2023 Autumn Annual Meeting

Program Day1 September 30 (Saturday)

Morning Session　10:30-12:30

RoomA　Panel Session: Financial History　The Rise of Modern Banking and Insurances in the Republic of China

Chair
Eiji Hotori (Yokohama National University)

Vice Chair
Akira Ehiro (Konan University)

From Shanghai to Hong Kong: The Early History of C.V. Starr and American International Assurance (AIA), 1919-49

Presenter　Pui-Tak Lee (Huaqiao Univeristy)

How Consortium and Investment Company Worked?: The Early Financial Connection between United States and Republic of China

Presenter　Lin Xu (Shanghai Academy of Social Sciences)

The Impact of U.S. Multinational Investment on the Republic of China (1912-1949)

Presenter　David B. Sicilia (University of Maryland)

Discussant　Ayumu Sugawara (Tohoku University)

RoomB　Session　International Financial and Capital Markets

Chair
Sanae Ohno (Musashi University）

Vice Chair
Jun Maeda (The University of Kitakyushu）

Term Premium in International Yield Curves: Role of Global and Local Factors

Presenter　Takeshi Kobayashi (Nagoya University of Commerce & Business）
Discussant　Hideyuki Takamizawa (Chuo University）

A Critical Study on the "Balance of Payments Stages"

Presenter　Hidetoshi Takeda（Nihon University）
Discussant　Mitsuru Yaguchi（Kyoto Tachibana University）

International Capital Flows and Demographics: The Role of Foreign Direct Investment

Presenter　Naohisa Hirakata（Bank of Japan), Mitsuru Katagiri*（Hosei University）
Discussant　Takashi Kano (Hitotsubashi University）

RoomC　Session　Financial institution

Chair
Tatsuro Kakeshita (Fukuoka University)

Vice Chair
Nobuyasu Uemura (Fukuoka University)

Economies of scope in the Japanese banking industry

Presenter　Yichang Wu (Ph.D.  Student, Kobe University)
Discussant　Takayoshi Nakaoka (Kindai University)

Group Lending under Competition for Re-lending

Presenter　Shin-ichi Matsuda (Niijima Gakuen Junior College)
Discussant　Nishigaki Narunto (Meijo University)

Investment of Information Technology in the Banking Industry of Japan and Economic Consequences: A Panel Data Analysis by Using the Production Function Approach

Presenter　Toshiaki Kanzaki* (Onomichi City University), Masayuki Yoshida (Onomichi City University)
Discussant　Kozo Harimaya (Ritsumeikan University)

RoomD　Session　Regional Financial Institution and International Monetary System

Chair
Takashi Hyodo (Yamaguchi University)

On the Branches Opening by Regional Financial Institution: Empirical Analysis with Data of Municipalities across the Country

Presenter　Masafumi Kozuka (Setsunan University)
Discussant　Kozo Harimaya (Ritsumeikan University)

Redefinition of RMB Bloc - RMB as an Anchor Currency -

Presenter　Junya Tahase (Ministry of Finance), Ph.D. Student (Gakushuin University)
Discussant　Yuji Yoshida (Shiga University)

Structural Vector AutoRegression (SVAR): Application to International Finance

Presenter　Zhai Weiyang* (University of Toyama),Yuji Yoshida (Shiga University)
Discussant　Shugo Yamamoto (Rikkyo University)

RoomE　Session　English Session hosted by JJMFE

Chair
Jun Nagayasu (Tohoku University)

Vice Chair
Michiru Sawada (Nihon University)

The Effectiveness of Monetary Policy: Evidence from Market Operation-based Monetary Policy Indices

Presenter　Markus Heckel* (German Institute for Japanese Studies)*, Tomoo Inoue (seijo University), Kiyohiko Nishimura (National Graduate Institute for Policy Studies), Tatsuyoshi Okimoto (keio University)
Discussant　Yoshiyuki Nakazono (Yokohama City University)

Investment-Specific Technology Shocks and Business Cycle: Evidence from an Agnostic Identification Procedure

Presenter　Saidul Islam (Ph.D. student, Hitotsubashi University)
Discussant　Eiji Okano (Nagoya City University)

The effectiveness of macroprudential policies in preventing financial crisis in Emerging Market Economies

Presenter　Yi Sun (Ph.D. Student, Kanazawa University)
Discussant　Kimiko Sugimoto (Konan University)

