<  10:00 – 12:00  >

Rm B200

Panel Session: Financial History
International Financial Centers and International Banking: Competition and Complementarity from a Historical Perspective

• Chair
• Tohoku University
• Ayumu Sugawara

（1）The Banking Network and Foreign Exchange Business of the British and American Giant Banks in the Early Twentieth Century

• Presenter
• Yamaguchi University
• Daisuke Koga

（2）The international Money Market (1914-1930)-The Chartered Bank of India Australia and China in London and New York-

• Presenter
• Sapporo Gakuin University
• Masashi Kitabayashi

（3）The Development of Market Linkages in the Japanese Government Foreign Loan Issues before and after the First World War (1870-1930)

• Presenter
• Teikyo University
• Toshio Suzuki

• Discussant
• Reitaku University
• Masanori Sato

• Discussant
• Waseda University
• Kazuhiko Yago

<  10:00 – 12:00  >

Rm B101

Session: Monetary Policy

• Chair
• Keio University
• Yuki Teranishi

（1）Credible Escape from a Liquidity Trap

• Presenter
• Tokyo University
• Takeki Sunakawa

• FRB
• Taisuke Nakata

• Discussant
• Qeensland University
• Yuichiro Waki

（2）Inflation Persistence and Optimal Liftoff from the Zero Lower Bound

• Presenter
• Kobe University
• Kohei Hasui

• Bank of Japan
• Tomohiro Sugo

• Keio University
• Yuki Teranishi

• Discussant
• Tokyo University
• Takeki Sunakawa

Rm B102

Session: Financial Intermediaries

• Chair
• Keio University
• Wako Watanabe

（1）Unviable Relationship and Bank Lending: Evidence from Loan-level Matched data

• Presenter
• Sapporo Gakuin University
• Hitoshi Inoue

• Konan University
• Kiyotaka Nakashima

• University of California, San Diego
• Koji Takahashi

• Discussant
• Saitama University
• Ken Nagata

（2）The Dissolution of Inappropriate Relationships: Why Do Banks and Borrowers Divorce?

• Presenter
• Konan University
• Kiyotaka Nakashima

• University of California, San Diego
• Koji Takahashi

• Discussant
• International Christian University
• Heather Montgomery

（3）A Treatise on the Conditions to Make Microfinance Work

• Presenter
• Okayama University
• Naruto Nishigaki

• Discussant
• Niijima Gakuen Junior College
• Shinichi Matsuda

Rm B103

Session: Financial Markets

• Chair
• Chuo University
• Toyoharu Takahashi

（1）Factors behind Credit Rating Differences between Japanese and US Agencies

• Presenter
• PhD student Hitotsubashi University
• Naoko Nemoto

• Discussant
• Saitama Gakuen University
• Yoshitaka Kurosawa

（2）Government Intervention and Liquidity in the Japanese Sovereign Bond Market

• Presenter
• Kobe University
• Kentaro Iwatsubo

• PhD student Kobe University
• Tomoki Taishi

• Discussant
• Chuo University
• Toyoharu Takahashi

（3）The Financialization of Copper Market and China Risk

• Presenter
• Musashi University
• Tsutomu Chano

• Discussant
• Kobe University
• Kentaro Iwatsubo

Rm B104

Session: Stock Markets and Investment

• Chair
• Aoyama Gakuin University
• Takeo Minaki

（1）Estimation of Time-Varying PIN on the JASDAQ Market

• Presenter
• PhD student Meiji University
• Saneyuki Aoki

• Discussant
• Aoyama Gakuin University
• Takeo Minaki

（2）Trend Analysis of Nikkei Average and Option Evaluation-Markov Switching EGARCH Model-

• Presenter
• Nihon University
• Hidetoshi Mitsui

• Toyo University
• Kiyotaka Satoyoshi

• Discussant
• Takachiho University
• Mai Shibata

（3）Seasonality in Japanese Stock Return

• Presenter
• Seikei University
• Masashi Toshino

• Discussant
• Tohoku University
• Yoshio Kanazaki

Rm B201

Session: Monetary Macroeconomics

• Chair
• Kyushu University
• Kenji Iwata

（1）Nonparametric Approach to Convergence of Japanese Local Price Levels: A Failure of Purchasing Power Parity

