The program of the 2018 Spring Annual Meeting

THE JAPAN SOCIETY OF MONETARY ECONOMICS
2018 Autumn Meeting Program

Last updated:

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Bildg. 3, Fl. 2, Rm. 201
Presidential Address
  • Speaker
  • Kobe University
  • Toshiki Jinushi
  • On Unconventional Monetary Policy

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Bildg. 3, Fl. 1, Rm. 101
Panel Session: Central Bank
Panel Session: Recent Development in Monetary Policy Research
  • Chair
  • Hitotsubashi University
  • Esuro Shioji
(1)Money-Financed Fiscal Stimulus: The Effects of Implementation Lag
  • Presenter
  • Osaka University
  • Takayuki Tsuruga
(2)Recent Progress in Empirical Analysis of Monetary Policy
  • Presenter
  • Kobe University
  • Masahiko Shibamoto
(3)Analyses of Business Condition Index and Monetary Policy Tone by Deep Learning
  • Presenter
  • Bank of Japan
  • Ko Nakayama
Bildg. 3, Fl. 2, Rm. 202
Session: Financial Market Analysis
  • Chair
  • Nagoya City University
  • Kazuki Yokoyama
(1)The Effect of the Bank of Japan's Quantitative and Qualitative Monetary Easing with a Negative Interest Rate Policy on Financial Markets
  • Presenter
  • Kansai University
  • Kunihiro Hanabusa
  • Discussant
  • Kinki University
  • Takeshi Hoshikawa
(2)How the Spread of Index Finds Affect the Pricing of Component Stocks
  • Presenter
  • Seikei University
  • Masashi Toshino
  • Discussant
  • Nagoya University
  • Hideki Nakashima
(3)ESG Disclosure Score and Performance
  • Presenter
  • The University of Tokyo
  • Tomonori Yuyama
  • Aoyama Gakuin University
  • Yoko Shirasu
  • Keio University
  • Soichiro Moridaira
  • Discussant
  • Waseda University
  • Megumi Suto
Bildg. 3, Fl. 2, Rm. 203
Session: Foreign Exchange and Currency I
  • Chair
  • Gakushuin University
  • Junko Shimizu
(1)Business expansion abroad and impact of fluctuations in foreign exchange rates
  • Presenter
  • Hitotsubashi University
  • Eiji Ogawa
  • Development Bank of Japan Inc.
  • Naoki Shinada
  • Development Bank of Japan Inc.
  • Masakazu Sato
  • Discussant
  • Yokohama National University
  • Kiyotaka Sato
(2)Japanese firms’ foreign exchange risk management and choice of invoice currency – from 2017 RIETI Questionnaire Survey results
  • Presenter
  • Gakushuin University
  • Junko Shimizu
  • Columbia University / The National Graduate Institute for Policy Studies
  • Takatoshi Ito
  • Chuo University
  • Satoshi Koibuchi
  • Yokohama National University
  • Koyotaka Sato
  • Discussant
  • Chuo University
  • Seiichi Nakajyo
(3)Destination of Global Liquidity and Role of Foreign Banks
  • Presenter
  • Doshisha University
  • Shingo Iokibe
  • Discussant
  • Hitotsubashi University
  • Masao Kumamoto
Bildg. 3, Fl. 3, Rm. 301
Session: Corporate Finance I
  • Chair
  • Kobe University
  • Kenya Fujiwara
(1)Financial Strategy and Corporate Governance of Listed Subsidiaries
  • Presenter
  • Ph.D student, Hitotsubashi University Chen Tu, and Hitotsubashi University Masaru Konishi