RoomF　Session　Finance in Foreign Countries/Corporate Governance

Chair
Kunikazu Nagata (The University of Nagano)

Vice Chair
Akio Nishida (Seinan Gakuin University)

The Factors Driving the Internationalization of Chinese State-owned Commercial Banks since the Mid-2000s

Presenter　Boyu Wu (Kagoshima University)
Discussant　Masashi Igakura (Tohoku Gakuin University)

Corporate Social Responsibility in the Japanese Regional banks: Motives and Performance

Presenter　Yuji Mori* (Takasaki City University of Economics), Kunikazu Nagata (The University of Nagano)
Discussant　Eiji Okuyama (Chuo University)

An Analysis of Tokenism from the Perspective of Gender Diversity on the Boards of Directors of Japanese Firms: An Analysis at the Early stage of the Introduction of Corporate Governance Codes

Presenter　Kan Nakajima(Musashi University), Yoko Shirasu(Aoyama Gakuin University), Eiji Kodera*(Invesco Asset Management (Japan) Limited)
Discussant　Takuji Saito (Keio University)

Invited Lecture　14:00-14:50

Large Room

Chair
Shin-ichi Fukuda（The University of Tokyo）

Speaker
Kazuo Ueda (Governor, Bank of Japan)

[Speech] Central Bank Finances and Monetary Policy Conduct
Please refer to the Bank of Japan website for the content of the lecture and materials.

Afternoon Session　15:05-17:05

RoomA　Special Session　Toward Strengthening the Competitiveness of the Japanese Financial Market ＜Study Group on the Financial System>

Chair
Yoshinori Shimizu (Emeritus Professor of Hitotsubashi University)

Special Session

Rethinking Japan's Financial System to Strengthen the Competitiveness of Japanese Industry: From the View point of Equity Finance

Presenter　Yoshiaki Ogura (Waseda University）

Credit Guarantee and Bank Risk-Taking: From the view of Release of Management Guarantees, and Support for Business Startups

Presenter　Yukihiro Yasuda (Hitotsubashi University)

Reconsidering the Japanese-style finance model

Presenter　Iichiro Uesugi (Hitotsubashi University)

Challenges for the Tokyo Market as an International Financial Market

Presenter　Junko Shimizu (Gakushuin University)

Summary comment

Shin-ichi Fukuda（The University of Tokyo）

RoomB　Session　International Finance (1)

Chair
Yuri Sasaki (Meiji Gakuin University)

Vice Chair
Shigeto Kitano (Kobe University)

Capital controls or macroprudential regulation: Which is better for land booms and busts?

Presenter　Yang Zhou* (Institute of Developing Economies, JETRO), Shigeto Kitano (Kobe University)
Discussant　Eiji Okano (Nagoya City University)

A common-factors approach to currency classification

Presenter　Xu Lei* (Okinawa University), Takuji Kinkyo (Kobe University)
Discussant　Luo Pengfei (Setsunan University)

The lasting effect of yen-buying interventions: Two cases of Japanese FX interventions in 1997-98 and 2022

Presenter　Takao Fujii* (Kobe City University of Foreign Studie), Taro Esaka (Kobe City University of Foreign Studies)
Discussant　Mariko Tanaka (Musashino University)

RoomC　Session　Monetary Policy

Chair
Ryuzo Miyao (Kobe University)

Vice Chair
Masao Kumamoto (Hitotsubashi University)

Central Bank Information Effects in Japan: The Role of Uncertainty Channel

Presenter　Ryo Matsumoto* (Ph.D student, Hitotsubashi University), Hiroshi Morita (Tokyo Institute of Technology), Taiki Ono (Bank of Japan)
Discussant　Yoshiyuki Nakazono (Yokohama City University)

To Lend or Not to Lend: BOJ’s ETF Purchase Program and Securities Lending

Presenter　Junnosuke Shino* (Waseda University), Mitsuru Katagiri (Hosei University), Koji Takahashi (Bank for International Settlements)
Discussant　Kazuhiro Hiraki (Bank of Japan)

Central Bank Asset Purchases and Lending: Impact on Search Frictions

Presenter　Reiko Tobe* (Nishogakusha Univerisity), Jun Uno (Waseda University)
Discussant　Daisuke Miyakawa (Waseda University)

