Meetings
September 25th, Saturday
RegistrationFront Entrance of the Main Hall, 9:30～
<10:00～12:15>
A１(Room 102) Panel Session: Financial History
The Sterling Crisis in 1931
Chair Reitaku University Masanori Sato
| （1）The Sterling Crisis and Abandon Gold in 1931 | Presenter Nagoya University Yuichi Kanai |
| （2）The sterling crisis of 1931: an analysis of spot and forward rates in the London foreign exchange market | Presenter PhD Student, Hitotsubashi University Hidenao Takahashi |
| （3）Propagation to Japan: From the Viewpoint of An Small Open Economy | Presenter Bank of Japan Masato Shizume Discussant Nihon University Makoto Kishida Discussant Tokyo Metropolitan University Kazuhiko Yago |
B1 (Room 206) Session：Monetary Policy １
Chair Kwansei Gakuin University Atsushi Tanaka
| （1）An empirical examination of the announcement effect of zero interest rate and quantitative easing policies | Presenter Doshisha University Kunihiro Hanabusa Discussant Sophia University Yosuke Takeda |
| （2）Analysis of Monetary Policy using Tomorrow Next Data | Presenter Ritsumeikan University Kohei Aono Discussant Kansai University Yuzo Honda |
| （3）Policy Duration Effects and Economic Growth: The Case of Japan | Presenter Okayama Shoka University Masafumi Kozuka Discussant Bank of Japan Nobuyuki Oda |
C1 (Room 306) Session：Analyses of Shinkin Banks
Chair Kinki University Yuichi Abiko
| （1）Geographic Expansion, and Cost Efficiency: Evidence of Japanese Shinkin Bank | Presenter Ph.D. Student, Kobe University Takayoshi Nakaoka Discussant Ritsumeikan University Kozo Harimaya |
| （2）Panel analysis of regional economic power and shinkin-bank loans ～Aging analysis of from 1999 to 2008～ | Presenter Ph.D. Student, Ritsumeikan University Kiyotsugu Yoshihara Discussant Doshisha University Toshikatsu Noma |
| （3）Market segmentation in the regional loan market and efficiency of cooperative banks (shinkin) ―Has the consolidation contributed to efficiency?― | Presenter Musashi University Tsutomu Chano Musashi University Rokuro Watanabe Musashi University Saburo Suzuki Discussant Kansai Gaidai University Yasuhiro Horie |
D1 (Room 230) Session：Finance in Asia １
Chair Hiroshima University Junji Yano
| （1）Role of International Project Finance for Economic Development | Presenter Kinki University Hidefumi Yamagami Discussant Keio University Naoyuki Yoshino |
| （2）Debt Sustainability Analysis for Indonesia through Balance Sheet Approach | Presenter Japan Bank for International Cooperation Atsushi Masuda Japan Bank for International Cooperation Naoko Yokobori Japan Bank for International Cooperation Hitoshi Oshige Discussant Toyo University Kentaro Kawasaki |
| （3）Bank Diversification and Monetary Policy | Presenter Daito Bunka University Hiroshi Gunji University of Tokyo Yuan Yuan Discussant Osaka International University Masahiro Enya |
E1 (Room 232) Session：International Finance 1
Chair Meiji Gakuin University Yuri Sasaki
| （1）Financial Conditions Index and Business Cycles in Japan | Presenter Osaka University Jun-ichi Shinkai Discussant Doshisha University Shingo Iokibe |
| （2）International Transmission of Business Cycles: Evidence from Dynamic Correlations | Presenter Kobe University Kentaro Iwatsubo Ph.D. Student, Kobe University Taro Ikeda Austria National Bank Jarko Fidrmuc Discussant Musashi University Sanae Ohno |
| （3）Financial crisis, exchange rate and stock market integration | Presenter Kyushu Sangyo University Yushi Yoshida Discussant Kobe City University of Foreign Studies Taro Esaka |
F1 (Room 320) Session：Financial Markets
Chair Keio University Takashi Kaneko
| （1）Influence that bring down the maximum allowable interest rate gives to the loan market | Presenter Saga University Yusuke Miyoshi Saga University Haruhiko Tsuzuki Discussant Kobe University Kenji Matsui |
