Research Team

Masahiro Kawai joined ADBI as Dean in 2007 after serving as Head of ADB’s Office of Regional Economic Integration. Previously, he was a Professor of Economics at the University of Tokyo. He also served as Deputy Vice Minister of Finance for International Affairs of Japan’s Ministry of Finance and Chief Economist for the World Bank’s East Asia and the Pacific region. He was a consultant at the Board of Governors of the Federal Reserve System and at the International Monetary Fund and Special Research Advisor at the Institute of Fiscal and Monetary Policy in Japan's Ministry of Finance. He has published numerous books and academic articles on economic globalization and regionalization, and regional financial integration and cooperation in East Asia. He earned his PhD in economics from Stanford University.

Mario Lamberte is currently Director of Research at ADBI. Prior to joining ADBI, he worked for the Philippine Institute for Development Studies (PIDS) as a Research Fellow from 1981 to 1986, Vice-President from 1987 to 1997 and finally, President from 1998 to March 2005. He advised the Philippine Senate on legislative measures pertaining to financial markets and trade policy reforms. He served as a consultant of several multilateral and bilateral donor agencies in several occasions. He has authored and co-authored several published research papers and edited several books. His current areas of interest are regional economic cooperation and integration, financial markets and development economics. Mr. Lamberte earned his doctoral degree in economics from the University of the Philippines in 1982 and spent his post-doctoral studies at Stanford in 1983-84. He was elected President of the Philippine Economic Society (PES) in 1993.

Shinji Takagi is a Visiting Fellow at ADBI and Professor of Economics at the Graduate School of Economics, Osaka University. His numerous professional appointments have included Economist, International Monetary Fund; Senior Economist, Japanese Ministry of Finance; Visiting Professor of Economics, Yale University; and Advisor, IMF Independent Evaluation Office. He is a specialist in international monetary economics and is the author of over 70 publications, including four books. His recent work has dealt with exchange rate policy, emerging market crises, capital market development and regional policy cooperation. His textbook on international monetary economics is currently in its third edition. He holds a PhD in economics from the University of Rochester.

Doo Yong Yang is Director of the Department of International Macroeconomics and Finance, Korea Institute for International Economic Policy. He is also a Research Fellow for KIEP. In addition to his current position, Dr. Yang has served as a Consultant for the ADB (2007); Senior Research Fellow, BIS (2007); Advisor, Minister of Planning and Budget (2000-'01); Research Fellow, Director of Macroeconomic Division, Hyundai Research Institute (1996-'99); Instructor and Researcher, The Economics Institute in Boulder, Colorado (1995-'96); and Associate Editor, The Journal of the Korean Economy. He has been also a member of International Financial Cooperation in Minister of Economy and Finance of Korea (since 2001), Financial Forum in Minister of Foreign Affairs and Trade of Korea (since 2001), Financial Development Steering Committee in MOFE (since 2004). He holds a Ph.D. in Economics from the University of Colorado at Boulder, and has published widely on economic issues.

Research Team

Raymond Atje is Head of the Department of Economics at the Centre for Strategic and International Studies (CSIS). He has worked on a wide range of research topics, from finance to the environment. At present, his main research interest is in understanding the development of entrepreneurship and its impacts on growth. He has previously worked with various international institutions, including the World Bank, the International Labour Organization (ILO), and the Institute for International Economics (IIE). He completed his Bachelor of Science in Physics from the Bandung Institute of Technology (ITB) in 1979. He then became a visiting scholar at the Energy Modelling Forum of Stanford University before pursuing a Master of Science (MSc) degree in Engineering Economic Systems there. After graduation from Stanford in 1985, he immediately enrolled in the doctorate program at the New York University. His dissertation, entitled “Finance and economic growth: An empirical analysis,” was among the earliest proponents of the notion that the financial sector was an important source of economic growth. For this, he received his Doctor of Philosophy (PhD) degree in Economics in 1993.

Hwee Kwan Chow is a Practice Associate Professor of Economics and Statistics at the School of Economics and Social Sciences, Singapore Management University. She was formerly Lead Economist at the Monetary Authority of Singapore, Vice President and Head at Overseas Union Bank, and Senior Lecturer with the Department of Economics, National University of Singapore. She taught Statistics, Financial Economics and Time Series Analysis and Economic Forecasting courses. Her main research areas are Econometric Forecasting, Exchange Rate Management in East Asia, and East Asian Economic and Financial Integration. She received a PhD degree from London School of Economics. Her publications have appeared in international journals such as Journal of Macroeconomics, Economic Letters, Journal of Applied Statistical Science, and Communications in Statistics. She provided consultancy services to ASEAN Secretariat as well as Department of Statistics, Ministry of Trade and Industry. She conducted many training programs, for various organizations Econometric Studies Unit, Port of Singapore Authority and Civil Service Institute.