  • Discussant
  • Nikko Research Center
  • Kan Nakajima
(2) Efficiency of Internal Labor Market in Diversified Firms in Japan
  • Presenter
  • Tokoha University Yoshiaki Tsuchimura and Nikko Research Center, Inc Yasuyuki Sugiura
  • Discussant
  • Kobe University
  • Takashi Hatakeda
(3)The Effect on Performance and Return of Privatization: A Case of a Japanese railway Company
  • Presenter
  • Meiji University Daisuke Asaoka and Kanazawa Institute of Technology Yoshihisa Sugimura
  • Discussant
  • Development Bank of Japan
  • Kenji Tanaka
Bildg. 3, Fl. 3, Rm. 302
Session: KFMA Session
  • Chair
  • University of Tokyo
  • Shin-ichi Fukuda
(1)Why do Sell-Side Analysts Still Prevail? Credible Optimistic Recommendation by Cheap Talk
  • Presenter
  • Dongguk University
  • Jooyong Jun
  • ChungAng University
  • Eunjung Yeo
  • Discussant
  • Musashino University
  • Mariko Tanaka
(2)A Study on Volume-Synchronized Probability of Informed Trading (VPIN) and Information AsymmetryQuestionnaire Survey results
  • Presenter
  • Korea Student Aid Foundation
  • Sungchang Kang
  • Yonsei University
  • Joocheol Kim
  • Discussant
  • Toyama University
  • Junji Yamada
(3)The Efficiency of IPO stocks
  • Presenter
  • Ulsan National Institute of Science and Technology (UNIST) Junyoup Lee
  • Discussant
  • Development Bank of Japan
  • Junichi Nakamura
Bildg. 2, Fl. 2, Rm. 208
Session: Money and Finance in Various Countries I
  • Chair
  • Waseda University
  • Masato Shizume
(1)The Effectiveness of Quantitative Easing in USA: Validation by Structural Vector Autoregressive Analysis
  • Presenter
  • Kyoto Gakuen University
  • Yoshitaka Sawada
  • Discussant
  • Okayama Shoka University
  • Hiroyuki Ijiri
(2)Monetary Policy Expectations and the Malaysian Deposit Market: Analysis of Islamic Rates of Return and Conventional Interest Rates
  • Presenter
  • Meiji University
  • Takayasu Ito
  • Discussant
  • Aichi University
  • Yutaka Kurihara
(3)Recent Development in the Adoption of Capital Controls in Emerging Economies: Theory and Practice
  • Presenter
  • Kobe University
  • Shigeto Kitano
  • Hiroshima City University
  • Kenya Takaku
  • Discussant
  • Meiji Gakuin University
  • Yuri Sasaki
Bildg. 2, Fl. 2, Rm. 209
Session: Behavioral Finance
  • Chair
  • Hosei University
  • Hidetomo Takahashi
(1)Managerial Overconfidence, Conservative Accounting, and Corporate Investment
  • Presenter
  • Mie University
  • Keiichi Shima
  • Development Bank of Japan Inc.
  • Jun-ichi Nakamura
  • Discussant
  • Hosei University
  • Hidetomo Takahashi
(2)Nominal Stock Price Change and Return Comovement
  • Presenter
  • Hitotsubashi University PhD student
  • Akinobu Nagira
  • Discussant
  • Chuo University
  • Eiji Okuyama
(3)The effectiveness of Layered Communication on Students' Expectation: Based on the Bank of England's Communication Strategies
  • Presenter
  • Momoyama Gakuin University (St. Andrew's University)
  • Yuji Kitano
  • Discussant
  • Kyoto Tachibana University
  • Takanori Kondo