| （2）Distress in Money Market under Global Financial Crisis：Analysis of Co-movement and Transmission | Presenter Niigata University Takayasu Ito Discussant Aichi University Yutaka Kurihara |
| （3）The two financial crisis and Japanese firms bankruptcies | Presenter Institute of Statistical Mathematics Kentaro Akashi University of Tokyo Shin-ichi Fukuda Bank of Japan Munehisa Kasuya Discussant Yokohama City University Seien Zui |
G1 (Room 332) Session：Financial System and Regulations
Chair Osaka City University Takumi Kiyota
| （1）Development of the clearing-settlement scheme and payment systems | Presenter Japanese Bankers Association Yasushi Yoshida Discussant The Bank of Tokyo-Mitsubishi UFJ,Ltd. Jun-ichi Shukuwa |
| （2）Analysis of Post-FDICIA Financial Regulations in the U.S. | Presenter Saitama University Natsuo Nishio Discussant Meijo University Shin-ichiro Maeda |
| （3）The Optimal Basel Capital Requirement to Cope with Pro-cyclicality: A Theoretical Approach | Presenter Keio University Naoyuki Yoshino Financial Services Agency Tomohiro Hirano Discussant Aomori Public College Yoshinori Kon |
<12:25-13:30> LunchCafeteria(1F) and Restaurant Sakura(3F), Academia Hall
<13:30～15:45>
A2 (Room 102) Panel Session: Central Banking
New Theories on Central Banking in Perspective
Chair Sophia University Yosuke Takeda
NLI Research Institute Yasuhide Yajima
| （1）Asset Prices | Presenter London School of Economics and Bank of Japan Kosuke Aoki |
| （2）Credit Risks | Presenter Bank of Japan Naohisa Hirakata |
| （3）Fiscal Policy and Monetary Policy | Presenter Hokkaido University Noritaka Kudoh Discussant Bank of Japan Shigenori Shiratsuka Discussant University of Tokyo Yasushi Iwamoto |
B2 (Room 206) Session：Regional Banking in Japan
Chair Tokyo Metropolitan University Kazuhiko Yago
| （1）The Structure of Banking in Regional Market : Evidence from Micro Data of Kyoto City | Presenter Osaka Sangyo University Shohei Ishibashi Kyoto University Wang Ling Discussant Ritsumeikan University Yoshiaki Ogura |
| （2）Regional financial soundness and firms’ technological strategies | Presenter Research Institute of Economy,Trade and Industry Yasuo Goto Discussant Kobe City University of Foreign Studies Satoru Tanaka |
| （3）Determinants of the Loan-to-Deposit Ratio and Effects on Regional Economy ―Dynamic Panel Estimation Approach― | Presenter Development Bank of Japan／Saitama University Tomoyoshi Terasaki Discussant Osaka University of Economics Fumio Akiyoshi |
C2 (Room 306) Session：Corporate Financial Policy and Financial Markets
Chair Hitotsubashi University Takashi Misumi
| （1）Capital structure choice and target behavior: Evidence from Japan. | Presenter Hiroshima University Masayo Shikimi Discussant Hitotsubashi University Masaru Konishi |
| （2）Change of Demand Structure before and after IPO: Focusing on Unobservability of Stock Price | Presenter Ph.D. Student, Keio University Naoshi Ikeda Discussant Kobe University Katsushi Suzuki |
| （3）How does debt renegotiation affect capital structure? : An analysis based on the Trade-off model | Presenter Ph.D. Student, Keio University Shintaro Tomita Discussant Waseda University Yasuhiro Yonezawa |
D2 (Room 230) Session：Monetary Economics ; Theory and Evidence
Chair Kagawa University Hiroshi Fujii
| （1）On the Price Dynamics in a Double Auction Market with Security and Money: Simulation Study | Presenter Aoyama-Gakuin University Michiyoshi Hirota Discussant Osaka Sangyo University Kazuhito Ogawa |
| （2）On Effect of Pension System; A Comparative Dynamic Analysis | Presenter Kobe University Takao Fujii Ph.D. Student, Kobe University Fumiaki Hayashi Kobe University Jun Iritani Discussant Kwansei Gakuin University Ken Tabata |
