Toward a Sustainable Society

About Us

The Research Institute of Capital Formation (RICF) was established on July 1, 1964, as a department of the Japan Development Bank, with Dr. Osamu Shimomura as its first executive director. The institute currently serves as a research department of the Development Bank of Japan, conducting research aimed at the formation of a sustainable economy and society.

Shimomura Fellowship

Development Bank of Japan (DBJ) offers non-Japanese researchers the Shimomura Fellowship, named in honor of the late Dr. Osamu Shimomura, a noted Japanese economist.

Call for Papers: Conference on CSR, the Economy and Financial Markets

Recent Research Papers

Other Research Papers

07/04/2017 Economics Today

 Corporate Governance of Japanese Firms: Issues and Prospects for Industrial Metabolism and Sustainable Management (Ueda, Kazuo, Shin-ichi Fukuda, Hideo Oishi and Jun-ichi Nakamura(eds.)) (in Japanese).

04/01/2017 Financial DB

 Handbook of Industrial Financial Data 2016 (DBJ Research Institute of Capital Formation (ed.)) (in Japanese).

26/09/2016 Discussion paper

A Theory on Origin of Speculative Bubbles and Public Debt Accumulation(Otaki, Masayuki)[PDF:582K]

26/09/2016 Discussion paper

Corporate Environmental Liabilities and Capital Structure (Chang, Xin, Kangkang Fu, Tao Li, Lewis H.K. Tam and George Wong )[PDF:814K]

26/09/2016 Discussion paper

The Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading and Corporate Innovation (Chang, Xin, Yangyang Chen, Sarah Qian Wang, Kuo Zhang and Wenrui Zhang)[PDF:909K]

26/09/2016 Discussion paper

Gains from Mergers and Acquisitions in Japan (Fatemi, Ali, Iraj Fooladi and Niloofar Garehkoolchian)[PDF:567K]

08/07/2016 Economics Today

 Analysis and Utilization of Qualitative Information in an Annual Report: The way of Desirable Dialogue with the Diversification of the Risk (Noda, Kentaro) (in Japanese)

13/06/2016 Discussion paper

A Theory of Quantitative Easing Policy and Negative Interest Policy Based on the Japanese Experience (Otaki, Masayuki)[PDF: 64K]

30/05/2016 Discussion paper

Testing Symmetry of Unknown Densities via Smoothing with the Generalized Gamma Kernels (Hirukawa, Masayuki and Mari Sakudo) [PDF:353K]

25/04/2016 Discussion paper

The Mechanism of High-tech Industrial Cluster Formation: An Empirical Study on the Process of ICT Cluster Formation in Oulu, Finland (Sasano, Takashi) [PDF:2.2M]

SpringerBriefs in Economics: DBJ Research Series 新規ウインドウで開きます

SpringerBriefs in Economics: DBJ Research Series English monographs, launched in commemoration of the 50th anniversary of RICF, based on research by the RICF staff as well as other researchers in various capacities.

Development Bank of Japan