The Fall 2009 Semi-Annual Meeting of the Japan Society of Monetary Economics
Detailed Program

Saturday, November 7, 2009

Reception Desk: 8:50 to 18:00
09:30 to 11:45   Panel Session 1:  Financial History
Rm.C(Rm.31) International Monetary and Financial System in the 1960s: a historical approach
  Chair Yago, Kazuhiko Tokyo Metropolitan University
The G10 and Reform of the Global Reserves System in the 1960s  
  Presenter Catherine Schenk University of Glasgow
A British Overseas Bank and the Early Stage of the Euro-dollar Market
  Presenter Sugawara, Ayumu Tohoku University
The Ascendency of Asia. Japan and China in the International Financial System
  Presenter Piet Clement Bank for International Settlements
09:30 to 11:45  Contributed Session 1
Rm.A(Rm.11)  Financial Institutions I
  Chair Shin-ichi, Fukuda University of Tokyo
Did the Big Bang Make the Japanese Insurance Market Competitive and Efficient ?
Chano, Tsutomu
Yamori, Nobuyoshi 
Musashi University
Nagoya University
Russell Measure of Technical Efficiency in Japanese Banking  
Kunikata, Akira
Harimaya, Kozo
Aomori Public College
Sapporo Gakuin University
Competition in Japanese Banking System Revisited  

Gunji, Hiroshi
Miura, Kazuki
Uchida, Hirofumi
Daito Bunka University
Graduate School, Hosei University
Kobe University
Rm.B(Rm.21)  Monetary Aggregates and Asset Prices in Monetary Policy
  Chair Takeda, Yosuke Sophia University
Forward-Looking Monetary Policy: An Effective Means to Prevent Bubbles and the Aftermath

