional Positions:

Special Appointee, International Monetary Fund (Research department and Asia-Pacific Department), Washington, D.C. October 2007-September 2008.

Visiting scholar, Hong Kong Institute for Monetary Research, Hong Kong. August-September 2006.

Researcher, Japan Bank for International Cooperation, Tokyo, Japan. January 2007-April 2007.

Visiting lecturer, Graduate School of Public Policy, University of Tokyo, Tokyo, Japan. September 2005-March 2006.

Researcher, The Mitsubishi Economic Research Institute, Tokyo, Japan. December 2004-December 2005

Research associate, Asian Development Bank Institute, Tokyo, Japan. October 2001-January 2003.

Research assistant, Institute for Monetary and Economics Studies, Bank of Japan, Tokyo, Japan. April-October 1999.

Country work or Mission Assignment:

Article IV, program negotiation missions and staff visit to Malawi (2020-2023)

Staff visit and Article IV to Tuvalu (2019-2020).

Article IV missions to Montenegro (2015). Worked on the external sector and structural reforms; provided a seminar at University of Montenegro - Economics Faculty: Seminar on Montenegro's Trade Performance; Published a Selected Issues Paper on Explaining Montenegro’s Export Performance (February 2016), IMF Country Report No. 16/80.

Article IV mission to Estonia (2013). Worked on the external sector and structural reforms; main contributor for labor market analysis in Annex.

DFID-GDDS workshop in Botswana (2010, organizer).

STA SDDS and GDDS missions: Seychelles (2015, mission chief); Barbados (2011, mission chief); Guyana (2011); Albania (2010); Seychelles (2010).

Field of Expertise:

Monetary Policy

Banking

Open Economy Macroeconomics

Macro-Financial Issues

International Trade

International Finance

Development Economics

IMF Books and Working Papers:

Demographics and the Housing Market: Japan’s Disappearing Cities , Working Paper No. 20/200 , September 25, 2020

Capital Flows: The Role of Bank and Nonbank Balance Sheets , Working Paper No. 19/85 , April 29, 2019

The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads , Working Paper No. 17/74 , March 28, 2017

The Financial Wealth of Corporations : A First Look at Sectoral Balance Sheet Data , Working Paper No. 16/11 , January 26, 2016

The Role of Country Concentration in the International Portfolio Investment Positions for the European Union Members , Working Paper No. 14/74 , May 01, 2014

The Role of Risk and Information for International Capital Flows : New Evidence from the SDDS , Working Paper No. 12/242 , October 05, 2012

Selected Issue

“Montenegro: Explaining Montenegro’s Export Performance,” Selected Issues, Country Paper No. 16/80, February 2016.

Books

"Market Microstructure of the Foreign Exchange Markets: Evidence from the Electronic Broking System," (with Takatoshi Ito) in Greg N. Gregoriou and Razvan Pascalau (eds.), Financial Econometrics Modeling: Market Microstructure, Factor Models and Financial Risk Measures, New York: Palgrave Macmillan: 66-91. 2011.

“Foreign Reserve Management and the Asian Bond Market,” in Eiji Ogawa (eds.), Overview of the Asian Bond Market, Toyo Keizai Sinpo Sha, 2009. (written in Japanese)

“Price Impacts of Deals and Predictability of the Exchange Rate Movement," (with Takatoshi Ito), in Takatoshi Ito and Andrew Rose (eds.), International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy, NBER-University of Chicago, vol. 17, July 2008.

