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The Shimomura Fellowship

Development Bank of Japan Inc. (DBJ) offers non-Japanese researchers the Shimomura Fellowship established in 1990, named in honor of the late Dr. Osamu Shimomura, a noted Japanese economist.


The Shimomura Fellowship was established for the purpose of providing a study opportunity at DBJ to non-Japanese researchers engaged in the study of the Japanese economy, Japanese industry and related topics.

It is expected that fellowship recipients will benefit from exposure to on-going DBJ research activities and participation in joint research projects with DBJ staff. Through these activities it is hoped that the Shimomura Fellowship will advance the larger goals of promoting international exchange and deepening mutual understanding between Japan and other nations.

Please note that we are not inviting applications at present.
Candidates for the Shimomura Fellowship program are recommended by researchers on the staff of the Research Institute of Capital Formation following consultation with foreign researchers.

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List of Former Fellows

  Name Affiliation at the Time of the Fellowship Period
43 John K. Wald Professor, University of Texas 6/2023-7/2023
42 Jonathan P. Trevor Associate Professor, University of Oxford 7/2022
41 Christo A. PIRINSKY Associate Professor, University of Central Florida 6/2022-7/2022
40 Lukas ROTH Associate Professor, University of Alberta 11/2019
39 Robert F. OWEN Professor, University of Nantes 6/2019-8/2019
38 Arman ESHRAGHI Professor, Cardiff University 9/2018-10/2018
37 Pramuan BUNKANWANICHA Professor, ESCP Europe 7/2018-8/2018
36 Jeffrey PONTIFF Professor, Carroll School of Management, Boston College 5/2018-7/2018
35 Clifford G. HOLDERNESS Professor, Carroll School of Management, Boston College 9/2017-10/2017
34 Yupana WIWATTANAKANTANG Associate Professor, National University of Singapore Business School 4/2017-7/2017
33 Xin CHANG Senior Lecturer, Cambridge Judge Business School, University of Cambridge 6/2016-7/2016
32 Ali FATEMI Professor, DePaul University 11/2015-1/2016
31 Iftekhar HASAN Professor, Fordham University 6/2015-7/2015
30 Joseph P. H. FAN Professor, The Chinese University of Hong Kong 4/2014
29 Carsten BIENZ Associate Professor, Department of Finance and Management Science, Norwegian School of Economics 11/2013-1/2014
28 David MCLEAN Associate Professor, School of Business, University of Alberta 9/2013-10/2013
27 Christopher SPENCER Lecturer, Department of Economics, Loughborough University 7/2012-1/2013
26 Pantisa PAVABUTR Associate Professor, Faculty of Commerce and Accountancy, Thammasat University 8/2011-9/2011
25 Worawat MARGSIRI Assistant Professor, Finance and Business Economics, Fordham University 1/2011-7/2011
24 Steen THOMSEN Professor, Copenhagen Business School 11/2010-12/2010
23 Ulrike SCHAEDE Professor, School of International Relations and Pacific Studies, University of California at San Diego 4/2010-7/2010
22 Pramuan BUNKANWANICHA Associate Professor, ESCP-Europe 6/2009-9/2009
21 Mengxin ZHAO Assistant Professor, McCallum Graduate School of Business, Bentley College 5/2008-8/2008
20 Thomas MEYER Head of Risk Management & Monitoring, European Investment Fund 4/2008-9/2008
19 Vikas MEHROTRA Associate Professor, School of Business, University of Alberta 11/2006-12/2006
18 DAI Xiaofu Associate Professor, Center for Japanese Studies, Fudan University 4/2006-7/2006
17 Jason JAMES Ph. D. Candidate, Judge Business School, University of Cambridge 1/2006-3/2006
16 Sung Wook JOH Associate Professor, Business School, Korea University 7/2004-9/2004
15 John HILLAS Associate Professor, University of Auckland 4/2004-7/2004
14 Chongwoo CHOE Senior Lecturer, Australian Graduate School of Management, University of New South Wales 10/2003-12/2003
13 Franz WALDENBERGER Professor, Japan Centre and Faculty of Business, Munich University 3/2003-4/2003
12 Noel GASTON Professor, School of Business, Bond University 9/2002-12/2002
11 Robert DEKLE Assistant Professor, University of Southern California 7/1999-9/1999
10 Kim ONG-GIGER Fellow, Regional Economics Studies Programme, Institute of Southeast Asian Studies 5/1999-7/1999
9 Simon LEARMOUNT Research Student, Judge Institute of Management Studies, University of Cambridge 1/1998-7/1998
8 Hanns HILPERT Senior Researcher, Ifo Institute for Economic Research 11/1994-2/1995
7 Wen-jeng KUO Research Fellow, Chung-Hua Institution for Economic Research 4/1994-9/1994
6 Scott CALLON Ph. D. Candidate, Stanford University 3/1994-8/1994
5 David SELOVER Assistant Professor, Department of Economics, Wesleyan University 7/1993-1/1994
4 Linus YAMANE Assistant Professor, Pitzer College 1/1993-6/1993
3 John SHARKEY Ph. D. Research Student, London School of Economics and Political Science 4/1992-10/1992
2 Marcus REBICK
Assistant Professor, Industrial and Labor Relations School, Cornell University 2/1992-7/1992
1 Richard WERNER Doctoral Researcher, Sub-Faculty of Economics, University of Oxford 3/1991-9/1991

