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.

Recent Research Papers

Other Research Papers

10/05/2019 Economics Today

 Money, Employment and Liberalism---A Review of the Works of Professor Masayuki Otaki: Proceedings of the ISS and RICF Joint Symposium (Cato, Susumu and Katsuhisa Uchiyama(eds.)) (in Japanese).

22/02/2019 Discussion paper

The Deterrent Effect of Anti-Bribery Law Enforcement on the Quality of Earnings (Bunkanwanicha Pramuan and Olivier Greusard)[PDF:493K]

31/01/2019 Economics Today

 Company Characteristics of Integrated Report and Its Features of Non-Financial Information: Analyzing Survey by Questionnaire to the Published Company (Konishi, Noriyuki (eds.)) (in Japanese).

21/12/2018 Financial DB

 Handbook of Industrial Financial Data 2018 (DBJ Research Institute of Capital Formation (ed.)) (in Japanese).

03/12/2018 Discussion paper

Liquidity Risk? (Pontiff Jeffrey and Rohit Singla)[PDF:415K]

18/10/2018 Discussion paper

Skin in the Game, Wealth and Risk-Taking: Evidence from Private Equity Funds (Bienz, Carsten, Karin S. Thorburn and Uwe Walz)[PDF:434K]

12/09/2018 Economics Today

 Changes in World Trends and the Asian Economy (Ogawa, Eiji and Jun-ichi Nakamura(eds.)) (in Japanese).

17/10/2017 Discussion paper

Corporate Governance and Corporate Performance under Market Socialism: Empirical Analysis of Listed Companies in China (Wang, Le, Qun Liu and Masaharu Hanazaki)[PDF:1.7M]

19/09/2017 Discussion paper

Labor Productivity Stagnation, the Radical Quantitative Easing Monetary Policy, and Disinflation (Otaki, Masayuki)[PDF:230K]

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).

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