Graduate Student Research Achievements Site | Ritsumeikan University

（Last updated : 2025-05-23 17:27:53）

ZHANG Junhuan

Department / Course Ritsumeikan University Graduate School Graduate School of Economics Major in Economics

Job

Academic background
2023/09/26～2024/09/25	Economics Graduate School, Division of Economics Ritsumeikan University Accomplished credits for doctoral program
2017/09/01～2019/02/28	Master Course Banking and Finance University of Sussex Completed MSc Master Degree (Money and finance)
2016/10/01～2017/05/31	Financial Manegement Business University of Hull Studying abroad
2013/09/01～2017/06/30	会計と金融、化学の副専攻卒業ビジネス East China Normal University Graduated

Business career
2019/02/01 ～ 2020/02/28	Guangdong Development Bank (Shanghai) Corporate Supervisor

Present specialized field
Finance, Economic policy

Research topic, funded research, and KAKENHI
2024/10/01 ～	Liquidity Policy Responses during COVID-19 and Short-Term Financial Stability: Evidence from Six Major Economies Individual Research

Study Abroad and Overseas Travel History
2017/10/01 2019/02/28	University of Sussex

Self and Research introduction
I am currently conducting empirical research on monetary policy, financial market stability, and crisis response mechanisms. The central theme of my doctoral research focuses on the short-term liquidity support policies implemented by central banks during the early phase of the COVID-19 crisis. Utilizing event study methodology and high-frequency financial data, I examine the immediate market impact of policy announcements on key indicators such as the VIX index, LIBOR-OIS spreads, and bank stock returns. The study covers six major economies (the United States, Japan, the United Kingdom, the Eurozone, China, and India), and introduces a structured classification of policies (P1–P6) based on their policy objectives, enabling a comparative analysis of their transmission patterns and stabilization effects. Building on the short-term analysis, I am also conducting a second study on the long-term effectiveness of liquidity policies by comparing responses between the 2008 Global Financial Crisis and the COVID-19 period. Using a dynamic panel model (System GMM), I evaluate whether these policies exhibit sustained impact in terms of mitigating volatility and systemic risk. This will form the second empirical chapter of my doctoral dissertation. In addition, I am developing a third paper that assesses the post-COVID implementation effectiveness of the Basel III regulatory framework. This study will empirically examine whether key regulatory indicators—such as capital adequacy ratios, leverage ratios, and liquidity coverage ratios—functioned effectively during the COVID-19 crisis in buffering systemic risk and enhancing market stability across major economies. Beyond research, I serve annually as a teaching assistant (TA) for the academic exchange program between Ritsumeikan University and the Shanghai University of International Business and Economics. I support students in trilingual (Japanese, English, and Chinese) environments, facilitating research discussions, group presentations, and academic guidance. These teaching experiences have strengthened my ability to communicate across cultures, structure research logic, and support academic development. In the future, I plan to pursue a long-term academic career in Japan, engaging in both university-level teaching and internationally collaborative policy research. My aim is to apply the empirical frameworks and classification systems developed through my doctoral work to broader issues in Asian financial development. As a researcher with international training, trilingual ability, and a strong understanding of Japan’s academic culture, I hope to build a platform that bridges academic insights and policy practice to promote financial stability and institutional reform in the region.

External Scholarship and Research Grants receiving status
2025 2026