Yoichi Matsubayashi is a professor of economics at Kobe University in Japan, where he received his Ph.D. His main research interest is international macroeconomics, especially external imbalances in the recent world economy. He has published many papers in refereed journals, such as the Japanese Economic Review and Japan and the World Economy. He is also the co-author of Financial Globalization and Regionalism in East Asia (Routledge 2013).

Shigeto Kitano is a professor of economics at Kobe University. He received his Ph.D. from Nagoya University in Japan. His main research interest is international macroeconomics. He has published many papers in refereed journals, such as the Journal of Macroeconomics, Economic Inquiry, Open Economies Review, Pacific Economic Review, International Review of Economics and Finance,

Review of Development Economics, International Journal of Economic Theory, Journal of Economics, and Applied Economics Letters.

Global liquidity as a new trend in international capital flows.- Destination of Global Liquidity before the Global Financial Crisis: Role of Foreign Bank Presence and the EU Effect.- Global Liquidity and Reallocation of Domestic Credit.- Global Financial Crisis and Demand for the US Dollar as an International Currency.- Sovereign credit default swaps and U.S. economic policy uncertainty after the global financial crisis.- Global Liquidity and Uncovered Interest Rate Parity Puzzle.- Bank profitability in Europe before and after the global financial crisis: leverage, foreign claims, and monetary policy.- Offshore Bond Issuance and Noncore Liability in BRICs countries.- Recent Developments in the Adoption of Capital Controls in Emerging Economies: Theory and Practice.