The Spring 2009 Semi-Annual Meeting of the Japan Society of Monetary Economics
Detailed Program @
@ @ @ @
Saturday May 16, 2009 @ @
09:30 to 11:45   Panel Session 1: On Central Bank
Rm. G   Financial Crises and Central Bank  
@ Chair Nakakita, Toru Toyo University
Presenter Nakaso, Hiroshi Bank of Japan
Presenter Uchida, Kazuto Bank of Tokyo-Mitsubishi-UFJ
Presenter Jinushi, Toshiki Kobe University
09:30 to 11:45   Contributed Session 1
Rm. A    International Finance (1)
@ Chair  Katsu,  Etsuko  Meiji University
Foreign capital inflow and Chinese mortgage market boom
@ Presenter Ohno, Sanae Musashi University
Discussant  Ogawa, Eiji  Hitotsubashi University
Empirical Analysis of the Forward Premium:Evidence from the Asia-Pacific Region
@ Presenter Nagayasu, Jun Tsukuba University
Discussant  Iwatsubo, Kentaro Kobe University
Korean CBO and ABF1|focusing on the logic of policy making
@ Presenter Fuda, Koji Graduate School of the University of Tokyo
@ Nishikawa, Teru Graduate School of the University of Tokyo
Discussant  Takeuchi, Atsushi Bank of Japan
Rm. B    Corporate Finance
@ Chair Kamoike, Osamu Tohoku Fukushi University
 The Effect of Bank Relationships and Ownership Structure on Financing Choices: Evidence from Japan
@ Presenter Ishikawa, Masaya Graduate School, Hitotsubashi University
@ Takahashi,Hidetomo Graduate School, Hitotsubashi University
Discussant Suzuki, Katsushi  Tokyo University of Science
Investorsf recognition of pension accounting and corporate value
@ Presenter Yamamoto, Mitoshi Graduate School of Kyushu University
Discussant Aman, Hiroyuki Nagasaki University
Main Bank Relationships in Japan
@ Presenter Hirota, Shinichi Waseda University
Discussant Hanazaki, Masaharu  The Development Bank of Japan
Rm. C   Monetary History (1)
@ Chair Yago, Kazuhiko Tokyo Metropolitan University
Yen Loan and Indian Political Economy
@ Presenter Nunome, Toshinari @
Discussant Matsui, Kenichirou Institute for International Monetary Affairs
Doller-to-Yen Conversion at the Reversion of Okinawa
@ Presenter Suzuki, Saburou Musashi University
Discussant Itoh, Masanao University of Tokyo
Bretton Woods II
@ Presenter Yonekura, Shigeru Saga University
Discussant Maeda, Jun  University of Kitakyushu
Rm. D    Finance in Developing Economies
@ Chair Mieno, Fumiharu  Kobe University
An Examination from Monetary Theory on the Islamic Banks: Balance Sheet Analysis of Abu Dhabi Islamic Bank
@ Presenter Kamiyama, Hajime Graduate School of Hitotsubashi University
Discussant Nakagawa, Rika Institute of Development Economies, JETRO
Competition and Microfinance Institutionsf Performance
@ Presenter Kai, Hisako Graduate School of Kobe University
Discussant Harimaya, Kozo  Sapporo Gakuin University
Microcredit and Group lending
@ Presenter Matsuda, Shinichi Graduate School of Waseda University
@ Yabushita, Shiro Waseda University
Discussant Okuda, Hidenobu   Hitotsubashi University
Rm. E    Japanese Regional Financial System I
@ Chair Yamori, Nobuyoshi Nagoya University 
The Establishment of the Labor Bank of Japan
@ Presenter Mimura, Satoru Aichi Gakusen University
Discussant Saito, Tadashi  Komazawa University
Causes of regional lending slump and solutions
@ Presenter Masuda, Yasuyoshi Toyo University
Discussant Noma, Toshikatsu @ Doshisha University
The Deepening of Aged Society and the Management of  Regional Financial Institutions
