Presidential Address

Real Estate Prices and the Financial Market

Yoshinori Shimizu

Special Lectures

“Monetary Policy and Banking Behavior” after 25 Years

Kazumasa Iwata

Articles

Default Costs of Unlisted Companies in Japan under Deflation	Shinichi Fukuda, Munehisa Kasuya and Kentaro Akashi
Monitored versus Non-monitored Finance: The Bank-centered System as a Coordination Failure	Hideaki Murase
Pension Liabilities and Investment	Takafumi Sasaki
Market Efficiency and the Amount of Noise in the Japanese Stock Market	Yusuke Kinari

Book Reviews

Fukuda, S. (Ogawa, K.) Asai Y. (Okazaki, T.) Pelkmans, J. (Hoshino, K.) Muramoto, T. (Kurihara, Y.) Kanai, Y. (Yoshida, S.)