- > Lunch

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Bildg. 3, Fl. 1, Rm. 101
Panel Session: BREXIT and Future of International Financial Centre "CITY"
  • Chair
  • Hitotsubashi University
  • Eiji Ogawa
(1)What will Brexit mean? : Future of the euro-currency business and the City of London
  • Presenter
  • Bank of Japan
  • Tokiko Shimizu
(2)European Financial Centres and EU financial integration after Brexit
  • Presenter
  • NLI Research Institute
  • Sayuri Ito
(3)BREXIT and its Impact on Banking
  • Presenter
  • Institute for International Monetary Affairs
  • Ayako Yamaguchi
  • Discussant
  • Kansai University
  • Sadami Takaya
Bildg. 3, Fl. 1, Rm. 101
Session: Monetary Policy・Monetary Macroeconomics I
  • Chair
  • Kobe University
  • Shin-Ichi Nishiyama
(1)Efficiency of QQE in Japan -- with Negative Interest Rates , YCC, Reserve Deposit, ETF and J-REIT-
  • Presenter
  • Kyoto Gakuen University
  • Yoji Morita
  • Kyoto Gakuen University
  • Shigeyoshi Miyagawa
  • Discussant
  • Tokyo Keizai University
  • Hiroyuki Inoue
(2)The Time-Varying Volatility of Financial Shocks in Macroeconomic Fluctuations
  • Presenter
  • Kobe University
  • Shin-Ichi Nishiyama
  • Tokyo Metropolitan University
  • Hirokuni Iiboshi
  • Tohoku University
  • Tatsuyoshi Matsuame
  • Discussant
  • Hitotsubashi University
  • Ryo Jinnai
(3)The Effect of Stock Price Bubbles on the Macroeconomy in Japan: An Investigation based on a Bayesian DSGE model
  • Presenter
  • Kobe University
  • Satoshi Hoshino
  • Discussant
  • Bank of Japan
  • Naohisa Hirakata
Bildg. 3, Fl. 2, Rm. 203
Session: Household Finance
  • Chair
  • Kansai University
  • Katsuya Ue
(1)Household characteristics and homeownership during the "Lost Decades"
  • Presenter
  • Tohoku University
  • Jun Nagayasu
  • Discussant
  • University of Marketing and Distribution Sciences
  • Masafumi Kozuka
(2)Japanese Individual Investment Behaviors regarding Risk Assets: Do Different modules of Financial Literacy and Information Sources Matter?
  • Presenter
  • Ph.D. Student, Hitotsubashi University
  • Juxin YAN
  • Kyoto Tachibana University
  • Takanori Kondo
  • Aoyama Gakuin Universty
  • Yoko Shirasu
  • Hitotsubashi University
  • Takashi Misumi
  • Discussant
  • Konan University
  • Yoshiro Tsutsui
(3)Disentangling the effect of home ownership on household stock-holdings: Evidence from Japanese micro data
  • Presenter
  • Chuo University
  • Arito Ono
  • Hitotsubashi University
  • Tokuo Iwaisako
  • Government Pension Investment Fund
  • Amane Saito
  • United Nations
  • Hidenobu Tokuda
  • Discussant
  • Hitotsubashi University
  • Etsuro Shioji
Bildg. 3, Fl. 2, Rm. 203
Finance in Foreign Countries II
  • Chair
  • Gakushuin University
  • Hideaki Murase
(1)Offshore Bond Issuance and Noncore Liability in BRICs Countries
  • Presenter
  • Yamaguchi University
  • Shugo Yamamoto
  • Discussant
  • Kobe City University of Foreign Studies
  • Taro Esaka
(2)Effects of the Bank of Japan’s Monetary Easing Policy on the Economies and Markets in China and Hong Kong
  • Presenter
  • Ritsumeikan University
  • Hideaki Ohta
  • Discussant
  • Meiji University
  • Takayoshi Kitaoka
(3)The Role of Financial Regulation in Financial Inclusion: The Case of a Lending Rate Restriction on Microfinance Institutions
  • Presenter
  • JICA Research Institute
  • Daiju Aiba
  • Discussant
  • Hitotsubashi University
  • Iichiro Uesugi
Bildg. 3, Fl. 3, Rm. 302
Session: Financial Intermediary I
  • Chair
  • Aichi Gakuin University
  • Shigeru Uchida
(1)Roles for Credit Guarantee Associations in Start-up Supports - Based on the Aichi Credit Guarantee Association Questionnaire Survey –
  • Presenter
  • Kobe University
  • Nobuyoshi Yamori
  • Kobe University
  • Msao Ojima
  • Discussant
  • Chuo University
  • Tadanobu Nemoto
(2)Predicting the Probabilities of Default for Privately Held Banks: The Case of Shinkin Banks in Japan
  • Presenter
  • Cabinet Office
  • Wako Watanabe
  • University of Jendouba
  • Brahim Guizani
  • Discussant
  • Kobe University
  • Nobuyoshi Yamori
(3)The Determinants of Operational Characteristics of Microfinance Institutions: A Comparative Analysis of Cambodia and the Philippines Using DEA and PCA
  • Presenter
  • Hitotsubashi University
  • Hidenobu Okuda
  • JICA Research Institute
  • Daiju Aiba
  • Discussant
  • Tsudajuku University
  • Naoko Shinkai
Bildg. 2, Fl. 2, Rm. 208
Session: Topics on Macroeconomics (English)
  • Chair
  • Osaka University
  • Takayuki Tsuruga
(1)Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies
  • Presenter
  • Komazawa University
  • Masataka Eguchi
  • Nagoya City University
  • Eiji Okano
  • Discussant
  • Bank of Japan
  • Michinao Okachi
(2)Asset Pricing with Long-Run Durable Expenditure Risk: Evidence from the U.S and Japan
  • Presenter
  • Ph.D. Student, Hitotsubashi University
  • Huan Li
  • Discussant
  • Seikei University
  • Shiba Suzuki
(3)Counter-cyclical Capital Requirements with a Scheme of Capital Distribution Restraint: A DSGE approach
  • Presenter
  • Ph.D. Student, Nagoya University
  • Yoshiaki Sato
  • Discussant
  • Chuo University
  • Taiyo Yoshimi

