Hidehiko Matsumoto - Appointed in AY2024

I research the impact of international capital flows on national macroeconomies, especially their effect on financial stability, and related policies. While working as a reporter for a news organization after graduating from university, I became interested in macroeconomic policy, sparked by Japan's deflation and the global financial crisis. The desire to think things through for myself until I was satisfied, rather than simply reporting on them as a journalist, grew stronger, leading me to leave my job and enter graduate school to pursue a career in research. At the American university where I studied abroad, there were many researchers and students from Latin America, and vigorous research was being conducted on how sudden outflows of international capital can trigger financial crises in emerging economies. I found myself drawn to this topic.

In international financial markets, vast sums of money move at a dizzying pace. When these flows suddenly change direction or stop, it can have a major impact on national economies and the global economy as a whole. The appeal of this research theme lies in its massive scale and dynamism. Research findings in this field also directly influence policymaking in national governments, central banks, and international organizations such as the International Monetary Fund and the World Bank. I sometimes receive messages and questions from people at central banks abroad who have read my papers, and this connection to the real world is a great source of motivation.

Looking back on my own student days, I feel my knowledge and perspective were quite narrow, as I spent most of my time within a limited community. When you step outside your everyday community, you can discover interesting things and important issues you never would have imagined. In my case, I became interested in macroeconomics through my work as a reporter, and I chose international finance as my research theme after meeting researchers from Latin America while studying abroad. Even now, I learn a great deal from interacting with students of different generations and nationalities in my seminars and classes. I encourage all of you to occasionally step out of your comfortable, everyday communities to broaden your horizons and expand your worldview.