“International Finance,” (with Eiji Ogawa and Masao Kumamoto), Yuhi-Kaku, April 2007. (written in Japanese, original title “Kokusai Kinnyu wo Twukamu”)

“Looking back to the Asian Currency Crisis,” Mitsubishi Economic Research Institute, November 2006. (written in Japanese, original title “Azia Tsuka Kiki wo Hurikaette”)

“Currency and Stock Price Contagion in East Asian Financial Market,” (with Takatoshi Ito), in Eiji Ogawa and Shin-ichi Fukuda (eds.), International Financial System: Lessons from the Asian Currency Crisis, University of Tokyo Press, 2006. (written in Japanese)

“High-Frequency Contagion between the Exchange Rates and the Stock Prices during the Asian Currency Crisis,” (with Takatoshi Ito), in Mardi Dungey and Demosthenes N. Tambakis (eds.), Identifying International Financial Contagion: Progress and Challenges, Oxford University Press, 2005: 111-149.

Publications in Journals (Refereed)

"Does transparency pay? Evidence from IMF data transparency policy reforms and emerging market sovereign bond spreads," (with Sangyup Choi), Journal of International Money and Finance 88 (2018) pp171-190.

“The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS,” (with Konstantin Wacker), Review of World Economics, Volume 152, Issue 3, pages 529-557, August 2016.

“International Reserves and the Global Financial Crisis,” (with Kathryn M. Dominguez and Takatoshi Ito), Journal of International Economics, Vol 88, Issue 2, November 2012.

"On the Nonstationarity of the Exchange Rate Process", (with T.Ohnishi, H.Takayasu, T.Ito, T.Watanabe, M.Takayasu), International Review of Financial Analysis (2012), pp. 30-34.

“Random Walk or a Run—Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability—”, (with T. Ito, T. Ohnishi, M. Takayasu, H. Takayasu, T. Watanabe), Quantitative Finance, December 2010, 1-13.

“Effects of Japanese Macroeconomic Statistic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture,” (with Takatoshi Ito), Journal of The Japanese and International Economies, Volume 24, Issue 3, September 2010, pages 334-354.

“Dynamics of quote and deal prices in the foreign exchange market,” (with T. Ohnishi, H. Takayasu, T. Ito, T. Watanabe and M. Takayasu), Journal of Economic Interaction and Coordination 3, 2008.

“Intra-day Seasonality in Activities of the Foreign Exchange Markets:Evidence from the Electronic Broking System,” (with Takatoshi Ito), Journal of The Japanese and International Economies, Volume 20, Issue 4, December 2006.

“High-Frequency Contagion of Currency Crises in Asia,” (with Takatoshi Ito), Asian Economic Journal, Vol.19, No.4, December 2005. [NBER Working Paper No. 9376, December 2002.]

“The impact of the Japanese banking crisis on the intraday FX market in late 1997”, Journal of Asian Economics, Vol.16, April 2005.

“An Empirical Test of Likelihood and Timing of Speculative Attacks: The Case of Malaysia and Singapore,” Japan and the World Economy, Vol.15, No.2, April 2003.

“Macroeconomics and High Interest Rates in Asia before 1997,” Asia-Pacific Development Journal, Vol.8, No.2, December 2001.

“Origin and Contagion of Asian Financial Crises: Daily Data Analysis,” (with Takatoshi Ito), The Economic Review, Vol.55, No.3, July 2004. (written in Japanese)

Other Published Materials

"International Reserves and the Global Financial Crisis", with Kathryn M.E. Dominguez and Takatoshi Ito, NBER Working Paper No.17362, August 2011. [published from Journal of Internaional Economics, Vol 88, Issue 2, November 2012]

"Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture", (with Takatoshi Ito), NBER Working Paper No.15020, May 2009. [published from Journal of The Japanese and International Economies, Volume 24, Issue 3, September 2010]

"Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability", (with Takatoshi Ito, Takaaki Ohnishi, Misako Takayasu, Hideki Takayasu, Tsutomu Watanabe), NBER Working Paper No.14160, July 2008. [published from Quantitative Finance, December 2010]

Intra-Day Seasonality in Activities of the Foreign Exchange Markets: Evidence From the Electronic Broking System", with Takatoshi Ito, NBER Working Paper No.12413, August 2006. [published from Journal of The Japanese and International Economies, Volume 20, Issue 4, December 2006]

"Bank Restructuring in Asia: Crisis management in the aftermath of the Asian financial crisis and prospects for crisis prevention -Malaysia-", (with Takatoshi Ito), Research Institute of Economy, Trade and Industry, RIETI Discussion Paper 07-E-039, June 2007.