Funashima, Yoshito
Shoichi Miyahara
Nakashima, Kiyotaka
Graduate School, Aoyama Gakuin University
Aoyama Gakuin University
Konan University
Regional (very Narrow) Money-Output Relationship: Panel Cointegration and Structural Breaks
  Presenter Nagayasu, Jun University of Tsukuba
  Discussant Miyao, Ryuzo Kobe University
Individual Stock Returns and Monetary Policy: Evidence from Japanese Data
  Presenter Shibamoto, Masahiko Kobe University
  Discussant Ogawa, Kazuo Osaka University
Rm.D(Rm.22)  Empirical Analysis of Monetary Economy  
  Chair Kitaoka, Takayoshi Meiji University
Testing Fiscal Sustainability in Japan  
  Presenter Fujii, Takao Kobe University
  Discussant Hosono, Kaoru Gakusyuin University
The Impact of Electronic Money on Small Payments: An Empirical Analysis of Macro and Micro Data
  Presenter Nakata, Masao Kyushu University
  Discussant Kitamura, Yukinobu Hitotsubashi University
Service Expenditures and Intertemporal Elasticity of Substitution in Japan
  Presenter Kozuka, Masafumi Okayama Shoka University
  Discussant Nakagawa, Shinobu  Bank of Japan
Rm.E(Rm.32)   International Monetary Economics T  
  Chair Takaya, Sadayoshi Kansai University
Pricing to Market and Currency Basket  
  Presenter Nakamura, Chikafumi Graduate School, Hitotsubashi University
  Discussant Tsuruga, Takayuki Kansai University
Analysis on β and σ convergences of East Asian currencies  
  Presenter Yoshimi, Taiyo Graduate School, Hitotsubashi University
  Discussant Kitamura, Yoshihiro University of Toyama
Finance Crisis in Central and Eastern Europe and Policy Responses
  Presenter Matsuzawa, Yuusuke Bunri University of Hospitality
  Discussant Krawczyk Mariusz Konrad Ryukoku University
Rm.F(Rm.23)   Financial Markets in Asia  
  Chair Yano, Junji Hiroshima University
A Study of Public Debt Management System in Emerging Economies
  Presenter Nakagawa, Rika Toyo University
  Discussant Komatsu, Masaaki Hiroshima University
Determinants of Fund Raising Structure of Listed Companies in Vietnam
  Presenter Okuda, Hidenobu Hitotsubashi University
    Lai Thi Phuong Nhung Graduate School, Hitotsubashi University
  Discussant Suto, Megumi Waseda University
Indonesia: the Contagion of the Sub-prime Financial Crisis and the Policy Responses
  Presenter Masuda, Atsushi Japan Bank for International Cooperation
    Ohshige, Hitoshi Japan Bank for International Cooperation
  Discussant Yoshino, Naoyuki Keio University
11:50 to 12:35  Keynote Speaker: Presidential Address  
Rm.C(Rm.31)  Bubble and Financial Crisis: A Behavioral Economic Approach
  Speaker Tsutsui, Yoshiro President of the Japan Society of Monetary Economics
12:35 to 13:35  Lunch    
University Hall    
13:35 to 15:50  Panel Session 2:  Monetary Policy  
Rm.C(Rm.31)  Recent Trends of Monetary Policy Analysis and the Financial Crisis    
  Chair Miyao, Ryuzo Kobe University
Usefulness and Limits of New Keynesian Model: A View of Policy-makingtentative
  Presenter Kimura, Takeshi Bank of Japan
A Homework for Macroeconomics from the Global Financial Crisis  
  Presenter Kobayashi, Keiichiro Research Institute of Economy, Trade and Industry
The New Third Way?  Retrospect and Prospect for Monetary Economics
  Presenter Takeda, Yosuke Sophia University
13:35 to 15:50  Contributed Session 2  
Rm.A(Rm.11)  Financial Institutions U  
  Chair Nakajima, Masashi Reitaku University
Two Standards of Capital Regulation in Japan’s regional banks  
  Presenter Yajima, Itaru Norinchukin Research Institute and Graduate School, Chuo University
  Discussant Nagata, Kunikazu Kagoshima University
How Does the Stability of Loan Relations Depend on its Duration?: Evidence from Firm- and Bank-Level Data
  Presenter Miyakawa, Daisuke Development Bank of Japan Inc.
  Discussant Harimaya, Kozo Sapporo Gakuin University
Rm.B(Rm.21)  Finance    
  Chair Takahashi, Toyoharu Chuo University
Managerial Decisions on Payout Policy: the Choice between Share Repurchases and Cash Dividends
  Presenter Omori, Kozo Chuo Mitsui Asset Trust and Banking Company, Ltd.
    Tsuchimura, Yoshiaki Kanagawa University 
    Kurasawa, Motonari Yokohama National University
  Discussant Kaneko, Takashi Keio University
Debt Structure and Capital Structure Based on the Renegotiation of Bank Debt
  Presenter Tomita, Shintaro Graduate School, Keio University
    Ikeda, Naoshi Graduate School, Keio University
    Tsuji, Yukitami Keio University
  Discussant Teshima, Nobuyuki Senshu University
Rm.D(Rm.22)  Theoretical Analysis of Monetary Economy  
  Chair Ue, Katsuya Kansai University
(1) Strategic Complementarity and Bank's Lending Behavior-model describing endogenously how indirect finance carry
 out the role by their own behavior -
  Presenter Hobara, Nobuhiro Hitotsubashi University
  Discussant Fujiwara, Kenya Kobe University
Assets Price Change by Bank Capital Regulation and Optimal Risk Weights
Yamashiro, Ken
Yasuda, Yukihiro
Graduate School, Hitotsubashi University
Tokyo Keizai University
Note on Modeling of Suicide under a Borrowing Constraint within a Framework of Real Options Models
Suzuki, Tomoya
Hori, Keiichi
Kansai University
Ritsumeikan University
Rm.E(Rm.32)  International Monetary Economics U  
  Chair Ogawa, Eiji Hitotsubashi University
The Structural Change of Trade Balance in Japan  
  Presenter Yamamoto, Shugo  Graduate School, Kobe University
  Discussant Kawasaki, Kentaro Toyo University
Hamburger Prices and Globalization  
  Presenter Fukumoto, Yukio Osaka University of Economics
  Discussant Nakata, Hayato Meisei University
Rm.F(Rm.23)  Current Issues in International Finance   
  Chair Iwata, Kenji Kyushu University
The Money Flow and its Economic Influence of New Money Center “Middle East”
  Presenter Shukuwa, Junichi Bank of Tokyo-Mitsubishi UFJ
  Discussant Nemoto, Tadanobu Chuo University
Islamic Unit Trust and Shari’ah Compliant Securities in Malaysia  
  Presenter Fukushima, Yasuhiro Tokyo University of Foreign Studies
  Discussant Nakagawa, Rika Toyo University
Current ‘Reforms’ of IMF Programs and Issues to be solved  
  Presenter Ohta, Hideaki Ehime University
  Discussant Iwamoto, Takekazu Kyoto University
16:00 to 17:00  Invited Speaker  
Rm.C(Rm.31)  On the Securities Market after the Global Financial Crisis (tentative)
  Chair Yoshino, Naoyuki Keio University
  Speaker Saito, Atsushi President and CEO of Tokyo Stock Exchange Group, Inc.
17:10 to 17:50  General Meeting  
18:10 to 20:10  Welcome Reception  
University Hall    
Sunday, November 8, 2009    
Reception Desk: 9:00 to 15:30    
9:30 to 11:45  Panel Session 3: International Finance  
Rm.C(Rm.31) Global Imbalance and International Financial Crisis
  Chair Fujita, Seiichi Kobe University
Global Imbalance Revisited    
  Presenter Tanaka, Soko Chuo University
Yen Carry Trades, Global Imbalance and International Financial Crisis
  Presenter Iwatsubo, Kentaro Kobe University
Global Economic Crisis and Cross-Border Capital Movements:
          Implication to Global Economic Order

