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Profile & Activities

About RICF

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. Through research in collaboration with professors, particularly economists, RICF conducts research centering on fixed investment, which plays an important role in Japan's economic growth. The institute also conducts research on such broad-ranging economic topics as financial economics, public finance, corporate management, and regional and social development.

RICF's major research focal points have varied according to the changing issues that Japan's economy has faced over the decades, including high economic growth, two oil crises, and the bursting of the bubble economy and the long period of economic slump that ensued. Upon entering the 1990s, the institute began the analysis of social common capital (natural capital, social infrastructure and institutional capital) in addition to the analysis of corporate capital investment. Social common capital as advocated by RICF advisor the late Professor Hirofumi Uzawa is a concept of capital extended from corporate (private) capital, and it has become an important pillar of the institute's research activities.

Currently operating as a research department of DBJ, the institute concentrates on one of Japan's most significant challenges― the formation of a sustainable economy and society― conducting its research activities in a neutral position and in collaboration with university professors. RICF disseminates information by publicizing research papers, publishing books and holding symposiums in line with its aim of contributing to the development of Japanese society through its research results.

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History of RICF

Circa 1960 The Japan Development Bank begins considering the establishment of a research institute
July 1964
Establishment of the Research Institute of Capital Formation (July 1)
Dr. Osamu Shimomura appointed as first executive director of RICF
Construction of Corporate Financial Data Bank begins
Late 1960s to mid-1970s: Expansion of research areas
Fixed Investment as well as Economic Theory and Empirical Studies, Financial Economics, Public Finance, Technological Development, Industrial Structure, Labor Economics, Regional and Social Development, Resources and Environment
Late 1970s to 1980s: Expansion of research areas
Fixed Investment Behavior under Energy Constraint, R & D, Domestic and Foreign Financial Systems, International Economies
July 1980 Monographic publication of first issue of Economics Today
November 1989
In commemoration of 25th anniversary of establishment, publication of The Japanese Economy: Traces of Accumulation and Growth (University of Tokyo Press)
1990s to 2000s: Expansion of research areas
Social Common Capital, Financial Crisis, Corporate Governance
March 1991 Publication of Economic Affairs series commences
Start of inviting researchers from overseas under the Shimomura Fellowship
April 1993 Establishment of the Research Center on Global Warming; beginning of research into global environmental issues
November 1995
Holding of International Symposium "Symposium on the Environment and Sustainable Development: Roles of Japan with Regard to Global Environmental Issues"
Panelists: H. Uzawa, K. J. Arrow, P. Dasgupta, D. W. Jorgenson, M. Kuroda, W. D. Nordhaus, others
October 1999 Establishment of Development Bank of Japan, and transfer of operations from the Japan Development Bank and the Hokkaido-Tohoku Development Finance Public Corporation
July 2004 Institute marks 40th anniversary of establishment
December 2005 Cabinet approval of Development Bank of Japan privatization policy
December 2006 Holding of the 1st CARF-RICF Symposium "The Future of Corporate Finance in Japan"
May 2008 Inauguration of the DBJ Financial Academy
October 2008 Establishment of Development Bank of Japan Inc. (start of the privatization process)
November 2008 Holding of the 2nd CARF-RICF Symposium "Challenges and Prospects for the Financial System and Public Policy"
June 2009 Establishment of the Research Center on Financial Economics
December 2010 Holding of the 3rd CARF-RICF Symposium "Whither the Post-crisis Financial System?"
July 2011 Publication of The Great East Japan Earthquake: Plans for Recovery and the Construction of a Sustainable Society (University of Tokyo Press)
November 2011 Holding of RICF International Conference 2011 "Frontiers in Corporate Finance and Corporate Governance"
June 2012 Research Group on Economics and Corporate Management reorganized as Corporate Management & Accounting Research Office
February 2013 Holding of the 4th CARF-RICF Symposium "New Directions for International Financial System and Japanese Firm Dynamics"
September 2014 Holding of RICF 50th Anniversary Symposium
In Commemoration of 50th anniversary of establishment, publication of The Japanese Economy: Financial Development and Corporate Behavior in a Changing Environment and The Japanese Economy: Social Common Capital and Sustainable Development (University of Tokyo Press)
November 2014 Holding of the 5th CARF-RICF Symposium "Provision of Risk Capital for Sustained Economic Growth in Japan"
November 2015 Holding of the 1st Hitotsubashi University-RICF Symposium "Japan in ‘Asian Century’: For Revitalization of the Economy and Business Opportunities"
June 2016 Publications of SpringerBriefs in Economics: Development Bank of Japan Research Series
December 2016 Holding of the 26th NBER-TCER-CEPR Conference on "Corporate Governance"
June 2017 Holding of the 26th NBER-TCER-CEPR Conference on "Corporate Governance" (Follow-up-conference)
November 2017 Holding of DBJ International Conference on Sustainability ― CSR, the Economy and Financial Markets
March 2018 Holding of the 2nd Hitotsubashi University-RICF Symposium "Changes in World Trends and the Asian Economy"
July 2018 Holding of the 27th NBER-TCER-CEPR Conference on "Globalization and Welfare Impacts of International Trade"
November 2018 Holding of the 7th CARF-RICF Symposium "Productivity, Employment, and the Future of Financial Services: The Impact of Digital Innovation in Japan"
July 2019 Holding of the 28th NBER-TCER-CEPR Conference on "Financial System"
November 2019 Holding of the 3rd Hitotsubashi University-RICF Symposium "Trends of Global Economy and Asia: US-China Disputes, Digitalization and the Course of Japan"
November 2021 Holding of the 4th Conference on CSR, the Economy and Financial Markets

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Research Fields

RICF, in collaboration with university professors, addresses the need to realize a sustainable economy and society, one of the most important topics in modem economic research, through empirical study focusing on the following aspects.

Japan's Economy, Fixed Investment, Corporate Management, Financial Accounting, Corporate Governance, Corporate Finance, Financial System, Financial Markets, Global Environmental Issues, Social Common Capital

Corporate Management & Accounting Research Office

Research Fields:
Fixed Investment, Corporate Governance, Financial Accounting (including IFRS)

Research Center on Financial Economics

Research Fields:
Japanese Economy, Corporate Finance, Financial System, Financial Markets

Research Center on Global Warming

Research Fields:
Global Environmental Issues such as Global Warming, Social Common Capital comprising Natural Capital, Social Infrastructure and Institutional Capital

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