{
  "title": "Tamon Asonuma",
  "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/asonuma-tamon",
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  "summary": "Tamon Asonuma is an Economist in the Systemic Issue Division in the IMF Research Department. Before joining the Research Department, he worked in the Strategy Review and Policy Department contributing to series of the IMF Policy Papers on sovereign debt restructurings and sovereign-bank linkages, and involving in many debt restructuring cases (Greece, Myanmar, Belize, Cyprus) as an expert. He holds a PhD in Economics from Boston University and his research interests are in macroeconomics, international finance, and public finance. He is particularly interested in sovereign debt and financial crises, and exchange rate regime. He has published in several academic journals, among which the Journal of the European Economic Association, Journal of Asian Economics, Review of Development Economics, Asian Development Review.",
  "authors": [
    "Tamon Asonuma"
  ],
  "sections": [
    {
      "heading": "Biography",
      "content": "Tamon Asonuma is an Economist in the Systemic Issue Division in the IMF Research Department. Before joining the Research Department, he worked in the Strategy Review and Policy Department contributing to series of the IMF Policy Papers on sovereign debt restructurings and sovereign-bank linkages, and involving in many debt restructuring cases (Greece, Myanmar, Belize, Cyprus) as an expert. He holds a PhD in Economics from Boston University and his research interests are in macroeconomics, international finance, and public finance. He is particularly interested in sovereign debt and financial crises, and exchange rate regime. He has published in several academic journals, among which the Journal of the European Economic Association, Journal of Asian Economics, Review of Development Economics, Asian Development Review."
    },
    {
      "heading": "Education",
      "content": "- PhD in Economics, 2011, Boston University\n\n- MA in Economics, 2005, Keio University\n\n- BA in Economics, 2003, Keio University"
    },
    {
      "heading": "Referee Activities",
      "content": "- Journal of the European Economic Association, Journal of International Money and Finance, Japanese Economic Review, Pacific Economic Review, Asian Development Review, Journal of Asian Economics"
    },
    {
      "heading": "Current Position",
      "content": "- Economist, Systemic Issues Division, Research Department, 12/2015-present"
    },
    {
      "heading": "IMF Career",
      "content": "- Economist, Strategy Policy and Review Department, Debt Policy Division 9/2013-11/2015\n\n- Economist Program (EP), Strategy Policy and Review Department, Debt Policy Division, 3/2012-8/2013\n\n- Economist Program (EP), African Department, Southern II Division, South Africa desk, 9/2010-2/2012"
    },
    {
      "heading": "Field of Expertise",
      "content": "- International Finance\n\n- Open Economy Macroeconomics\n\n- Public Finance"
    },
    {
      "heading": "IMF Books and Working Papers",
      "content": "- Trade Dynamics in Sovereign Debt Crises, Working Paper No. 2025/240 , November 14, 2025\n\n- Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel, Working Paper No. 2019/069 , March 25, 2019\n\n- Belize's 2016-17 Sovereign Debt Restructuring - Third Time Lucky?, Working Paper No. 2018/121 , May 22, 2018\n\n- Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned, Working Paper No. 2017/171 , July 24, 2017\n\n- Sovereign Bond Prices, Haircuts and Maturity, Working Paper No. 2017/119 , May 22, 2017\n\n- Trade Costs of Sovereign Debt Restructurings: Does a Market-Friendly Approach Improve the Outcome?, Working Paper No. 2016/222 , November 15, 2016\n\n- Serial Sovereign Defaults and Debt Restructurings, Working Paper No. 2016/066 , March 16, 2016\n\n- Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics, Working Paper No. 2016/037 , February 25, 2016\n\n- Is Banks’ Home Bias Good or Bad for Public Debt Sustainability?, Working Paper No. 2015/044 , February 27, 2015\n\n- Sovereign Debt Restructurings in Belize: Achievements and Challenges Ahead, Working Paper No. 2014/132 , July 22, 2014\n\n- Building a Common Future in Southern Africa, , April 5, 2013\n\n- Welfare Effects of Monetary Integration: The Common Monetary Area and Beyond, Working Paper No. 2012/136 , May 1, 2012"