Shirai, Sayuri

Takenaka, Masaharu
Shimizu, Satoshi
Keio University

Ryukoku University
Japan Research Institute
9:30 to 11:45  Contributed Session 3  
Rm.A(Rm.11)  Regional Banking in Japan  
  Chair Yamori, Nobuyoshi Nagoya University
The Corporate Governance of Regional Banks  
  Presenter Mori, Yuji Graduate School, Waseda University
  Discussant Hanazaki, Masaharu Development Bank of Japan
An Analysis of the Loan-Debt Margins of Shinkin Banks During the Recent Economic Expansion
  Presenter Ishibashi, Shohei Osaka Sangyo University
  Discussant Aoki, Tatsuhiko Shinshu University
Study on the Promotion of Regional Finance and the Roles of Regional Bank
  Presenter Takachiho, Yasunaga Tamagawa University
  Discussant Okuno, Hiroyuki Aichi University
Rm.B(Rm.21)  Finance and Portfolio Selection  
  Chair Kamoike, Osamu Tohoku Fukushi University
Academic Background and Household Portfolios Revisited  
  Presenter Kitamura, Yukinobu Hitotsubashi University
    Uchino, Taisuke Graduate School, Hitotsubashi University
  Discussant Muramoto, Tsutomu Seijo University
Are Chinese Stock Investors Watching Tokyo?: An Analysis with High-Frequency Data
  Presenter Hirayama, Kenjiro Kwansei Gakuin University
    Tsutsui, Yoshiro Osaka University
  Discussant Kawanishi, Satoshi Sophia University
Rm.D(Rm.22)  Financial Markets in China  
  Chair Sui, Qing-yuan  Yokohama City University
Chinese Direct Investment in Manufacturing: Its Patterns and Determinants-An Empirical Analysis
  Presenter Miyamoto, Michiko Akita Prefectural University
    Ro, Kin Graduate School, Akita Prefectural University
    Shimazaki, Yoshiaki Akita Prefectural University
  Discussant Ji, Cong Senshu University
Scale Economy and Competitiveness of Chinese Insurance Industry
  Presenter Yuan, Yuan University of Tokyo
    Matsuda, Takuma Kanto Gakuin University
  Discussant Koibuchi, Satoshi Chiba University of Commerce 
Rm.E(Rm.32)   US Financial System  
  Chair Nishigaki, Narunto Okayama University
A Market Trend of ABL in U.S.A. and the Trend of Thought in the Undercurrent:
 The Construction of a Deep Relationship in Attaching Great Importance to the Going Concern Value of the Borrower
  Presenter Unakami, Yasuo Japan Finance Corporation
  Discussant Nemoto, Tadanobu Chuo University
Global Financial Crisis and US Interest Rate Swap Spreads  
  Presenter Ito, Takayasu Niigata University
  Discussant Abiko, Yuichi Kinki University
Evolution of Shadow Banking System and Hedge Funds  
  Presenter Sekimura, Shogo Saitama University
  Discussant Noshita, Yasutoshi  Kokushikan University
11:45 to 12:45  Lunch    
University Hall    
12:45 to 15:15  Symposium    
Rm.C(Rm.31)  Financial Regulatory Reforms after the Global Financial Crisis
  Chair Miyao, Ryuzo Kobe University
Causes of the Global Financial Crisis and the Need to Reform Financial Sector Regulation and Supervision
  Presenter Takeda, Masahiko Hitotsubashi University
Global Financial Crisis and International Responses: Outcomes of the G20 Summit Meeting and On-going Financial Regulatory Reforms
  Presenter Nakao, Takehiko Director-General, International Bureau, Ministry of Finance
Prudential Policy in Japan    

Kuroda, Akio

Jinushi, Toshiki
Ikeo, Kazuhito
Meiji University

Kobe University
Keio University