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    (Last updated : 2026-05-01 17:10:18)
  MONTGOMERY, Heather A.

   Professor

   Division of Arts and Sciences, College of Liberal Arts, International Christian University
■ Academic Background
1. 1993/09~2000/12 〔Doctoral Course〕, Economics, University of Michigan, Completed, Ph.D.
2. 1996/09~1997/05 Inter-University Center for Japanese Language Studies, Studying abroad
3. 1995/07~1995/08 Summer Course in Japanese, International Christian University, Studying abroad
4. 1988/09~1992/05 Johns Hopkins University, Graduated, B.A.
5. 1991/09~1992/05 Johns Hopkins University School for Advanced International Studies (SAIS), Bologna Center, Studying abroad,
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■ Professional Background
1. 2020/04~ Professor, Division of Arts and Sciences, College of Liberal Arts, International Christian University
2. 2013/04~2020/03 Senior Associate Professor, Division of Arts and Sciences, College of Liberal Arts, International Christian University
3. 2010/04~2013/03 Associate Professor, Division of Arts and Sciences, College of Liberal Arts, International Christian University
4. 2007/09~2010/03 Associate Professor, , College of Liberal Arts, International Christian University
5. 2005/11~2006/05 Vice President, J.P. Morgan Securities Asia
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■ Present Specialized Fields
Money/ Finance, Economic Policy (Key Word:International finance, Financial institutions, Banking, Financial regulation, Monetary policy, Financial markets, Financial governance) 
■ Profile
Heather Montgomery is a Professor of Economics at International Christian University (ICU) in Tokyo, Japan, where she teaches in the College of Liberal Arts and the Graduate School of Public Policy and Social Research. Her research focuses on international finance, financial institutions, financial markets, and monetary policy, with particular attention to financial regulation, bank behavior, and financial governance.

Prior to joining ICU, Dr. Montgomery worked as an economist at J.P. Morgan Securities in Tokyo, where she was responsible for analysis and forecasting of the Japanese macroeconomy and monetary and fiscal policy. She also spent five years at the Asian Development Bank Institute, where she directed policy-oriented empirical research on financial sector development in Asia and designed and delivered regional training programs for policymakers and practitioners, including in the area of microfinance.

Her research bridges academic analysis and policy-relevant applications in both Japanese and international contexts, with work addressing issues of financial stability, regulation, and market structure.Link
■ Books and Articles
1. Article Guyot, O. & ​ Montgomery, H.A. (2025). "Against the wind or with it? The intraday and daily dynamics of yen interventions." Journal of the Japanese and International Economies, Volume 78, 101392.   (Collaboration) 2025Link
2. Article Guyot, O., Montgomery, H.A. & Yang, P. (2025). "Risk Premiums, Market Volatility, and Exchange Rate Dynamics: Evidence from the Yen Carry Trade", Risks , 14(3), 46.   (Collaboration) 2025Link
3. Article Sheng, D. & ​ Montgomery, H.A. (2025), "Banking market structure, lending behavior, and profitability in China", Quantitative Finance and Economics, Volume 9, Issue 4, 832-852, November 2025.   (Collaboration) 2025Link
4. Article Sheng, D. & ​ Montgomery, H.A. (2025), "Competition, earning quality and corporate governance in emerging markets", Applied Economics, July 2025. https://doi.org/10.1080/00036846.2025.2536879   (Collaboration) 2025Link
5. Article Sheng, D. & Montgomery, H.A. (2025) Corporate ethics under scrutiny: shareholder and manager trading in financially distressed firms. Asian Journal of Business Ethics, Vol. 14, pp. 91-119.   (Collaboration) 2025Link
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■ Academic Conference Presentation
1. 2026/01/31 Japan Society of Monetary Economics (JSME) - Korea Money and Finance Association (KMFA) Kyoto Conference. (Presenter.)
2. 2025/08/28 Japan Economy Network (JEN) Seventh Annual Conference. (Co-author.)
3. 2025/06/14 Nippon Finance Association (NFA) Spring Meetings. (Presenter.)
4. 2025/06/07 Japan Society of Monetary Economics (JSME) Spring Meetings (Presenter.)
5. 2025/05/24 Japan Economic Association (JEA) Spring Meetings. (Presenter.)
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■ Academic Society Memberships
1. 2007~ Japan Economics Association (JEA)
2. 2000~ American Economics Association
3. 2012~ Nippon Finance Association
4. 2012~ American Finance Association
5. 2014~ Japan Society of Monetary Economics (JSME)
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■ Research Topics, Funded Research, and Grants-in-Aid for Scientific Research
1. 2021/04~2026/03  The impact of Credit Plus Microfinance training on social outcomes  (Key Word : MEXT Grant in Aid for Scientific Research "Kaken-hi" Kiban (C))
2. 2018/04~2021/03  The effects of unconventional policies in the post-crisis era  (Key Word : MEXT Grant in Aid for Scientific Research "Kaken-hi" Kiban (C))
3. 2018/09~2019/08  Global Financial Stability in the wake of Banking Sector Consolidation: Evidence from Japan and the United States  (Key Word : Social Science Research Foundation (SSRC) Abe Fellowship Program)
4. 2014/04~2017/03  The Effect of Bank Mergers on Client Firms 銀行合併が顧客企業の活動に与える影響  (Key Word : MEXT Grant in Aid for Scientific Research "Kaken-hi" Kiban (C))
5. 2015~2016  The Effect of public capital injections on bank lending 「公的資本注入の貸出金供給への効果」  (Key Word : Zengin Foundation for Studies on Economics and Finance)
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■ Websites
   http://heathermontgomery.weebly.com/
■ E-Mail Addresses
  kyoin_mail
■ Grants-in-aid for Scientific Research Researcher Number
60468551
■ External Researcher ID
orcID 0000-0002-0129-3701
Researcher ID JNS-8503-2023