@ Presenter Horie, Yasunori Kyushu University
Discussant Abiko, Yuichi Kinki University
Rm. F    Macroeoconomics and Banking
@ Chair Sakuragawa, Masaya Keio University
The Estimation of the New Keynesian Phillips Curve in Japan and Its Implication for the Inflation Responses to a Monetary Policy Shock
@ Presenter Shibamoto, Masahiko Kobe University
Discussant Muto, Ichiro Bank of Japan
Effects and limits of bailouts of insolvent banks for central bank
@ Presenter Oda, Yuichi Doshisha University
Discussant Sakai, Yoshikiyo@ Kanagawa University
Financial Development and Financial Amplification
@ Presenter Hirano, Tomohiro Financial Service Agency
Discussant Nakamura, Tamotsu Kobe University
11:50 to 12:35    Keynote Speaker
Rm. G     
@ Chair Tsutsui, Yoshiro @
Financial Crisis in the United States: Comparison of Great Depression
@ Speaker Kaizuka, Keimei University of Tokyo, Director, CARF
@ @ @ @
12:35 to 13:35    Lunch
09:30 to 11:45   Panel Session 2: Monetary History
Rm. G
@ Chair Saito, Hisahiko Chiba Commerce University
Presenter Shizume, Masato Bank of Japan
Presenter Sato, Masanori Reitaku University
Presenter Hotori, Eiji Yokohama National University
@ Discussant Noshita, Yasutoshi Kokushikan University
@ Discussant Yago, Kazuhiko Tokyo Metoropolitan University
@ Discussant Tsurumi, Masayoshi Hosei University
@ @ @
13:35 to 15:50    Contributed Session 2
Rm. A     Financial Regulations (1)
@ Chair Harui, Hisashi Kwanseigakuin University
VAT on Financial Services
@ Presenter Suzuki, Masaaki   Mizuho Research Institute
Discussant Kaizuka, Keimei University of Tokyo, Director, CARF
Reexamining the Concept of Securities in the Financial Instruments and Exchange Law
@ Presenter Takahashi, Masahiko Yokohama National University
Discussant Kubota, Takashi Waseda University
Rm. B    International Finance II
@ Chair Sasaki, Yuri Meiji Gakuin University
Original Sin and Monetary Policy
@ Presenter Nakamura, Shuji Graduate School of Hitotsubashi University
Discussant Matsubayashi, Yoichi Kobe University
Introducing Risks of Financial Crises into the Theory of Optimum Currency Areas
@ Presenter Nishimura, Yozo @
Discussant Murase, Tetsuji Ryukoku University
External Adjustments and Coordinated Exchange Rate Policy in Asia 
@ Presenter Ogawa, Eiji Hitotsubashi University
@ Iwatsubo, Kentaro Kobe University
Discussant Esaka, Taro  Kobe City University of Foreign Studies
Rm. C    Foreign exchange system / Efficiency of Banks
@ Chair Ohno, Sanae  Musashi University
Currency Invoicing of Major Japanese Exporters and the Role of AMU
@ Presenter Ito, Takatoshi University of Tokyo
@ Koibuchi, Satoshi Chiba Commerce University
@ Sato, Kiyotaka Yokohama National University
@ Shimizu, Junko Senshu University
Discussant Ohno, Masanori Fukushima University
  Liquidity, Volume and Informational Efficiency: Evidence from High-Frequency FX Data
@ Presenter Iwatsubo, Kentaro Kobe University
@ Kitamura, Yoshihiro Toyama University
Discussant Susai, Masayuki Nagasaki University
Efficiency of Domestic and Foreign Banks in Russia
@ Presenter Ono, Naruki AsahikawaUniversity
Discussant Hatase,  Mariko Bank of Japan
Rm. D    Monetary Policy
@ Chair Miyao, Ryuzo Kobe University
Optimal monetary policy and inflation persistence in an open economy
@ Presenter Ida, Daisuke Graduate School of Kobe University
Discussant Tsuruga, Takayuki Kwansai University