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Profile of Dr. Shimomura

Osamu Shimomura was born in 1910 in Saga Prefecture. Upon graduation from the Economics Faculty of Tokyo Imperial University in 1934, he entered the Ministry of Finance. After serving in the United States, he became manager of the Research Department of the Price Bureau and became a member of the Policy Committee of the Bank of Japan. From 1960 to 1966, he served as a senior executive director of Japan Development Bank and as the first executive director of JDB's Research Institute of Capital Formation from 1964 to 1974. Afterward, he became the chairman of Japan Economic Research Institute. During his long career as an economic scholar and critic, Dr. Shimomura rose to become Japan's most influential postwar economist, founding a school of thought based on the "Shimomura Theory," which attracted numerous followers.

Dr. Shimomura was well known for the development of a theory of economic growth based on a dynamic view of Keynesian economics. In the early postwar period, he was convinced of the value of the technological innovation then being produced and in the late 1950s entered the controversy over economic growth with a theory of high-rate economic growth. Applying a historical perspective to the postwar Japanese economy, Dr. Shimomura was the first to accurately predict the coming period of sustained high-rate economic growth. In the 1960s, Dr. Shimomura served as a top economic policy adviser in the Ikeda administration and helped set in place the income-doubling plan.

In the 1970s, Dr. Shimomura argued that the Japanese economy would slow down as it caught up with the other industrial economies of the U.S. and Europe. Following the first oil shock, he contended that a drop to zero growth was inevitable. Finally in the 1980s, Dr. Shimomura criticized U.S. fiscal deficits as a cause of the global economic imbalances and stressed the importance of disciplined economic management. Dr. Shimomura died in 1989.

Dr. Shimomura published numerous influential volumes and studies on economic topics, including Economic Fluctuation and Multiplier Analysis (1952), for which he was awarded a doctorate in economics. His major works are listed below:

  1. 1.Keizai Hendo no Jyosu Bunseki, 1952 (Economic Fluctuation and Multiplier Analysis)
  2. 2.Keizai Seicho Jitsugen no Tame ni, 1958 (Achieving Economic Growth)
  3. 3.Nippon Keizai Seichoron, 1962 (A Theory of Japanese Economic Growth)
  4. 4.Nippon Keizai wa Seicho suru, 1963 (The Japanese Economy Will Grow)
  5. 5.Keizaitaikoku Nippon no Sentaku, 1971 (Japan's Choices as a Major Economic Power)
  6. 6.Zero Seicho Dasshutsu no Jyoken, 1976 (Conditions for Escaping from Zero Growth)
  7. 7.Nippon Keizai no Setsudo, 1981 (Discipline and the Japanese Economy)
  8. 8.Nippon wa Warukunai, 1987 (Japan Is Not at Fault)