"Bank Restructuring in Asia: Crisis management in the aftermath of the Asian financial crisis and prospects for crisis prevention -Korea-" (with Takatoshi Ito), Research Institute of Economy, Trade and Industry, RIETI Discussion Paper, 07-E-038, June 2007.

"Price Impacts of Deals and Predictability of the Exchange Rate Movements", with Takatoshi Ito, NBER Working Paper No.12682, November 2006. [Revised version published from a chapter in T.Ito and A.Rose (eds.), International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy, NBER-University of Chicago, vol. 17, July 2008.]

"High-Frequency Contagion of Currency Crises in Asia,” (with Takatoshi Ito), NBER Working Paper No. 9376, December 2002. [published from Asian Economic Journal, Vol.19, No.4, December 2005.]

Yuko Hashimoto is a senior economist in the Strategy, Policy, and Review (SPR) Department of the International Monetary Fund. She joined the IMF in September 2009. Previously, she worked in academia in Tokyo, Japan and was an associate professor of Economics at Toyo University and an assistant professor at Keio University. Since she joined the IMF, she has worked in multiple areas, including surveillance cases of European region (Estonia, Montenegro) as well as small and Fragile states (Tuvalu, Malawi), data standard assessment (Albania, Barbados, Botswana, Guyana, Seychelles). She also contributed to multilateral surveillance review and policy papers, including Review of the role of the SDR Board paper, External Sector Report, and a series of Board papers responding to the G-20 Data Gap Initiative.

Email: YHASHIMOTO@imf.org

Fluent In: Japanese.

Education:

Ph.D. in Economics, University of Tokyo, 2003.

M.A. in Economics, University of Tokyo.

B.A. in Economics, Yokohama City University.

Previous Experience:

Associate Professor, Toyo University, Tokyo, Japan. 2003-September 2009.

Assistant Professor, Keio University, Fujisawa, Japan. 2000-2003.

Editorial Activities:

Guest editor, The IMF Research Perspectives, June 2019 issue, forthcoming.

Current Position:

Senior Economist, Non-concessional Lending Division, Strategy, Policy and Review (SPR) Department, IMF, February 2023- current.

Senior Economist, External Sector Policy Division, Strategy, Policy and Review (SPR) Department, IMF, July 2020 - February 2023.

Senior economist, Systemic Issues Division, Research Department, IMF. February 2016-current.

Senior economist, Data Dissemination and Review Division, Statistics Department, IMF. November 2012- February 2016.

Economist, Data Dissemination and Review Division, Statistics Department, IMF. September 2009-October 2012.

Other Professional Positions:

Special Appointee, International Monetary Fund (Research department and Asia-Pacific Department), Washington, D.C. October 2007-September 2008.

Visiting scholar, Hong Kong Institute for Monetary Research, Hong Kong. August-September 2006.

Researcher, Japan Bank for International Cooperation, Tokyo, Japan. January 2007-April 2007.

Visiting lecturer, Graduate School of Public Policy, University of Tokyo, Tokyo, Japan. September 2005-March 2006.

Researcher, The Mitsubishi Economic Research Institute, Tokyo, Japan. December 2004-December 2005

Research associate, Asian Development Bank Institute, Tokyo, Japan. October 2001-January 2003.

Research assistant, Institute for Monetary and Economics Studies, Bank of Japan, Tokyo, Japan. April-October 1999.

Country work or Mission Assignment:

Article IV, program negotiation missions and staff visit to Malawi (2020-2023)

Staff visit and Article IV to Tuvalu (2019-2020).

