The Center for Economic Institutions (CEI) is affiliated with the Institute of Economic Research, Hitotsubashi University. The Center was established in April 2000 with the aims of conducting systematic basic research on economic institutions and economic policies and of playing a role of an international research network for this purpose.
Under the main research themes, "Financial Systems and Corporate Governance in Asia" and "Poverty Reduction, Institutions, Markets and Policies in Developing Countries: Toward a Theory of Comparative Economic Development," and "Comprehensive Analysis of Disparity," CEI has conducted extensive research by inviting eminent researchers from overseas and Japan. The results of CEI's research over the past two decades have been documented through the publication of books, journal articles, and working papers; the creation of an extensive international network of researchers; and the construction of original databases.
In April 2026, CEI is launching a new research topic, "Comprehensive Analysis of Monetary and Fiscal Policies." Japan's financial markets were liberalized in the 1980s, and today's monetary and fiscal policies have been shaped by the experiences accumulated since then. Over the intervening decades, the Japanese economy has undergone profound structural changes while passing through numerous episodes, including the Plaza Accord, the asset price bubble and its collapse, prolonged low interest rates, deflation, domestic and international financial crises, and the COVID-19 pandemic. Throughout these episodes, the government and the central bank have continuously sought the most appropriate monetary and fiscal policy responses to the evolving conditions of the Japanese economy. This research project examines half a century of these developments, theoretically and empirically investigating how various monetary and fiscal policies have affected the Japanese economy and the mechanisms through which these effects have propagated.
We greatly appreciate your continuing support for our research activities at CEI.
CEI Research Director
Jouchi Nakajima
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