2009 Spring Semi-Annual Meeting

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 boomPresenter Ohno, Sanae Musashi University
Discussant Ogawa, Eiji Hitotsubashi University
Empirical Analysis of the Forward Premium:Evidence from the Asia-Pacific RegionPresenter Nagayasu, Jun Tsukuba University
Discussant Iwatsubo, Kentaro Kobe University
Korean CBO and ABF1-focusing on the logic of policy makingPresenter 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 JapanPresenter Ishikawa, Masaya Graduate School, Hitotsubashi University
Takahashi,Hidetomo Graduate School, Hitotsubashi University
Discussant Suzuki, Katsushi Tokyo University of Science
Investors’ recognition of pension accounting and corporate valuePresenter Yamamoto, Mitoshi Graduate School of Kyushu University
Discussant Aman, Hiroyuki Nagasaki University
Main Bank Relationships in JapanPresenter 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 EconomyPresenter Nunome, Toshinari  
Discussant Matsui, Kenichirou Institute for International Monetary Affairs
Doller-to-Yen Conversion at the Reversion of OkinawaPresenter Suzuki, Saburou Musashi University
Discussant Itoh, Masanao University of Tokyo
Bretton Woods IIPresenter 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 BankPresenter Kamiyama, Hajime Graduate School of Hitotsubashi University
Discussant Nakagawa, Rika Institute of Development Economies, JETRO
Competition and Microfinance Institutions’ PerformancePresenter Kai, Hisako Graduate School of Kobe University
Discussant Harimaya, Kozo Sapporo Gakuin University
Microcredit and Group lendingPresenter 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 JapanPresenter Mimura, Satoru Aichi Gakusen University
Discussant Saito, Tadashi Komazawa University
Causes of regional lending slump and solutionsPresenter Masuda, Yasuyoshi Toyo University
Discussant Noma, Toshikatsu   Doshisha University
The Deepening of Aged Society and the Management of Regional Financial InstitutionsPresenter 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 ShockPresenter Shibamoto, Masahiko Kobe University
Discussant Muto, Ichiro Bank of Japan
Effects and limits of bailouts of insolvent banks for central bankPresenter Oda, Yuichi Doshisha University
Discussant Sakai, Yoshikiyo  Kanagawa University
Financial Development and Financial AmplificationPresenter 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 ServicesPresenter Suzuki, Masaaki Mizuho Research Institute
Discussant Kaizuka, Keimei University of Tokyo, Director, CARF
Reexamining the Concept of Securities in the Financial Instruments and Exchange LawPresenter 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 PolicyPresenter Nakamura, Shuji Graduate School of Hitotsubashi University
Discussant Matsubayashi, Yoichi Kobe University
Introducing Risks of Financial Crises into the Theory of Optimum Currency AreasPresenter Nishimura, Yozo  
Discussant Murase, Tetsuji Ryukoku University
External Adjustments and Coordinated Exchange Rate Policy in AsiaPresenter 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 AMUPresenter 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 DataPresenter Iwatsubo, Kentaro Kobe University
Kitamura, Yoshihiro Toyama University
Discussant Susai, Masayuki Nagasaki University
Efficiency of Domestic and Foreign Banks in RussiaPresenter 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 economyPresenter Ida, Daisuke Graduate School of Kobe University
Discussant Tsuruga, Takayuki Kwansai University
Bank Lending Channel during the Quantitative Monetary Easing Policy PeriodPresenter Inoue, Hitoshi Graduate School of Osaka University
Discussant Hosono, Kaoru Gakushuin University
On the Monetary Policy under New Bank of Japan ActPresenter 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 RatesPresenter 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 regionPresenter Nakaoka, Takayoshi Graduate School of Kobe University
Discussant Shimabukuro, Itsuko Okinawa International University
Debt Restructuring of Local Quasi-Public Corporations Supported by ‘’Regional Power Revitalization Corporation’’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 IndustryPresenter 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 “Concordat”Presenter Watanabe, Satoshi Bank of Japan
Discussant Yago, Kazuhiko Tokyo Metropolitan University
The Effects of MOF and BOJ Inspections on Non Performing LoansPresenter Tsukazaki, Kimiyoshi Kurume University
Discussant Kamibayashi, Takanori Tokyo International University
The EU Framework of Financial Supervision and the College of SupervisorsPresenter 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 ExportsPresenter 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 ChinaPresenter 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’s OwnershipPresenter 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 RemittancesPresenter Take, Yasushi Graduate School of Hitotsubashi University
Discussant Kawasaki, Kenatro Toyo University
Analysis of Transmission Mechanism of Monetary Policy in VietnamPresenter Nguyen Duc Lap Hiroshima Shudo University
Discussant Nakagawa, Rika Institute of Development Economies, JETRO
Asset Price Fluctuations and Macroeconomic behavior in East AsiaPresenter 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 IndicatorsPresenter Hasumi, Ryou Japan Center for Economic Research
Hirata, Hideaki Hosei Unijversity
Discussant Ashiya, Masahiro Kobe University
The Determinats if Underpricing and IPO WavePresenter Hisa, Yuko Atomi University
Hisa, Shoichi Hitotsubashi University
Discussant Tatsumi, Kenichi Gakushuin University
Islamic Finance and the Theory of Capital StructurePresenter Nagano, Mamoru Nagoya City University
Discussant Hosono, Kaoru Gakushuin University

Rm. F Monetary History(2)
Chair Sato, Masanori Reitaku University

The Changes in Wholesale Prices of Basic Groups for Pre-Deflation PeriodPresenter 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