    },
    {
      "heading": "Other Published Materials",
      "content": "- Serial Sovereign Defaults and Debt Restructurings\n\n- “Welfare Effects of Monetary Integration: the Common Monetary Area and Beyond” edited by Joannes Mongardini, Chapter 5 in Building a Common Future in Southern Africa: Challenges and Opportunities, International Monetary Fund, April 2013"
    },
    {
      "heading": "Publications in Journals (Referred)",
      "content": "- “Sovereign Debt Restructurings: Preemptive or Post-default,” 2016, Journal of European Economic Association, Vol.14 (1), pp.175-214 (with Christoph Trebesch).\n\n- “Exchange Rate Regime Switching in Malaysia and Singapore in Repose to China’s Move to a Basket Peg: A DSGE Analysis,” 2016, Journal of Asian Economics, Vol.46, pp.17-37 (with Naoyuki Yoshino and Sahoko Kaji)\n\n- “Dynamic Effect of Change in Exchange Rate System,” 2016, Asian Development Review Vol.33(1), pp.111-161 (with Naoyuki Yoshino and Sahoko Kaji).\n\n- “Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia” 2015, Journal of International Commerce, Economics and Policy, Vol.6 (3), pp.1550015. (w.Naoyuki Yoshino and Sahoko Kaji)\n\n- “Dynamic Analysis of the Exchange Rate Regime: Policy Implications for Emerging Countries in East Asia,” 2015, Review of Development Economics, Vol.19 (3), pp.624-637. (with Naoyuki Yoshino and Sahoko Kaji)\n\n- “Dynamic Transition of Exchange Rate Regime in China,” 2014, China & World Economy, Vol.22 (3), pp.36-55 (w. Naoyuki Yoshino and Sahoko Kaji)\n\n- “Choices of Optimal Monetary Policy Instruments under the Floating and the Basket-peg Regimes,” 2012, Singapore Economic Review, Vol.57 (4), pp.1250024. (with Naoyuki Yoshino and Sahoko Kaji)."
    }
  ],
  "bullets": [
    "PhD in Economics, 2011, Boston University",
    "MA in Economics, 2005, Keio University",
    "BA in Economics, 2003, Keio University",
    "Journal of the European Economic Association, Journal of International Money and Finance, Japanese Economic Review, Pacific Economic Review, Asian Development Review, Journal of Asian Economics",
    "Economist, Systemic Issues Division, Research Department, 12/2015-present",
    "Economist, Strategy Policy and Review Department, Debt Policy Division 9/2013-11/2015",
    "Economist Program (EP), Strategy Policy and Review Department, Debt Policy Division, 3/2012-8/2013",
    "Economist Program (EP), African Department, Southern II Division, South Africa desk, 9/2010-2/2012",
    "International Finance",
    "Open Economy Macroeconomics",
    "Public Finance",
    "[Trade Dynamics in Sovereign Debt Crises](https://www.imf.org/en/publications/wp/issues/2025/11/14/trade-dynamics-in-sovereign-debt-crises-571861), Working Paper No. 2025/240 , November 14, 2025",
    "[Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel](https://www.imf.org/en/publications/wp/issues/2019/03/25/costs-of-sovereign-defaults-restructuring-strategies-bank-distress-and-the-capital-inflow-46678), Working Paper No. 2019/069 , March 25, 2019",
    "[Belize's 2016-17 Sovereign Debt Restructuring - Third Time Lucky?](https://www.imf.org/en/publications/wp/issues/2018/05/22/belize-s-2016-17-sovereign-debt-restructuring-third-time-lucky-45842), Working Paper No. 2018/121 , May 22, 2018",
    "[Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned](https://www.imf.org/en/publications/wp/issues/2017/07/24/sovereign-debt-restructurings-in-grenada-causes-processes-outcomes-and-lessons-learned-45101), Working Paper No. 2017/171 , July 24, 2017",