- > Invited Lecture

Bildg. 3, Fl. 2, Rm. 201
  • Chair
  • Kobe University
  • Ryuzo Miyao
  • Speaker
  • Bank of Japan, Vice President
  • Masayoshi Amamiya
TBD (To Be Determined)

- > General Meeting

Bildg. 3, Fl. 2, Rm. 201

- > Reception

Dining Room, Nagoya City University Co-op

, Sunday

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Bildg. 3, Fl. 1, Rm. 101
Panel Session: Financial History
Money Issuance and Circulation in the Pre-Modern Japan
  • Chair
  • Waseda University
  • Masato Shizume
(1)Money Issuance and Circulation in Japan during the 16th Century
  • Presenter
  • Yasuda Women's University
  • Hisashi Takagi
(2)Functions of Feudal Lords in the Issuance of Clan Notes
  • Presenter
  • Sumitomo Historical Archives
  • Ryoichi Yasukuni
(3)Paper Money Issuance by Small-Sized Clans
  • Presenter
  • Osaka University of Commerce
  • Keiichiro Kato
  • Discussant
  • Nagoya Women's University
  • Yuichi Kanai
Bildg. 3, Fl. 2, Rm. 202
Session: Monetary Policy and Macroeconomics II
  • Chair
  • Kobe University
  • Shigeto Kitano
(1)Quantifying the Effects of QQE on Long-run Inflation Expectations in Japan
  • Presenter
  • Ph.D. Student, University of Tokyo
  • Naoto Soma
  • University of Tokyo
  • Mototsugu Shintani
  • Discussant
  • Bank of Japan
  • Hibiki Ichiue
(2)Identifying Unconventional Monetary Policy Shocks
  • Presenter
  • Konan University
  • Kiyotaka Nakashima
  • Kobe University
  • Masahiko Shibamoto
  • Bank of Japan
  • Koji Takahashi
  • Discussant
  • Kyoto Gakuen University
  • Yoji Morita
(3)Non-regular Employment and the Household Consumption
  • Presenter
  • Kochi University
  • Shingo Umino
  • Discussant
  • Kansai Gaidai University
  • Kazuo Ogawa
Bildg. 3, Fl. 2, Rm. 202
Session: Foreign Exchange and Currency II
  • Chair
  • Doshisha University
  • Shin-ichi Kitasaka
(1)Hedging Strategy of Foreign Exchange Rate Risk Based on Mean Reversion of The Real Exchange Rate Index of Yen Against Dollar
  • Presenter
  • Ryukoku University
  • Masaharu Takenaka
  • Discussant
  • Nagasaki University
  • Masayuki Susai
(2)What factors caused the increasing currency hedging cost?
  • Presenter
  • Musashi University
  • Sanae Ohno
  • Discussant
  • Kobe University
  • Kentaro Iwatsubo
(3)The trade rebalance effect and the exchange rate pass-through of renminbi
  • Presenter
  • ph.D. Student, Hitotsubashi University
  • Pengfei LUO
  • Discussant
  • Nagoya City University
  • Kazuyuki Inagaki
Bildg. 3, Fl. 3, Rm. 301
Session: Corporate Finance 2
  • Chair
  • Senshu University
  • Hidehiko Ishihara
(1)Are Financial Policies Pursued by Corporations Optimal?
-Desirable Proactive Utilization of Debt Financing with Extremely Low Interest Rates-
  • Presenter
  • Ritsumeikan University, Showa Women’s University
  • Yukio Rimbara
  • Discussant
  • Gakushuin University
  • Ken-ichi Tatsumi
(2)Empirical Analysis of Banks Loan Commitments: Evidence from Japan
  • Presenter
  • Graduate Student, Hitotsubashi University
  • HONDA TOMOHITO
  • Discussant
  • Ritsumeikan University
  • Kozo Harimaya
(3)Long-term trend of family firm’s performance
  • Presenter
  • Nagoya University of Commerce and Business
  • Hokuto DAZAI
  • Discussant
  • Kyoto Sangyo University
  • Jungwook Shim
Bildg. 3, Fl. 3, Rm. 302
Session: Financial Intermediary II
  • Chair
  • Doshisha University
  • Hirofumi Ueda
(1)Review of the Overbanking Problem in Japan
  • Presenter
  • Saitama University
  • Toshihiro Sugiyama
  • Discussant
  • Sugiyama Jogakuen University
  • Shigeru Uebayashi
(2)Bank Characteristics and Bank Lending in New Firms
  • Presenter
  • Doshisha University
  • Eriko Naiki
  • Nanzan University
  • Yuta Ogane
  • Discussant
  • Chuo University
  • Arito Ono
(3)Trade-offs between Different Outreaches and Optimum Rates of Interest for Microcredit
  • Presenter
  • Okayama University
  • Narunto Nishigaki
  • Discussant
  • Setsunan University
  • Kamon Iwatsubo
Bildg. 2, Fl. 2, Rm. 208
Session: Settlement
  • Chair
  • University of Marketing and Distribution Sciences
  • Masafumi Kozuka
(1)How to treat cryptocurrency in international finance and one way for improve proof of work (PoW)
  • Presenter
  • Senshu University
  • Takeshi Ogawa
  • Discussant
  • Kinki University
  • Masataka Hanaki
(2)Utilizing Big Data in China's Personal Finance
  • Presenter
  • Kyoto Gakuen University
  • Li Lirong
  • Discussant
  • Senshu University
  • Takahiko Watanabe
(3)Export Dynamics and Invoicing Currency
  • Presenter
  • Chuo University
  • Taiyo Yoshimi
  • Institute of Developing Economies
  • Kazunobu Hayakawa
  • Keio University
  • Toshiyuki Matsuura
  • Thailand Development Research Institute
  • Nuttawut Laksanapanyakul
  • Discussant
  • Hiroshima City University
  • Kenya Takaku
Bildg. 2, Fl. 2, Rm. 209
Session: Insurance and Risk Management
  • Chair
  • Kobe University
  • Nobuyoshi Yamori
(1)Examination of dispute resolution cases by General Insurance ADR Center
  • Presenter
  • Kyoto Sangyo University
  • Takuya Yoshizawa
  • Discussant
  • Otaru University of Commerce
  • Takashi Nakahama
(2)Learning from Extreme Catastrophes
  • Presenter
  • Tokyo University of Science
  • Noriyoshi Yanase
  • Presenter
  • Nanyang Technological University
  • Shinichi Kamiya
  • Discussant
  • Kobe University
  • Takashi Yamasaki
(3)Determinants of Derivatives Use -Evidence from Small and Medium-sized Enterprises
  • Presenter
  • Meiji University
  • Yoshihiro Asai
  • Discussant
  • Hitotsubashi University
  • Yukihiro Yasuda