Kee-Kuan Foong is Senior Research Fellow of the Malaysian Institute of Economic Research (MIER). He was Senior Executive, Monetary Assessment & Strategy Department and Treasury Analyst of Treasury Department, DCB Bank Berhad, Kuala Lumpur, Malaysia. His research areas are economic development and growth: growth models and sources of growth; financial development, financial crisis, and growth; microstructure, finance, and long-run growth; monetary policy transmission mechanisms; econometric and statistical methods; cross-sectional, time-series, and panel data studies. He earned his PhD in economics and finance from University of Melbourne, Australia in 2003.

Stephen A. Grenville, former Deputy Governor at the Reserve Bank of Australia, works as a consultant on financial sector issues in East Asia, is a Visiting Fellow at the Lowy Institute for International Policy, and is a director of AMP Capital Investors and the Sydney Futures Exchange. He is also an Adjunct Professor, The Crawford School of Economics and Government of the Australian National University. His specialties are Central banking, macro-economic policy, financial sector development, and financial sector governance.

Jürgen von Hagen is Professor of Economics and Director of Institut für Internationale Wirtschaftspolitik of University of Bonn. He was previously appointed as Director of Center for European Integration Studies, University of Bonn, 1996-06, and Director of Institute for Advanced Studies University of Mannheim, 1992-96. He joined the Economic Development Institute of the World Bank in 1998 and 2006, European Parliament in 1998-1999, Sultanate of Oman in 2001, Bank of Japan in 2002 and Federal Reserve Bank of St. Louis in 2005. He was also a Visiting Scholar of Federal Reserve Bank of St. Louis, and of Board of Governors of the Federal Reserve System, and a Visiting Research Fellow at University of Bonn. He also served as Research Consultant for International Monetary Fund and Inter-American Development Bank, and a Special Consultant for European Commission. His research interest is international and monetary macroeconomics and public finance.

Neeltje van Horen is with the Research Department of the Dutch Central Bank. She is a consultant for the International Finance Team and a bank lending specialist. Her responsibilities involve the monitoring of trends in bank lending to developing countries. She is conducting research in several areas including South-South bank lending, FDI in the financial sector, financial crises, asset pricing, financial integration and trade credit. Prior to joining the International Finance Team, Neeltje worked in the World Bank Research Group. She holds a Phd from the University of Amsterdam.

Soyoung Kim is Associate Professor at the Department of Economics, Korea University. He received Chung-Ram Award for the Best Korean Economist under Age 45 from Korea Economic Association in 2007. He also serves as Adviser to the Bank of Korea and National Economic Advisory Council. Prior to this appointment, He was a Consultant at the Asian Development Bank. He was also a research fellow as well as visiting research fellow at various organizations, the Bank of Spain, the Research Department of the International Monetary Fund, and Bank of Korea, Hong Kong Institute for Monetary Research. He also taught at various universities such as University of Illinois, Hong Kong University of Science and Technology.

Robert N. McCauley serves as the Chief Representative at the Bank for International Settlements’ Representative Office for Asia and the Pacific in Hong Kong. His recent work on Asia has included analyses of capital flows, regional financial integration, bond and foreign exchange markets, effective exchange rates, foreign currency bank deposits, monetary policy, and foreign banks’ domestic currency operations. After joining the BIS in Basel in October 1994, he wrote on bond and foreign exchange markets. Before joining the BIS, he worked for 13 years for the Federal Reserve Bank of New York, serving at times as chief economist for the interagency committee of bank supervisors that rates country risk. There he wrote on international comparisons of the cost of capital, foreign bank lending to US corporations and the unprofitability of foreign direct investment in the US. In 1992 he taught international finance and the multinational firm at the University of Chicago’s Graduate School of Business. He wrote the Princeton Essay, The Euro and the Dollar (1997), co-authored Dodging Bullets: Changing US Corporate Capital Structures in the 1980s and 1990s (MIT Press, 1999) and co-authored the 7th Geneva Report on the World Economy, Official Reserves and Currency Management in Asia: Myth, Reality and the Future, with Hans Genberg, Yung Chul Park and Avinash Persaud (International Center for Monetary and Banking Studies and the CEPR, 2005).