Article IV missions to Montenegro (2015). Worked on the external sector and structural reforms; provided a seminar at University of Montenegro - Economics Faculty: Seminar on Montenegro's Trade Performance; Published a Selected Issues Paper on Explaining Montenegro’s Export Performance (February 2016), IMF Country Report No. 16/80.

Article IV mission to Estonia (2013). Worked on the external sector and structural reforms; main contributor for labor market analysis in Annex.

DFID-GDDS workshop in Botswana (2010, organizer).

STA SDDS and GDDS missions: Seychelles (2015, mission chief); Barbados (2011, mission chief); Guyana (2011); Albania (2010); Seychelles (2010).

Field of Expertise:

Monetary Policy

Banking

Open Economy Macroeconomics

Macro-Financial Issues

International Trade

International Finance

Development Economics

IMF Books and Working Papers:

Demographics and the Housing Market: Japan’s Disappearing Cities , Working Paper No. 20/200 , September 25, 2020

Capital Flows: The Role of Bank and Nonbank Balance Sheets , Working Paper No. 19/85 , April 29, 2019

The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads , Working Paper No. 17/74 , March 28, 2017

The Financial Wealth of Corporations : A First Look at Sectoral Balance Sheet Data , Working Paper No. 16/11 , January 26, 2016

The Role of Country Concentration in the International Portfolio Investment Positions for the European Union Members , Working Paper No. 14/74 , May 01, 2014

The Role of Risk and Information for International Capital Flows : New Evidence from the SDDS , Working Paper No. 12/242 , October 05, 2012

Selected Issue

“Montenegro: Explaining Montenegro’s Export Performance,” Selected Issues, Country Paper No. 16/80, February 2016.

Books

"Market Microstructure of the Foreign Exchange Markets: Evidence from the Electronic Broking System," (with Takatoshi Ito) in Greg N. Gregoriou and Razvan Pascalau (eds.), Financial Econometrics Modeling: Market Microstructure, Factor Models and Financial Risk Measures, New York: Palgrave Macmillan: 66-91. 2011.

“Foreign Reserve Management and the Asian Bond Market,” in Eiji Ogawa (eds.), Overview of the Asian Bond Market, Toyo Keizai Sinpo Sha, 2009. (written in Japanese)

“Price Impacts of Deals and Predictability of the Exchange Rate Movement," (with Takatoshi Ito), in Takatoshi Ito and Andrew Rose (eds.), International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy, NBER-University of Chicago, vol. 17, July 2008.

“International Finance,” (with Eiji Ogawa and Masao Kumamoto), Yuhi-Kaku, April 2007. (written in Japanese, original title “Kokusai Kinnyu wo Twukamu”)

“Looking back to the Asian Currency Crisis,” Mitsubishi Economic Research Institute, November 2006. (written in Japanese, original title “Azia Tsuka Kiki wo Hurikaette”)

“Currency and Stock Price Contagion in East Asian Financial Market,” (with Takatoshi Ito), in Eiji Ogawa and Shin-ichi Fukuda (eds.), International Financial System: Lessons from the Asian Currency Crisis, University of Tokyo Press, 2006. (written in Japanese)

“High-Frequency Contagion between the Exchange Rates and the Stock Prices during the Asian Currency Crisis,” (with Takatoshi Ito), in Mardi Dungey and Demosthenes N. Tambakis (eds.), Identifying International Financial Contagion: Progress and Challenges, Oxford University Press, 2005: 111-149.

Publications in Journals (Refereed)

"Does transparency pay? Evidence from IMF data transparency policy reforms and emerging market sovereign bond spreads," (with Sangyup Choi), Journal of International Money and Finance 88 (2018) pp171-190.

“The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS,” (with Konstantin Wacker), Review of World Economics, Volume 152, Issue 3, pages 529-557, August 2016.

“International Reserves and the Global Financial Crisis,” (with Kathryn M. Dominguez and Takatoshi Ito), Journal of International Economics, Vol 88, Issue 2, November 2012.