• Presenter
• Surugadai University
• Hidehiro Ikeno

• Discussant
• Tohoku University
• Jun Nagayasu

（2）Macroeconomic impacts of China’s Foreign Exchange Reserve Accumulation: A VAR Analysis Using Pure Sign Restrictions Approach

• Presenter
• PhD student Hitotsubashi University
• Li Nie

• Discussant
• Gakushuin University
• Junko Shimizu

（3）Private Information in Forecasts of the Majority of BOJ Policy Board Members

• Presenter
• Nihon University
• Komaki Yasuyuki

• Discussant
• Meiji University
• Takayasu Ito

< 12:00 – 13:30 > Lunch

<  13:30 – 15:30  >

Rm B200

Panel Session: Central Banking
Stability of Financial Systems and Macro-prudential Policies

• Chair
• Kwansei Gakuin University
• Hisashi Harui

（1）

• Presenter
• Financial Services Agency
• Toshinori Yashiki

（2）

• Presenter
• Bank of Japan
• Takeshi Kimura

• Discussant
• No job title
• Iwao Kuroda

• Nomura Research Institute
• Tetsuya Inoue

<  13:30 – 15:30  >

Rm B101

Japan-Korea Special Session

• Chair
• Kyoto University
• Takayuki Tsuruga

(1)Implicit Coordination of Interest Rate, Money, and Government Spending for GDP

• Presenter
• Kyungpook National University
• Inbong Ha

• Kyungpook National University
• Mikyung Bae

• Keimyung University
• Younghwan Lee

• Discussant
• Kobe University
• Masahiko Shibamoto

(2)Designing a Simple Loss Function for the Fed: Does the Dual Mandate Make Sense?

• Presenter
• Korea University
• Jinill Kim

• UPF and Barcelona GSE
• Davide Debortoli

• Sveriges Riksbank
• Jesper Linde

• Federal Reserve Bank of Boston
• Ricardo Nunes

• Discussant
• Keio University
• Yuuki Teranishi

Rm B102

Session: International Finance

• Chair
• Aichi University
• Yutaka Kurihara

（1）Choice of Invoice Currency in Global Production and Sales Network: The Case of Japanese Overseas Subsidiaries

• Presenter
• Gakushuin University
• Junko Shimizu

• Yokohama National University
• Kiyotaka Sato

• Columbia University
• Takatoshi Ito

• Chuo University
• Satoshi Koibuchi

• Discussant
• Senshu University
• Keiko Ito

（2）Decomposing European Premium in FX Swaps during the European Debt Crisis

• Presenter
• PhD student Keio University
• Yoshiko Suzuki

• Thomas Rueters Markets

• Discussant
• Hitotsubashi University
• Eiji Ogawa

（3）Was Forex Fixing Fixed?

• Presenter
• PhD student Hitotsubashi University
• Masahiro Yamada

• Columbia University
• Takatoshi Ito

• Discussant
• Kansai University
• Sadayoshi Takaya

Rm B103

Session: Corporate Finance

• Chair
• Tokyo Keizai University
• Masao Kumamoto

（1）Overseas Transfer of Production and Non-Positive Net Debt

• Presenter
• Development Bank of Japan
• Genichiro Okamoto

• PhD student Hitotsubashi University

• Discussant
• Tokyo University of Science
• Takafumi Sasaki

（2）Corporate Finance Using Credit Guarantee: Considering the Influence of the Great East Japan Earthquake

• Presenter
• Toyo University
• Yasuko Takezawa

• Hiroshima University
• Katsumi Matsuura

• Discussant
• Kobe University
• Nobuyoshi Yamori

（3）Firms' Fund Raising Behavior in A Dollarized Economy: Large Sized Sample Survey on Cambodia