Ila Patnaik is Senior Fellow of the National Institute for Public Finance and Policy (NIPF), New Delhi, and Economics Editor, Indian Express, New Delhi. Before joining NIPF, she was Senior Economist of the National Council of Applied Economic Research, New Delhi. She was a member of the Reserve Bank of India Working Group on Economic Indicators. Ms. Patnaik has published in reputable journals numerous research papers on monetary and financial market policy issues including India’s experience with capital flows. She obtained her Ph.D. in economics from the University of Surrey, Guildford, U.K.

Kanit Sangsubhan is Director of the Fiscal Policy Research Institute (FPRI) of the Ministry of Finance in Thailand. He served as the Director of the Overall Planning Division at the National Economic and Social Development Board from 1996 to 1999. He also served as an advisor to the Deputy Prime Minister and Minister of Commerce Supachai Panitchpakdi from 1994 to 1996, and as an expert to the Standing Committee on Economics of the House of Representatives in the Parliament of Thailand from 1996 to 1997. He later joined the Asian Development Bank Institute (ADBI) in Tokyo as a visiting scholar from 1999 to 2000. He joined the FPRI in 2000 and is now serving as Director and Honorable Advisor for Thailand Investment Service Center. Since 2004, he has been assigned as a Director of Dhanarak Asset Development Board and Member of the Advisory Board for ADBI. He has a bachelor's and a master's degree in economics from Thammasat University in Bangkok and a doctorate in economics from the University of Toronto.

Susan Schadler is former Deputy Director, European Department of the International Monetary Fund and currently consultant on global economic, trade and capital market issues. She joined the IMF in 1975 and held positions in the Research Department, Asian Department, and Policy Development and Review Department, before joining the European Department in 1999. She has headed IMF surveillance teams in industrial and transition countries, worked on a wide range of countries using Fund resources, and been involved with policy issues related to the use of Fund resources. During a sabbatical in 1998-99, she was adjunct professor at Georgetown University and a Senior Research Fellow at the International Food Policy Research Institute. Ms. Schadler has published extensively on macroeconomic issues. Most recently, she has coauthored several publications on euro adoption in the new member states and on the determinants of growth in these countries. She has also published several volumes analyzing IMF’s lending arrangements to both middle income and low-income countries. Other published work focuses on exchange rate policies and macroeconomic issues in Asia. She received a BA from Mount Holyoke College and an MSc in Economics from the London School of Economics.

Sergio Schmukler is Lead Economist in the Development Research Group of the World Bank. He obtained his Ph.D. from the University of California at Berkeley in 1997, when he started working as a Young Professional at the World Bank. Since joining the Bank, he has been based at the Research Department. He has also worked continuously for the Office of the Chief Economist for Latin America and for the East Asia and South Asia regions. Besides his work for the Bank, he has been Treasurer of LACEA (Latin America and Caribbean Economic Association) since 2004, was Associate Editor of the Journal of Development Economics (2001-2004), visited and taught at Department of Economics, University of Maryland (1999-2003), and visited and worked at the International Monetary Fund Research Department (2004-2005). Before joining the World Bank, he worked at the U.S. Federal Reserve (Board of Governors), the Inter-American Development Bank Research Department, and the Argentine Central Bank. His research area is international finance and international financial markets and institutions. He has published several articles in academic journals and edited volumes on emerging markets finance, exchange rate regimes, financial globalization, financial crises and contagion, and financial development.

Ajay Shah is Senior Fellow, National Institute for Public Finance and Policy (NIPF), New Delhi. Before joining NIPF, he was Associate Professor of the Indira Gandhi Institute of Development Research (IGIDR), Bombay and served as a consultant of the Rand Corporation. He has published in reputable journals numerous research papers on monetary and financial market policy issues including India’s experience with capital flows. He has been member of the board of directors of several committees such as Clearing Corporation of India and Centre for Monitoring Indian Economy. Mr. Shah obtained his Ph.D. in economics from the University of Southern California, Los Angeles.

