Following the seminar, a welcome reception was held to welcome 39 new scholars, including four open-track scholars pursuing a doctoral degree, from 18 countries. Representatives from the Japanese Ministry of Finance and the relevant embassies and central bank representative offices in Tokyo also attended to welcome the incoming scholars and wished them a successful start of their studies. In particular, Mr. Akihiko Yoshida, Director of the International Organizations Division of the Japanese Ministry of Finance, delivered a guest speech, encouraging the scholars to learn lessons from Japan’s experience and develop a human network. Mr. Batkhurel Serdavaa, Bank of Mongolia who commenced his Master studies at Hitotsubashi University, and Ms. Than Than Soe from the Central Bank of Myanmar who started a doctoral study at the IUJ, delivered speeches on behalf of the partnership and open-track scholars respectively. In their speeches, they shared their excitement at studying in Japan as JISPA scholars, thanked the Japanese government and the IMF for their assistance, and wished their fellow scholars success in their studies.

Completion of the Orientation Program: The 35 new partnership-track scholars successfully completed the Orientation Program at the International University of Japan. The program is a unique opportunity for all of the scholars to study on the same campus. As such, this experience helped them cultivate an identity as the Japan-IMF scholars and fostered a team spirit prior to moving to their own university for their core course studies.

Scholar’s Comment: Experience about the about JISPA Orientation Programme (OP), JISPA Seminar and Welcome Reception of 22nd October, 2015. The Orientation Programme (OP) was the best prelude imaginable to the regular courses for all the JISPA scholars including me. The ‘OP’ as it is popularly known, provides an excellent learning experience especially to those who might not have been pursuing regular studies for some time because of being in regular employment with their Government or the Central Bank. This programme is held in the International University of Japan (IUJ), situated in the country side of Japan i.e. in Urasa which is a subdivision of the city of Minamiuonuma in Niigata Prefecture situated in the North Western part of Japan, about 350 Kms away from Tokyo. IUJ provides a natural setting to peep into the rich rural cultural life of Japan and to understand the various facets of agrarian life in Japan. The extensive and intensive coverage of subjects like Mathematics, Econometrics, Microeconomics, English and Japanese language prepares the scholars for their upcoming academic journey in Japan. I especially benefitted from the Mathematics OP classes in IUJ taught by one of the best Professor of Economics in Japan, Prof. Makoto Kakinaka.

In addition to the OP, one of the regular events organized by JISPA, i.e. the JISPA Seminar series, provides a platform to know about research and developments in some of the frontier areas of economic research. This is an opportunity to know more about specialized topics of contemporary economic research and interact with specialists in these fields. The JISPA Seminars have broadened my outlook on the ongoing research in various fields. In addition, the interactive session in the Seminar is especially interesting as it is like a brainstorming session bringing out various other perspectives on the same issue. Such Seminars are a demonstration of the application of economic theories that we learn in the classrooms into empirical economic research. This exposure to the JISPA seminars is invaluable.

The first JISPA Seminar of 2015-16 was held on 22nd October 2015 and was followed by the welcome dinner. The paper that was presented during the seminar was informed to be a “work in progress” and was titled “Spillovers of Japanese Monetary Policy to Emerging Asia: a Global VAR analysis” authored by Giovanni Ganelli, Deputy Head of Office, IMF OAP and Nour Tawk, OAP intern. This paper tries to analyze and quantify the spillovers of “Quantitative and Qualitative Easing” (QQE) of Japan on various economic indicators of various emerging Asian economies like China, Thailand, Malaysia Indonesia and the Philippines by using the GVAR Model. Specifically it estimates the spillover of such a QQE through various channels like trade, finance etc. The study shows that there is a financial spillover both from the trade and FDI channel and the monetary easing (QQE) seems to have increased the GDP and equity prices for most of the countries covered under the study. However, most of the countries also witnessed temporary rise in inflation. In the Q&A session questions related to the choice of variables, like equity prices, as proxies for monetary policy shocks, were raised and alternative variables like monetary base were suggested. There were also suggestions and clarifications with regard to the specification of the GVAR model. Since the presentation was a work in progress the presenter took the suggestions into account for finalizing the results of the study. The Seminar ended with the applause of the audience. The Welcome Reception followed the JISPA Seminar. During the Welcome Reception, selected JISPA scholars shared their views about the programme and thanked the Japanese Government and the IMF on behalf of all JISPA scholars for providing such an excellent opportunity to come and study in Japan and learn.
(Mr. Abinash Dash, 2015-16, GRIPS,, Ministry of Finance, India)

OAP Hosted Seminars: The JISPA scholars were also invited to the following OAP seminars held in Tokyo:

• Reloading Abenomics: Priorities for the Needed Regime Shift
  Speaker: Kalpana Kochhar, Deputy Director, Asia and Pacific Department, IMF
  Date: September 04, 2015
• China: Recent Developments, Outlook, and Reforms
  Speaker: Alfred Schipke, IMF Senior Resident Representative Beijing
  Date: October 19, 2015
• The Global Economic Outlook
  Speaker: Gian Maria Milesi-Ferretti, Deputy Director, IMF Research Department
  Date: November 16, 2015