• Presenter
• Hitotsubashi University
• Hidenobu Okuda

• PhD student Hitotsubashi University
• Daiju Aiba

• Discussant
• Waseda University
• Fumihiko Hiruma

Rm B104

Session: Financial History

• Chair
• Reitaku University
• Masanori Sato

（1）Informal Finance in the Undeveloped Money Market: Analysis of Informal Finance in Okinawa

• Presenter
• Japan Economic Research Institute
• Kenji Nakamura

• Discussant
• Reitaku University
• Yuxiong Chen

（2）Was the Experience of the State Bank Reorganizations Succeeded in Their Methods of the FDIC?

• Presenter
• Yamanashi Prefectural University
• Masako Kurohane

• Discussant
• Kanagawa University
• Soichi Toda

Rm B201

Session: Financial Institutions in Different Countries

• Chair
• Musashi University
• Sanae Ohno

（1）Overview of U.S. Student Loan Market and Its Implication for Japan

• Presenter
• Nomura Institute of Capital Markets Research
• Sachiko Miyamoto

• Discussant
• Sapporo University
• Takao Iida

（2）The Underwriting Business of Major U.S. Financial Holding Companies

• Presenter
• Matsuyama University
• Tatsuro Kakeshita

• Discussant
• Fukuoka University
• Mitsushiro Kamino

（3）Factors Determining Interest Rate Risk of Newly Chartered Japanese Banks

• Presenter
• Aomori Public University
• Akira Kunikata

• Discussant
• Ritsumeikan University
• Hiroshi Izawa

<  15:50 – 16:50  >  Invited Lecture

RM C200

Japan's Exit Strategy and Secular Stagnation

• Chair
• Tohoku University
• Shinichi Nishiyama

• Speaker
• Japan Center for Economic Research
• Kazumasa Iwata

<  17:00 – 17:50  > General Meeting

Rm C200

<  18:00 – 20:00  > Reception

Kawauchi No Mori Dining, Kawauchi Kita Campus

<  10:00 – 12:00  >

Rm 200

Session: Empirical Analysis of Unconventional Monetary Policy

• Chair
• Waseda University
• Hajime Tomura

（1）The Effects of ECB Monetary Policy on Bank Lending in Euro Area since the Outset of Global Financial Crisis

• Presenter
• Kobe University
• Agata Wierzbowska

• Discussant
• Kansai University
• Sadayoshi Takaya

（2）The Effects of ETF Purchase by the Bank of Japan: Relationship between the Consumer Confidence Index and the Stock Price Index-

• Presenter
• PhD student Saitama University
• Yoshikazu Sato

• Discussant
• Nihon University
• Hidetoshi Mitsui

（3）The Quantitative Easing Policy and Business Activities by Industry in Japan: 2001-2006

• Presenter
• PhD student Kobe University
• Hiroyuki Ijiri

• Kobe University
• Yoichi Matsubara

• Discussant
• Osaka Prefecture University
• Minoru Tachibana

Rm B101

Session: Macroeconomic Analysis

• Chair
• Kyoto University
• Takayuki Tsuruga

（1）Effects of Commodity Price Shocks on Inflation: A Cross-country Analysis

• Presenter
• Kyoto University
• Takayuki Tsuruga

• Kyoto University
• Atsushi Sekine

• Discussant
• Nanzan University
• Taiyo Yoshimi

（2）Impact of Exchange Rate Shocks on Japanese Exports: Quantitative Assessment Using a Structural VAR model

• Presenter
• Meisei University
• Hayato Nakata

• Presenter
• Hitotsubashi University
• Tokuo Iwasako

• Discussant
• Tokyo University
• Ryuzo Miyao

（3）Stock Market and Monetary Policy in a Search Model of Money

• Presenter
• PhD student Keio University
• Yoshitaka Tanaka

• Discussant
• Chiba University
• Ryoji Hiraguchi

Rm B102

Session: Regional and Small Business Finance

• Chair
• Yamagata University
• Masaki Yamaguchi

（1）Effects of Main Bank Switch on Small Business Bankruptcy

• Presenter
• PhD student Nagoya University
• Yuta Ogane

• Discussant
• Ritsumeikan University
• Kozo Hariyama

（2）How Non-collateralized Loans Affect Firms’ Credit Availability and Performance: Evidence from a Program by a Government-affiliated Financial Institution