    "[Sovereign Bond Prices, Haircuts and Maturity](https://www.imf.org/en/publications/wp/issues/2017/05/22/sovereign-bond-prices-haircuts-and-maturity-44931), Working Paper No. 2017/119 , May 22, 2017",
    "[Trade Costs of Sovereign Debt Restructurings: Does a Market-Friendly Approach Improve the Outcome?](https://www.imf.org/en/publications/wp/issues/2016/12/31/trade-costs-of-sovereign-debt-restructurings-does-a-market-friendly-approach-improve-the-44403), Working Paper No. 2016/222 , November 15, 2016",
    "[Serial Sovereign Defaults and Debt Restructurings](https://www.imf.org/en/publications/wp/issues/2016/12/31/serial-sovereign-defaults-and-debt-restructurings-43795), Working Paper No. 2016/066 , March 16, 2016",
    "[Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics](https://www.imf.org/en/publications/wp/issues/2016/12/31/sovereign-defaults-external-debt-and-real-exchange-rate-dynamics-43737), Working Paper No. 2016/037 , February 25, 2016",
    "[Is Banks’ Home Bias Good or Bad for Public Debt Sustainability?](https://www.imf.org/en/publications/wp/issues/2016/12/31/is-banks-home-bias-good-or-bad-for-public-debt-sustainability-42744), Working Paper No. 2015/044 , February 27, 2015",
    "[Sovereign Debt Restructurings in Belize: Achievements and Challenges Ahead](https://www.imf.org/en/publications/wp/issues/2016/12/31/sovereign-debt-restructurings-in-belize-achievements-and-challenges-ahead-41775), Working Paper No. 2014/132 , July 22, 2014",
    "[Building a Common Future in Southern Africa](https://www.imf.org/en/publications/books/issues/2016/12/31/building-a-common-future-in-southern-africa-25925), , April 5, 2013",
    "[Welfare Effects of Monetary Integration: The Common Monetary Area and Beyond](https://www.imf.org/en/publications/wp/issues/2016/12/31/welfare-effects-of-monetary-integration-the-common-monetary-area-and-beyond-25945), Working Paper No. 2012/136 , May 1, 2012",
    "[Serial Sovereign Defaults and Debt Restructurings](https://www.imf.org/external/pubs/ft/wp/2016/wp1666.pdf)",
    "“Welfare Effects of Monetary Integration: the Common Monetary Area and Beyond” edited by Joannes Mongardini, Chapter 5 in Building a Common Future in Southern Africa: Challenges and Opportunities, International Monetary Fund, April 2013",
    "[“Sovereign Debt Restructurings: Preemptive or Post-default,” 2016, Journal of European Economic Association, Vol.14 (1), pp.175-214 (with Christoph Trebesch).](http://onlinelibrary.wiley.com/doi/10.1111/jeea.12156/abstract)",
    "[“Exchange Rate Regime Switching in Malaysia and Singapore in Repose to China’s Move to a Basket Peg: A DSGE Analysis,” 2016, Journal of Asian Economics, Vol.46, pp.17-37 (with Naoyuki Yoshino and Sahoko Kaji)](http://www.sciencedirect.com/science/article/pii/S1049007816300938)",
    "[“Dynamic Effect of Change in Exchange Rate System,” 2016, Asian Development Review Vol.33(1), pp.111-161 (with Naoyuki Yoshino and Sahoko Kaji).](http://www.adb.org/.../asian-development-review-volume-33-number-1)",
    "[“Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia” 2015, Journal of International Commerce, Economics and Policy, Vol.6 (3), pp.1550015. (w.Naoyuki Yoshino and Sahoko Kaji)](http://www.worldscientific.com/doi/abs/10.1142/S1793993315500155)",
    "[“Dynamic Analysis of the Exchange Rate Regime: Policy Implications for Emerging Countries in East Asia,” 2015, Review of Development Economics, Vol.19 (3), pp.624-637. (with Naoyuki Yoshino and Sahoko Kaji)](http://onlinelibrary.wiley.com/doi/10.1111/rode.12163/full)",
    "[“Dynamic Transition of Exchange Rate Regime in China,” 2014, China & World Economy, Vol.22 (3), pp.36-55 (w. Naoyuki Yoshino and Sahoko Kaji)](http://onlinelibrary.wiley.com/doi/10.1111/j.1749-124X.2014.12067.x/abstract)",
    "[“Choices of Optimal Monetary Policy Instruments under the Floating and the Basket-peg Regimes,” 2012, Singapore Economic Review, Vol.57 (4), pp.1250024. (with Naoyuki Yoshino and Sahoko Kaji).](http://www.worldscientific.com/doi/abs/10.1142/S0217590812500245)",
    "**Name**"
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