Bank Lending Channel during the Quantitative Monetary Easing Policy Period
@ Presenter Inoue, Hitoshi Graduate School of Osaka University
Discussant Hosono, Kaoru Gakushuin University
On the Monetary Policy under New Bank of Japan Act
@ Presenter Tatebe, Masayoshi Chukyo University
Discussant Fujii, Yoshihiro Sophia University
Rm. E    Japanese Regional Financial System II
@ Chair Horie, Yasuhiro  Kyushu University
A Reexamination on the Segmentation Hypothesis of the Prefectural Loan Markets in Japan: a Panel Co-integration Study on the Reduced Form of the Prefectural Loan Interest Rates
@ Presenter Ishikawa, Daisuke Kyoto University
Discussant Kano, Masaji  Osaka Prefecture University
Estimation of Switching Cost on The Credit Market: Using data of japanese shinkin-bank in Kansai region
@ Presenter Nakaoka, Takayoshi Graduate School of Kobe University
Discussant Shimabukuro, Itsuko  Okinawa International University
Debt Restructuring of Local Quasi-Public Corporations Supported by efRegional Power Revitalization Corporationff
@ Presenter Fukasawa, Eiji National Diet Library
Discussant Suzuki, Masaaki   Mizuho Research Institute
Rm. F    Empirical Research in Financial Market
@ Chair Fukushige, Mototsugu Osaka University
Capital Ratios and Cross-Section of Stock Returns in Banking Industry
@ Presenter Chen, Sichong Hitotsubashi University
Discussant Tanaka, Atsushi Kansai Gakuin University
Capital Injection of Public Funds and Bank Lending Behavior:
Asymmetric Effects between International Banks and Domestic Banks
@ Presenter Nagata, Ken Graduate School of Hitotsubashi University
Discussant Abiko, Yuichi Kinki University
@ Presenter Miyamoto, Michiko Akita Prefectural University
@ Ando, Masakazu  The Institute of Statistical Mathematics
@ Henmi, Masayuki  The Institute of Statistical Mathematics
Discussant Okuyama, Eiji Chuo University
@ @ @ @
16:00 to 17:00   Invited Speaker
Rm. G    Financial Market Stability and Market Confidence
@ Moderator Ueda, Kazuo University of Tokyo
@ Speaker Nishimura, Kiyohiko Bank of Japan
17:10 to 18:10   General Meeting
Rm. G
18:15 Welcome Reception
Sanjo Kaikan 1F Restaurant 
Sunday May 17, 2009 @ @
10:00 to 12:15   Panel Session 3: On International Finance
Rm. G    Global Financial Crisis 
@ Chair Ogawa, Eiji Hitotsubashi University
Presenter Takatoshi Ito University of Tokyo
Presenter Kawai, Masahiro Asian Development Bank Institute
Presenter Watanabe, Hiroshi Japan Bank for International Cooperation (JBIC)
10:00 to 12:15   Contributed Session 3
Rm. B    Financial Regulations (2)
@ Chair Higano, Mikinari Rikkyo University
The Origin and Development of International Cooperation for Financial System Stability: Establishment of the Basel Committee on Banking Supervision and Adoption of the gConcordath
@ Presenter Watanabe, Satoshi Bank of Japan
Discussant Yago, Kazuhiko Tokyo Metropolitan University
The Effects of MOF and BOJ Inspections on Non Performing Loans
@ Presenter Tsukazaki, Kimiyoshi Kurume University
Discussant Kamibayashi, Takanori Tokyo International University
The EU Framework of Financial Supervision and the College of Supervisors
@ Presenter Ohta, Mikiko Miyagi Gakuin Female University
Discussant Harui, Hisashi Kwanseigakuin University
Rm. C    Financial Market in China
@ Chair Itoh, Masanao University of Tokyo
The Effect of RMB Exchange Rate Volatility on Sino-Japan Exports