RoomD　Session　Financial Market Analysis

Chair
Shugo Yamamoto (Rikkyo University)

Vice Chair
Nobuyasu Uemura (Fukuoka University)

An Empirical Studies of the Fisher Hypothesis: via a Co-integration Approach with Structural Break

Presenter　Sawada Yoshitaka (Kyoto University of Advanced Science)
Discussant　Koji Kobayashi (Soka University)

On the Time-Varying Structure of the Arbitrage Pricing Theory using the Japanese Sector Indices

Presenter　Noda Akihiko* (Meiji University), Koichiro Moriya (Graduate student, Keio University)
Discussant　Kohei Aono (Ritsumeikan University）

Stock price reaction under the global financial crisis and COVID-19 shock

Presenter　Hanabusa Kunhiro (Kansai University)
Discussant　Takeshi Hoshikawa (Kindai University)

RoomE　Session　Financial Intermediary/International Finance

Chair
Mitsunobu Takahama (Meiji University)

Vice Chair
Shingo Iokibe (Doshisha University)

Theory of international financial center in network system

Presenter　Tatsuyoshi Miyakoshi* (Hosei University), Yoshihiko Tsukuda (Tohoku University), Junji Shimada (Aoyama-Gakuin University)
Discussant　Andrew Chapman (Kyushu University)

Liquidity, Credit, and Default Risks: Evidence from Banks around the World

Presenter　Kaoru Hosono* (Gakushuin University), Qing Liu (Gakushuin University)
Discussant　Michiru Sawada (Nihon University)

Note: If there are multiple presenters, "*” will be indicated as presenter at the session.

General Meeting　17:15-18:05

Large Room General Meeting

Reception　18:20～

Program　Day2　October 1 (Sunday)

Morning Session　10:30-12:30

RoomA　Panel Session: Central Bank　AI, Big Data and Finance

Chair
Shigenori Shiratsuka (Keio University)

Vice Chair
Masahiko Shibamoto (Kobe University)

How AI changes Finance?

Presenter　Yukinobu Kitamura (Rissho Univeristy)

Applications of Transaction-level Data in Empirical Analyses

Presenter　Daisuke Miyagawa (Waseda University)

Possibilities for Economic Analysis Based on Settlement and Bookkeeping Data

Presenter　Toshio Taki (Money Forward, Inc.)

RoomB　Session　International Finance (2)

Chair
Junko Shimizu (Gakushuin University)

Vice Chair
Mariko Tanaka (Musasahino University)

The international transmission effects of tariff shocks: The role of various financial structures and local currency pricing

Presenter　Kohjiro Dohwa (Kyoto University of Advanced Science)
Discussant　Ken-ichi Kaminoyama (St. Andrew's University)

Empirical Analyses on Sovereign Debt Defaults and Restructuring under Covid-19

Presenter　Takashi Kihara (North Asia University/Nippon Institute for Research Advancement)
Discussant　Mariko Tanaka (Musasahino University)

Invoice Currency Choice: Strategic Complementarities and Currency Matching

Presenter　Yushi Yoshida* (Shiga University), Junko Shimizu (Gakushuin University), Takatoshi Ito (Columbia University), Kiyotaka Sato (Yokohama National University), Taiyo Yoshimi (Chuo University)
Discussant　Kazunobu Hayakawa (Institute of Developing Economies)

RoomC　Session　Macroeconomic Analyses on Fiscal-Monetary Policy

Chair
Yosuke Takeda (Sophia University）

Vice Chair
Eiji Okano (Nagoya City University）

Does Nominal Wage Stickiness Affect Fiscal Multiplier in a Two-Agent New Keynesian Model?

Presenter　Daisuke Ida*（St. Andrew's University）, Mitsuhiro Okano (Osaka Gakuin University）
Discussant　Masataka Eguchi (Komazawa University）

A Benefit of Monetary Policy Response to Inequality

Presenter　Kengo Nutahara（Senshu University）
Discussant　Ryuichi Nakagawa（Kansai University）

Game Theory for Monetary Policy that Works on Expectations

Presenter　Takashi Ui (Kanagawa University）
Discussant　Toshitaka Sekine（Hitotsubashi University）

RoomD　Session　Finance in Foreign Countries and Monetary Macroeconomics

Chair
Yukiihiro Yasuda (Hitotsubashi University)

Vice Chair
Masaya Sakuragawa (Keio University)