Iulia Traistaru – Siedschlag is Senior Research Officer and Head of the Centre for International Macroeconomic Analysis at the Economic and Social Research Institute in Dublin. She is specialised in International Economics and Quantitative Economic Methods. Her key areas of expertise include structural change and macroeconomic adjustment in the context of economic and monetary integration; economic growth, nominal and real convergence; international transmission of business cycles; modelling of trade integration and trade policy; applied econometrics. Her research has been published in leading international journals such as Open Economies Review, Kyklos, Labour Economics, Journal of International Business and Economy, and books. She has received several research awards and fellowships from private and public organisations including Il Sole 24 Ore, the British Council, University of Warwick and the European Commission. In 2004 she received the Best Paper Award from the International Business and Economy Conference in San Francisco for her research on location of manufacturing in Central and Eastern Europe in the context of increased economic integration. She has been a consultant to the European Commission, European Central Bank, World Bank, Inter-American Development Bank, and the World Economic Forum.

Ira S. Titiherew is a senior research staff of the Center for Strategic International Studies (CSIS), Indonesia. She is currently Project Manager/Team Leader: Improving Indonesia’s Market Access in the EU Market (EU-SPF); Project Manager: Plan on WTO/MTS-related research and information dissemination (TSP-WTO at the MoT); Team Member: Assessment on ASEAN Roadmap of Healthcare Sector Integration (ASEAN Secretariat); Project Manager/Team Leader: Workshop on Accelerating Economic Regulatory Reform (World Bank Institute).

Tri Thanh Vo is Head of the International Department for Economic Integration Policy Research under the Central Economic Management Institute (CIEM). His prior appointment was Head of the Department of Policy Analysis and Development Research of the CIEM. He earned his doctoral degree in economics from the Australian National University.

Josef T. Yap is President of the Philippine Institute for Development Studies (PIDS). He is also a member of Philippine Economic Society, Acting Member of the Committee on Social and Human Sciences, UNESCO National Commission of the Philippines, and Associate Editor, Asian Economic Journal. He had a rich experience in various development programs as principal researcher, consultant, program assessment specialist to UNDP and ADB. He also served as the team leader of ASEAN Secretariat in Regional Cooperation in Formulation of Economic Integration Strategies of CLMV Countries from 2005 to 2006. He was the Research Manager experiencing in Southeast Asia Human Development Report from 2003 to 2004. He was the principal researcher on trade, competitiveness and finance for the International Development Research Centre (1997-1999), Economic adviser to Senate President Neptali Gonzales (1991-1993), and the consultant to National Economic and Development Authority (1991-1993).

Eduardo Levy Yeyati is Financial Sector Advisor for Latin America and the Caribbean at the World Bank, and Professor of Economics (on sabbatical leave) at the Business School of Universidad Torcuato Di Tella, Buenos Aires, where he also directs the Center for Financial Research (CIF). He has published widely in the areas of international finance and banking. His recent research focuses on the determinants and implications of financial dollarization, the economics of exchange rate regimes, and the sources and consequences of macroeconomic volatility in emerging economies. He has served as Research Associate at the Research Department of the Inter-American Development Bank and Chief Economist of the Central Bank of Argentina, and have worked at the International Monetary Fund. He works regularly as a consultant for the International Monetary Fund, The World Bank, the Inter-American Development Bank, and several Latin American central banks, among other public and private institutions. He holds a Ph.D. in Economics from the University of Pennsylvania, a Master in Economics from Instituto Torcuato Di Tella, Buenos Aires, and a BA in Civil Engineer from Universidad de Buenos Aires.

Yongding Yu is an Academician with Chinese Academy of Social Sciences (CASS), Director-General of Institute of World Economics and Politics (IWEP) (1998- ), Professor with Post-Graduate School of Chinese Academy of Social Sciences, President of the China Society of World Economics (2001- ), Editor of China and World Economy, Associate Editor of Asian Economic Policy Review. He was formerly the academic member of the Monetary Policy Committee of the People's Bank of China (PBOC) and member of National Advisory Committee of the 11th Five Years Plan of National Reform and Development Commission (NDRC). He is a foreign member of Academie Hassan II Des Sciences Et Techniques, Royaume Du Maroc. He graduated from Beijing School of Science and Technology, Chinese Academy of Science in 1969 and joined Institute of World Economics, Chinese Academy of Social Sciences in 1979. He received his MA in economics from Graduate School of Chinese Academy of Social Sciences in 1986, and D.Phil. in economics from the University of Oxford in 1994. Yu Yongding authored, co-authored and edited more than 10 books, and published numerous papers and articles on macroeconomics, international finance and other subjects in various academic journals and mediums. His main research interests are macroeconomics and world economics.