I am a fifth-year Ph.D. candidate in finance at Kellogg School of Management, Northwestern University (degree expected in 2027). My research interests include international finance, financial intermediation, and financial stability.

Before starting my Ph.D., I was a financial analyst at Bank of Japan and a research associate at the Yale Program on Financial Stability.

Contact: junko.oguri[at]kellogg.northwestern.edu


Research Projects

  • Ample Reserves for Whom? The Role of Foreign Banks in U.S. Monetary Policy Implementation with Cristoforo Pizzimenti (SSRN link)

    Share of Balance Sheet Components: Domestic Banks and Foreign Banks

    Abstract (click to expand)

    This paper studies how foreign banks shape reserve demand and the limits of balance-sheet normalization under the Federal Reserve’s ample-reserves framework. Although foreign banks account for a modest share of U.S. banking activity, they hold a disproportionate share of reserve balances. Using high-frequency reserve-supply shocks, we show that reserve adjustment is asymmetric across policy phases: foreign banks absorb a large share of reserve inflows during quantitative easing (QE), but do not shed reserves symmetrically during quantitative tightening (QT), shifting adjustment mainly to large domestic banks. We trace this asymmetry to the distinctive institutional features of foreign banks, which face different balance-sheet costs from domestic banks and manage dollar liquidity through global internal capital markets. We develop a model in which uncertainty about foreign banks’ reserve-absorption capacity raises the minimum reserve supply required to maintain stable short-term rate control.


  • Monetary Policy and Firm Financing in Emerging Markets with Pablo Sanchez and Rodolfo Erasmo Oviedo Moguel

  • Supply Chain of Synthetic Dollar Funding with Jialu Sun