"On the Nonstationarity of the Exchange Rate Process", (with T.Ohnishi, H.Takayasu, T.Ito, T.Watanabe, M.Takayasu), International Review of Financial Analysis (2012), pp. 30-34.

“Random Walk or a Run—Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability—”, (with T. Ito, T. Ohnishi, M. Takayasu, H. Takayasu, T. Watanabe), Quantitative Finance, December 2010, 1-13.

“Effects of Japanese Macroeconomic Statistic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture,” (with Takatoshi Ito), Journal of The Japanese and International Economies, Volume 24, Issue 3, September 2010, pages 334-354.

“Dynamics of quote and deal prices in the foreign exchange market,” (with T. Ohnishi, H. Takayasu, T. Ito, T. Watanabe and M. Takayasu), Journal of Economic Interaction and Coordination 3, 2008.

“Intra-day Seasonality in Activities of the Foreign Exchange Markets:Evidence from the Electronic Broking System,” (with Takatoshi Ito), Journal of The Japanese and International Economies, Volume 20, Issue 4, December 2006.

“High-Frequency Contagion of Currency Crises in Asia,” (with Takatoshi Ito), Asian Economic Journal, Vol.19, No.4, December 2005. [NBER Working Paper No. 9376, December 2002.]

“The impact of the Japanese banking crisis on the intraday FX market in late 1997”, Journal of Asian Economics, Vol.16, April 2005.

“An Empirical Test of Likelihood and Timing of Speculative Attacks: The Case of Malaysia and Singapore,” Japan and the World Economy, Vol.15, No.2, April 2003.

“Macroeconomics and High Interest Rates in Asia before 1997,” Asia-Pacific Development Journal, Vol.8, No.2, December 2001.

“Origin and Contagion of Asian Financial Crises: Daily Data Analysis,” (with Takatoshi Ito), The Economic Review, Vol.55, No.3, July 2004. (written in Japanese)

Other Published Materials

"International Reserves and the Global Financial Crisis", with Kathryn M.E. Dominguez and Takatoshi Ito, NBER Working Paper No.17362, August 2011. [published from Journal of Internaional Economics, Vol 88, Issue 2, November 2012]

"Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture", (with Takatoshi Ito), NBER Working Paper No.15020, May 2009. [published from Journal of The Japanese and International Economies, Volume 24, Issue 3, September 2010]

"Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability", (with Takatoshi Ito, Takaaki Ohnishi, Misako Takayasu, Hideki Takayasu, Tsutomu Watanabe), NBER Working Paper No.14160, July 2008. [published from Quantitative Finance, December 2010]

Intra-Day Seasonality in Activities of the Foreign Exchange Markets: Evidence From the Electronic Broking System", with Takatoshi Ito, NBER Working Paper No.12413, August 2006. [published from Journal of The Japanese and International Economies, Volume 20, Issue 4, December 2006]

"Bank Restructuring in Asia: Crisis management in the aftermath of the Asian financial crisis and prospects for crisis prevention -Malaysia-", (with Takatoshi Ito), Research Institute of Economy, Trade and Industry, RIETI Discussion Paper 07-E-039, June 2007.

"Bank Restructuring in Asia: Crisis management in the aftermath of the Asian financial crisis and prospects for crisis prevention -Korea-" (with Takatoshi Ito), Research Institute of Economy, Trade and Industry, RIETI Discussion Paper, 07-E-038, June 2007.

"Price Impacts of Deals and Predictability of the Exchange Rate Movements", with Takatoshi Ito, NBER Working Paper No.12682, November 2006. [Revised version published from a chapter in T.Ito and A.Rose (eds.), International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy, NBER-University of Chicago, vol. 17, July 2008.]

"High-Frequency Contagion of Currency Crises in Asia,” (with Takatoshi Ito), NBER Working Paper No. 9376, December 2002. [published from Asian Economic Journal, Vol.19, No.4, December 2005.]