Analyzing the Reforms of the International Monetary Fund and the World Bank - For Grobal Public Goods or National Interests?

• Project/Area Number: 18K01480
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 06020:International relations-related
• Research Institution: International Christian University
• Principal Investigator: OMORI SAWA 国際基督教大学, 教養学部, 教授 (20419253)
• Project Period (FY): 2018-04-01 – 2023-03-31
• Project Status: Completed (Fiscal Year 2022)
• Budget Amount: ¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000); Fiscal Year 2020: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2019: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000); Fiscal Year 2018: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
• Keywords: 金融改革 / 金融監督強化 / 金融改革データベース / 国際通貨基金 / 中央銀行の独立性 / 銀行規制監督 / 金融監督庁 / 世界銀行 / 政治制度 / 世界金融危機 / 金融自由化 / 政府開発援助

Outline of Final Research Achievements

As a result of this project, I have published an article in a peer-reviewed international academic journal that introduces the "Revised Financial Reform Database," which codes the seven areas of financial reforms in such areas as bank privatization and strengthening of bank supervision from 1973 to 2013 in 100 economies.
Also, using the dimension of "Enhancement of Banking Supervision" of the Revised Financial Reform Database, I examined how the political economy factors would enhance or weaken banking supervision to protect international financial stability, which is an international public good. The empirical results show that a higher degree of rule of law in each country and a higher central bank independence lead to more stringent banking supervision. Also, IMF programs show significant effects to enhance banking regulations. The study was published in a peer-reviewed international academic journal.

Academic Significance and Societal Importance of the Research Achievements

本研究の目的は、IMFなどの国際金融機関がどの程度グローバル化の推進者として金融自由化に実際に影響を与えてきたのか、そしてIMFは国際公益供給にどの程度貢献しているのか、分析を試みることにある。どういった政治経済学的な要因が金融規制監督の強化につながるのかについての検討の結果、IMFプログラムへの参加は統計的に有意に金融規制監督の強化につながることが示された。その一方、石油などの天然資源が豊富な国は統計的に有意に金融規制監督の強化の度合いが低いことが示された。このように、さまざまな国益の要素を加味したうえでも、世界の金融の安定性という国際公益に関して、IMFが寄与していることが明らかとなった。

Research Products

• [Journal Article] “Introducing the Revised and Updated Financial Reform Database.” (2023)
  • Author(s): Omori, Sawa.
  • Journal Title: Journal of Financial Regulation Volume: 8(2) Issue: 2 Pages: 220-230
  • DOI: 10.1093/jfr/fjac008
  • Peer Reviewed / Open Access
• [Journal Article] Do Institutions Matter? Political Economy of the Enhancement of Banking Supervision. (2023)
  • Author(s): Omori, Sawa.
  • Journal Title: Journal of Banking Supervision Volume: － Issue: 1 Pages: 73-83
  • DOI: 10.1057/s41261-023-00215-w
  • Peer Reviewed / Open Access
• [Presentation] 「SDGsにおける環境とインクルーシブな社会とガバナンスの関係」 (2022)
  • Author(s): 大森佐和
  • Organizer: 日本公益学会
• [Presentation] Assessing the Effects of the IMF on External and Domestic Financial Reforms (2021)
  • Author(s): Sawa Omori
  • Organizer: Southern Political Science Association
  • Int'l Joint Research
• [Presentation] Analyzing the Roles of the IMF and the WB on Internationally and Domestically Oriented Financial Reforms. (2019)
  • Author(s): Sawa Omori
  • Organizer: International Studies Association Asia Pacific Conference
  • Int'l Joint Research
• [Presentation] Analyzing the Roles of the IMF and the WB on Externally and Domestically Oriented Financial Reforms. (2019)
  • Author(s): 大森佐和
  • Organizer: 日本政治学会
• [Presentation] Analyzing the Roles of the IMF and the WB on Externally and Domestically Oriented Financial Reforms (2019)
  • Author(s): Sawa OMORI
  • Organizer: International Studies Association 2019 Annual Convention
  • Int'l Joint Research
• [Book] 『よくわかる開発学』 (2022)
  • Author(s): 大森佐和・西村幹子編.
  • Total Pages: 224
  • Publisher: ミネルヴァ書房
  • ISBN: 9784623094554
• [Remarks] Sawa Omori’s Web Page Data
  • URL: https://sawaomori.jpn.org/data/