@ Presenter Nishimura, Yusaku University of International Business and Economics
Discussant Shimizu, Junko Senshu University
Between Mao and Markets: New Evidence on Segmentation of the Bank Loan Market in China
@ Presenter Ohkuma, Masanori Graduate School of Waseda University
Discussant Yamori, Nobuyoshi Nagoya University
The Investment Environments and firm Investment Behaviors in China : An@Empirical Study on the Effect of  The Governmentfs  Ownership
@ Presenter Hasibilige Graduate School of Hitotsubashi University
@ Take, Yasushi Graduate School of Hitotsubashi University
Discussant Li Jian Ping Senshu University
Rm. D    Empirical Analyses of East Asian Finanacial System
@ Chair Yano, Junji Hiroshima University
How does the remittance affect macroeconomic factors in developing countries?: An empirical study of VAR model including Overseas Pilipinas Remittances
@ Presenter Take, Yasushi Graduate School of Hitotsubashi University
Discussant Kawasaki, Kenatro Toyo University
Analysis of Transmission Mechanism of Monetary Policy in Vietnam
@ Presenter Nguyen Duc Lap Hiroshima Shudo University
Discussant Nakagawa, Rika Institute of Development Economies, JETRO
Asset Price Fluctuations and Macroeconomic behavior in East Asia
@ Presenter Enya, Masahiro  Osaka International University
Discussant Inoguchi, Masahiro Kyoto Sangyo University
Rm. E    Security Market
@ Chair Uno, Jun Waseda University
Relation between Investors' Expectations and Macroeconomic Indicators
@ Presenter Hasumi, Ryou Japan Center for Economic Research
@ Hirata, Hideaki  Hosei Unijversity
Discussant Ashiya, Masahiro Kobe University
The Determinats if Underpricing and IPO Wave
@ Presenter Hisa, Yuko Atomi University
@ Hisa, Shoichi Hitotsubashi University
Discussant Tatsumi, Kenichi Gakushuin University
Islamic Finance and the Theory of Capital Structure
@ Presenter Nagano, Mamoru Nagoya City University
Discussant Hosono, Kaoru Gakushuin University
Rm. F    Monetary Historyi2j
@ Chair Sato, Masanori Reitaku University
The Changes in Wholesale Prices of Basic Groups for Pre-Deflation Period
@ Presenter Ishimori, Yoshikazu Tokai University
Discussant Harada, Yutaka Daiwa Institute of research. Ltd.
Analytical approach to the Bank internal audit during the Taisho Period\The discussion about reinforcement of Bank internal audit and its case study\
@ Presenter Ohe, Seiichi Isuzu Motors Ltd.
Discussant Asai, Yoshio Seijo University
How was monetary policy made before and after the Showa Depression?
@ Presenter Harada, Yutaka Daiwa Institute of research. Ltd.
@ Sato, Ayano Takasaki City University of Economics
Discussant Shizume, Masato Bank of Japan
12:15 to 13:15   Lunch
13:15 to 15:15   Panel Discussions, Jointly organized by CARF, University of Tokyo
Rm. G     
            Financial Crisis and Credit Market
@ Moderator Kazuo, Ueda University of Tokyo
Panelist Ogaki, Hisashi Ritsumeikan University
Panelist Ohashi, Hidetoshi Morgan Stanley
Panelist Ozeki, Koyo PIMCO
Panelist Takada, Hajime Mizuho Security
Panelist Hatakama, Toshiyuki Mitsubishi-UFJ Security
@ @ @ @
@ @ @ @
@ Spring 2009 Meeting Program Committee
@ Itoh, Masanao Ueda, Kazuo
Ohno, Sanae Ogawa, Eiji
Katsu, Keiko Kamoike, Osamu
Sakuragawa, Masaya Sasaki, Yuri
Sato, Masanori Suto, Megumi
Harui, Hisashi Higano, Mikinari
Fukushige, Mototsugu Fukuda, Shin-ichi
Horie, Yasunori Mieno, Fumiharu
Miyao, Ryuzo Yago, Kazuhiko
Yamori, Nobuyoshi Yano, Junji