Hajime Tomura

Hajime Tomura

J-GLOBAL         Last updated: May 14, 2019 at 13:59
Hajime Tomura
Waseda University
Faculty of Political Science and Economics
Job title
Associate Professor
Ph.D.(University of London)


The main field of research is monetary economics. Past research includes: endogenous productivity slowdown due to credit market imperfections; the role of international capital flows in a housing-market boom-bust cycle; monetary policy and a housing-market boom-bust cycle; endogenous asset illiquidity and dynamic bank capital requirements over the business cycle; and the necessity and fragility of the over-the-counter repo market. The current research topic is the theoretical analysis of the payment and settlement system.

Research Areas


Academic & Professional Experience

Sep 2015
Associate Professor, Faculty of Political Science and Economics, Waseda University
Apr 2014
Aug 2015
Lecturer, Graduate School of Economics, University of Tokyo
Apr 2012
Mar 2014
Associate Professor, Graduate School of Economics and Business Administration, Hokkaido University
Jul 2006
Mar 2012
Senior Analyst, Bank of Canada,


Oct 2000
Apr 2006
Ph.D. in Economics, London School of Economics and Political Science (Thesis title: "Economic analysis of the post-1990 stagnation in Japan.")
Jul 1999
Jun 2000
MSc. in Economics, London School of Economics and Political Science
Apr 1994
Mar 1998
Bachelor of Laws, University of Tokyo


Elderly Care and Multiple Monies
Hajime Tomura
Work in progress   
Rational Bubble and Liquidity Premium
Hajime Tomura
Work in progress   
Money Supply and Credit in a Cashless Economy
Hajime Tomura
Work in progress   

Published Papers

Hajime Tomura
Journal of Economic Theory   178 82-104   2018   [Refereed]
The interbank payment system operated by the central bank can be characterized as a collateralized implicit interbank settlement contract to prevent a hold-up problem. This result explains the rate-of-return dominance puzzle on bank reserves.
Hiroshi Fujiki and Hajime Tomura
Japan and the World Economy   42 1-11   2017   [Refereed]
The Bank of Japan Accounts are simulated under various scenarios, given data available in June 2016. The simulations imply that the Bank of Japan is likely to report accounting losses and negative accounting net assets after the end of QQE.
Hajime Tomura
Journal of Money, Credit, and Banking   48(1) 145-164   2016   [Refereed]
Short-term cash investors need a repo to hold long-term bonds if the bond market is an OTC market. Counterparty risk causes a collapse of a repo market even if underlying bonds are safe.
Hajime Tomura
International Journal of Central Banking   10(3) 291-317   2014   [Refereed]
Adverse selection in the asset market results in liquidity transformation by banks, a possibility of a bank run, and a dynamic minimum equity-asset ratio for banks endogenously.
Hajime Tomura
Journal of Economic Dynamics and Control   37(4) 735-755   2013   [Refereed]
Over-optimism of mortgage borrowers causes a housing market boom-bust cycle with endogenous monetary easing during a boom, if savers are old households and do not share the optimism.
Hajime Tomura
Review of Economic Dynamics   15(3) 283-294   2012   [Refereed]
In the presence of borrowing constraints, adverse selection never closes an asset market if trade is welfare enhancing. The market shuts down if and only if asset productivity is too low.
Hajime Tomura
Japanese Economic Review   63(1) 104-130   2012   [Refereed]
Tightening of collateral constraints causes an endogenous productivity slowdown through a decline in the exit of unproductive firms. This effect is mainly captured by the within effect in TFP growth decomposition.
Hajime Tomura
Journal of Economic Dynamics and Control   34(10) 1993-2009   2010   [Refereed]
An uncertain duration of a high economic growth period causes a housing market boom-bust cycle, if and only if the economy is open to international capital flows.

Committee Memberships

Jun 2016
Financial Services Agency,  Payments Council on Financial Innovation
Nov 2017
Financial System Council,  Study Group on the Financial System
Jul 2015
Dec 2015
Financial System Council,  Working Group on Payments and Transaction Banking
Oct 2014
Apr 2015
Financial System Council,  Study Group on Payments and Transaction Banking