• Presenter
• PhD student Hitotsubashi University
• Hiromichi Iwaki

• Hitotsubashi University, RIETI
• Iichiro Uesugi

• Kobe University
• Hirofumi Uchida

• Discussant
• Okayama University
• Masanori Ohkuma

（3）Role of Financial Institutions in Regional Revitalization

• Presenter
• Hiroshima University
• Shinri Murakami

• Discussant
• Okayama University
• Satoshi Mimura

Rm B103

Session: Financial Issues in Asia

• Chair
• Hitotsubashi University
• Hidenobu Okuda

（1）Study on the Functions and Roles of Singapore Financial Market ~ from the Asset Management Industry Point of View ~

• Presenter
• Daiwa Asset Management
• Tatsuya Torikoshi

• Discussant
• Nishogakusha University
• Katsushi Tabata

（2）Financial Liberalization and Corporate Debt Structure in South East Asia

• Presenter
• Kyoto University
• Hisako Kai

• Discussant
• Kyushu International University
• Takeshi Uesaka

（3）Evolving Informal Remittance Methods of Myanmar Migrant Workers in Thailand

• Presenter
• Institute of Developing Economies, JETRO
• Koji Kubo

• Discussant
• Kyoto University
• Fumiharu Mieno

Rm B104

Session: Insurance and Risk Management

• Chair
• Tokyo Keizai University
• Noriyoshi Yanase

（1）The Role of Life Insurance Surrender in Small Business Financing

• Presenter
• Meiji University
• Yoshihiro Asai

• Discussant
• Kagoshima University
• Kunikazu Nagata

（2）Bank Equity Ownership and Corporate Hedging: Evidence from Japan

• Presenter
• Tokyo Keizai University
• Noriyoshi Yanase

• Portland State University
• Piman Limpaphayom

• Portland State University
• Daniel Rogers

• Discussant
• Aoyama Gakuin University
• Toshio Serita

Rm B201

Session: Financial System and Law

• Chair
• Ritsumeikan University
• Hisashi Ohgaki

（1）Legal Issues regarding the FinTech Industry in Japan

• Presenter
• Waseda University
• Takashi Kubota

• Discussant
• Senshu University
• Takahiko Watanabe

（2）The Role of so-called Asset Based Lending (ABL) in Japanese Silk Reeling Finance

• Presenter
• Gakushuin Women's College
• Aki Kinjo

• Discussant
• Ritsumeikan University
• Hisashi Ohgaki

（3）Management of Infrastructure in Depopulating Society

• Presenter
• Anderson Mori & Tomotsune Law Firm
• Takashi Akahane

• Discussant
• Ritsumeikan University
• Hisashi Ohgaki

<  12:00 – 13:30  > Lunch

<  13:30 – 16:00  >

Rm B200

Symposium: Economic Recovery from Natural Disasters

• Chair
• Hitotsubashi University
• Yoshinori Shimizu

（1）Recovery of the Firms from Great East Japan Earthquake: Evidence from Firm Survey Data

• Presenter
• Tohoku University
• Shin-ichi Nishiyama

（2）Recovery of the Industries from Great East Japan Earthquake: Case studies of the supports by Reconstruction Support Organization

• Presenter
• Reconstruction Agency
• Takayuki Kumazaki

（3）Firm Behavior, Corporate Finance, and Great East Japan Earthquake

• Presenter
• Kobe University
• Hirofumi Uchida

• Discussant
• Tohoku Fukushi University
• Osamu Kamoike

• Kobe University
• Toshiki Jinushi

• Kobe University
• Tomoko Aizawa