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 ?
	Presenter Discussant	Chano, Tsutomu Yamori, Nobuyoshi	Musashi University Nagoya University
Russell Measure of Technical Efficiency in Japanese Banking
	Presenter Discussant	Kunikata, Akira Harimaya, Kozo	Aomori Public College Sapporo Gakuin University
Competition in Japanese Banking System Revisited
	Presenter Discussant	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
	Presenter Discussant	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-making（tentative）
	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
	Presenter Discussant	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
	Presenter Discussant	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
Rm.C(Rm.31)
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
	Presenter Discussant Discussant	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
	Presenter Discussant Discussant	Kuroda, Akio Jinushi, Toshiki Ikeo, Kazuhito	Meiji University Kobe University Keio University