Debt Overhang and Economic Growth in Latin America Countries

Presenter　Hitoshi Ohshige (Japan Bank for International Cooperation)
Discussant　Masao Kumamoto（Hitotsubashi University）

The Establishment and Development of the Chinese Stock Market in a Transition Economy

Presenter　Dongming Wang (Osaka Metropolitan University)
Discussant　Tatsuro Kakeshita (Fukuoka University)

Credit expansion and boom-bust cycle of housing prices

Presenter　Masaya Sakuragawa* (Keio University), Satoshi Tobe (Kwansei Gakuin University)
Discussant　Yohei Yamamoto （Hitotsubashi University）

RoomE　Session　Money and Finance in Various Countries

Chair
Masanori Sato (Reitaku University）

Vice Chair
Shuji Kobayakawa (Meiji University)

Cashless and Retail Finance in the United States

Presenter　Koji Takayama* (Seinan Gakuin University), Shinichiro Maeda (Kyushu University)
Discussant　Atsushi Niigata（Ritsumeikan University）

Progress and Issue of the Digital Economy in Southeast Asian Countries : A Case Study of the Republic of Indonesia

Presenter　Takayuki Fujikura (Seijo University)
Discussant　Yutaka Kurihara (Aichi University）

Historical Monetary and Financial Statistics for Policymakers

Presenter　Mariko Hatase*（Hitotsubashi University), Haruko Kato* (Bank of Japan), Mari Ohnuki (Bank of Japan)
Discussant　Akira Ehiro (Konan University)

RoomF　Session　Personal Finance

Chair
Susumu Mitani (Rikkyo University)

Vice Chair
Takuya Kikkawa (Nakamura Gakuen University)

Asset formation trends in Japanese household and implication for financial education

Presenter　Nobuo Yamamura* (Takushoku University), Yang Xiaojun (Fressay corp.)
Discussant　Takuya Kikkawa (Nakamura Gakuen University)

Financial knowledge and consumer behavior -What did they choose during COVID-19?

Presenter　Yoshihiro Asai* (Meiji University), Ken-ichiro Oohama (Nagoya University of Foreign Studies)
Discussant　Masayuki Okuda (Aichi Sangyo University)

Diversified, long-term, accumulative investments" and financial literacy

Presenter　Kentaro Iwatsubo (Kobe University)
Discussant　Keiichiro Nishio (Osaka Metropolitan University)

Note: If there are multiple presenters, "*” will be indicated as presenter at the session.

Symposium　13:30-15:45

RoomA　Symposium　SDGs/ESGs and Regional Finance

Chair
Nobuyoshi Yamori (Kobe University)

Vice Chair
Naoto Nittamachi (Fukuoka University)

SDGs/ESGs and Regional Finance

ESG with SDGs

Keynote Speaker Shunsuke Managi (Kyushu University)
Panelist Keisuke Hirata (The Bank of Fukuoka Ltd.)
Panelist Hiroshi Sudo (Shinkin Central Bank)
Panelist Hironari Nozaki (Toyo University)
Panelist Sadayoshi Takaya (Kansai University)
Panelist Shunsuke Managi (Kyushu University)

Program committee

Yutaka Kurihara (Aichi University, Chair）
Kenji Iwata (Kyushu University)
Nobuyasu Uemura (Fukuoka University)
Sanae Ohno (Musashi University）
Tatsuro Kakeshita (Fukuoka University)
Takuya Kikkawa (Nakamura Gakuen University)
Masanori Sato (Reitaku University）
Junko Shimizu (Gakushuin University)
Shigenori Shiratsuka (Keio University)
Mitsunobu Takahama (Meiji University)
Yosuke Takeda (Sophia University）
Kunikazu Nagata (The University of Nagano)
Jun Nagayasu (Tohoku University)
Akio Nishida (Seinan Gakuin University)
Takashi Hyodo (Yamaguchi University)
Jun Maeda (The University of Kitakyushu）
Shinichiro Maeda (Kyushu University)
Susumu Mitani (Rikkyo University)
Kazuhiko Yago (Waseda University)
Yukihiro Yasuda (Hitotsubashi University)
Shugo Yamamoto (Rikkyo University)
Nobuyoshi Yamori (Kobe University)

Executive committee

Kenji Iwata (Kyushu University, Chair)
Shinichiro Maeda (Kyushu University)