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In Cambodia, the gathering was attended by the JISPA alumni, together with Ms. Sarah Zhou, the IMF Resident Representative and her staff. Ms. Zhou delivered the opening remarks, sharing her experience of studying abroad, and expressed appreciation for the human resource development fostered by the JISPA, as many JISPA scholars are her counterparts for policy dialogue. As a representative from successful alumni, H.E. Mrs. Sokha, Secretary of State of the Cambodian Ministry of Economy and Finance delivered a speech, sharing the benefits gained through her own experience of studying in Japan, and how this benefitted her career path. She also referred to challenges which she had faced to develop her career as a woman.

The alumni gathering in Thailand was well attended. Since its inclusion in the JISPA in 2001, the number of scholars is steadly increasing. Dr. Nutavoot Pongsiri, the Assistant Governor of the Bank of Thailand, kindly took time to participate in the gathering and he received valuable views from the JISPA alumni about their experience with the scholarship program and their career progress after their return.

On October 13, an alumni gathering was held in Mongolia. The alumni appreciated the opportunity of the reunion, which was a rare occasion for them to get together as they work for different agencies. Mr. Dashdorj Luvsandash , Advisor to President, gave a speech representing the alumni, introducing himself as the first JISPA scholar from Mongolia and mentioning his experience in Japan which contributed to his career. Mr. Neil Saker, the IMF Resident Reprensentative for Mongolia, gave welcome remarks, and he noted that the JISPA alumni network includes some of the most talented economists in Mongolia who are in key positions.

OAP’s Capacity Building Seminar: On October 29-30, OAP organized the Capacity Building Seminar on "Financial Sector Stability" in Da Nang, Vietnam, jointly with the State Bank of Vietnam and the IMF’s Capital Markets Department (MCM). The seminar covered topical financial sector stability issues, including: implementation challenges for developing Asian countries arising from the international financial regulatory agenda; the institutional setup of regulatory agencies; and supervisory challenges posed by the non-bank and shadow banking sectors. The seminar also took stock of country experiences in this regard.

The seminar was attended by about 30 participants, including IMF staff and policy makers from central banks and financial supervision institutions in the region. Two JISPA alumni, Mr. Lum Sam Ol, Off-Site Banking Supervision Department, the National Bank of Cambodia, and Mr. Visone Saysongkham, the Deputy Director General of Financial Institution Supervision Department, the Bank of the Lao PDR, attended the seminar and actively contributed to the discussion.

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1. Please outline your work responsibilities before enrolling on your studies in Japan.

• Update, compile and analyze macroeconomic data of Bhutan.
• As a technical member of the Macroeconomic Coordination Committee, I coordinated and closely worked with key economic sectors, and provided macroeconomic policy recommendations to the Ministry of Finance, Royal Government of Bhutan.
• I was involved in the preparation of the Annual National Budget Report and long term development plans and programs of the country.
• Worked with international agencies such IMF, World Bank, ADB, UN and etc pertaining to macroeconomic issues of Bhutan.

2. What led you to study in Japan, and what motivated you to apply for the JISPA?

• Unlike other scholarships, the JISPA scholarship in Japan is firstly linked only with renowned International universities in Japan.
• Secondly, JISPA scholarship being closely monitored by the IMF, has designed economic courses (IUJ) deliberately related to current macroeconomic challenges in Bhutan.
• Thirdly, for me Japan is a model nation not only for science and technology but also for its culture and people.

3. What are you studying? (What have you been studying?)

I am studying MA economics, focusing on macroeconomics. To share, learning exciting tools such as computable general equilibrium (CGE), Dynamic Stochastic General Equilibrium (DSGE) model, and several other economic applications is really fantastic.

4. Please tell us of one experience in Japan that made you feel happy, sad, surprised, or moved.

I am really moved by the politeness of the Japanese.

5. Please describe your experience and/or impression of the JISPA (such as the Orientation Program, seminars, and meetings with IMF/OAP economists).

From the beginning of my studies to date, I feel the objective of JISPA office for conducting the above programs is always achieved. As a scholar I benefited from the orientation program as a preparation for academic and personal life in Japan. The seminars and meetings benefited us academically.

6. How would you like to utilize the knowledge and skills obtained through your studies under the JISPA in your future work?

Honestly, I feel I have gained a great deal of knowledge and skills from JISPA. As mentioned in Q3, I am ready to apply these when I return to my real work. I am sure it will benefit my office dealing with macroeconomic issues of Bhutan.

7. What is your future career vision and dream?

I will continue my work in the Ministry of Finance. To be become an Economist in the Ministry is my vision/dream. For this, my mission is to pursue a PhD (Economics) in the near future.

8. What is your favorite proverb or motto?

"There is no substitute for hard work."

9. Do you have any message to Japan?

I am very eager to see "Economic Miracle of Japan" again.

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