NEW YORK (AP) _ Columbia University has named five reporters and two editors as its Walter Bagehot fellows in economics and business journalism for 1986-87, the university's Graduate School of Journalism announced.

The fellows will study at Columbia during the September-to-May academic year, participating in seminars and briefings aimed at improving the quality of economics, business and financial journalism. Their tuition is free.

This year's fellows are reporters Mark Clifford, Forbes Magazine; Yee Mee Fah, New Straits Times Press of Malaysia; John T. Gallagher, Syracuse (N.Y.) Post-Standard; Ann Scott, Beijing correspondent for United Press International; and Debra Silimeo, WTOP-AM, Washington, D.C.

The editors are Pamela Kay Luecke, business editor, Louisville (Ky.) Courier-Journal and Times; and Elyse Tanouye, Hawaii Business, Honolulu.

The school announced the fellowships Friday.