- > Lunch

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Bildg. 3, Fl. 1, Rm. 101
Symposium: Significance and Challenges of Cryptocurrencies
  • Chair
  • University of Tokyo
  • Ryuzo Miyao
  • Presenter
  • Kyoto University
  • Naoyuki Iwashita
  • University of Tokyo
  • Noriyuki Yanagawa
  • Money Forward Financial, Inc.
  • Junichi Kanda
  • Financial Services Agency
  • Jun Mizuguchi

Program Committee

  • Yutaka Kurihara (Aichi University, Chair)
  • Kentaro Iwatsubo (Kobe University)
  • Hidehiko Ishihara (Senshu University)
  • Katsuya Ue (Kansai University)
  • Hirofumi Ueda (Doshisha University)
  • Shigeru Uchida (Aichi Gakuin University)
  • Ehiro Akira (Konan University)
  • Eiji Okano (Nagoya City University)
  • Shin-ichi Kitasaka (Doshisha University)
  • Masato Shizume (Waseda University)
  • Junko Shimizu (Gakushuin University)
  • Takayuki Tsuruga (Osaka University)
  • Shin-ichi Nishiyama (Kobe University)
  • Eiji Okuyama (Chuuo University)
  • Ken’ya Fujiwara (Kobe University)
  • Shin-ichi Fukuda (University of Tokyo)
  • Hideaki Murase (GakushuinUniversity)
  • Ryuzo Miyao (University of Tokyo)
  • Nobuyoshi Yamori(Kobe University)
  • Kazuki Yokoyama (Nagoya City University)

Executive Committee

  • Masaharu Usuki(Chair)
  • Kazuyuki Inagaki
  • Eiji Okano
  • Hideaki Sakawa
  • Kazuki Yokoyama
  • Naoki watanabe