| （3）Convergence of Japanese Local CPIs with Structural Breaks | Presenter Surugadai University Hidehiro Ikeno Discussant University of Marketing and Distribution Sciences Tatsuya Morisawa |
E2 (Room 232) Session：International Finance 2
Chair Aichi University Yutaka Kurihara
| （1）Patterns of the Current Account Reversals | Presenter Doshisha University Shingo Iokibe Discussant Nagasaki University Ken Kudo |
| （2）Empirical analysis on foreign capital inflows toward commodity exporting countries | Presenter Musashi University Sanae Ohno Musashi University Ken Togo Discussant Hitotsubashi University Hidenobu Okuda |
| （3）Exchange Rate Regimes After the Asian Currency Crisis | Presenter Kobe University Takuji Kinkyo Discussant Chuo University Soko Tanaka |
F2 (Room 320) Session：Financial Institutions
Chair Kansai University Katsuya Ue
| （1）Why Does Relationship Lenders Use Small Business Credit Scoring? Evidence from the Firm-Bank Matched Data in Japan | Presenter Housei University Hideaki Hirata Bank of Japan Arito Ono Japan Center for Economic Research Ryo Hasumi Discussant Kansai University Ryuichi Nakagawa |
| （2）Market evaluations of banks’ affiliation with security firms: Event Study Analysis in Japan | Presenter Nihon University Michiru Sawada Tokyo Keizai University Yukihiro Yasuda Discussant Shinshu University Sumio Hirose |
| （3）The effects of entry deregulation via subsidiaries in Japanese insurance industry: Evidence on efficiency gains | Presenter Ritsumeikan University Kozo Harimaya Tokyo Keizai University Noriyoshi Yanase Discussant Musashi University Tsutomu Chano |
G2 (Room 332) Session：Monetary Theory
Chair Doshisha University Hirofumi Ueda
| （1）BIS Capital Adequacy and Credit Cycle | Presenter Doshisha University Norio Nakai Discussant Waseda University Shiro Yabushita |
| （2）Central Banking and Deflationary Depression：A Japanese Perspective | Presenter Chuo University Toichiro Asada Discussant Otemon University Naoki Matsumoto |
<16:00～17:00>
Presidential Address Idemitsu Sazo Memorial Rokkodai Auditorium
On Fundamental Issues of Money and Bank Credits in the Macroeconomic Framework
Speaker Doshisha University Hideo Fujiwara
<17:00～17:40>
General Meeting Idemitsu Sazo Memorial Rokkodai Auditorium
<18:00～>
Reception Cafeteria, Academia Hall 1st floor
September 26th, Sunday
RegistrationFront Entrance of the Main Hall,9:00～
<9:30～11:45>
A3 (Room 102) Panel Session: International Finance
New trends of International Macroeconomics: Perspectives from New
Keynesian Open Macroeconomic Models
Chair Kansai University Sadami Takaya
| （1）Evaluation of policy effects based on the Open Economy New Keynesian model: its possibilities and limitations | Presenter Hitotsubashi University Etsuro Shioji |
| （2）Business cycles and banking sector in Asian countries: role for a financial capital flow | Presenter Nishogakusha University Katsushi Tabata |
| （3）On Monetary Policy Coordination: A perspective from New Open Economy Macroeconomics | Presenter Bank of Japan Ippei Fujiwara Discussant Nagasaki University Masayuki Susai Discussant Kobe University Shigeto Kitano |
B3 (Room 206) Session：Monetary Policy２
Chair Hiroshima University Takashi Senda
| （1）Monetary Policy Lag, Zero Lower Bound, and Inflation Targeting | Presenter Cabinet Office Shin-Ichi Nishiyama Discussant London School of Economics and Bank of Japan Kosuke Aoki |
| （2）New Keynesian Dynamic IS Curve and Weak Identification Robust Test in GMM Estimation | Presenter Ph.D. Student, Kobe University Shingo Umino Discussant Chiba Keizai University Eiji Okano |
| （3）Can Inflation Targeting Stabilize Inflation Expectations？ | Presenter Shanghai Institute of Foreign Trade Liu Donghua Discussant Doshisha University Kunihiro Hanabusa |
C3 (Room 306) Session：Finance in Asia ２
Chair Kobe University Fumiharu Mieno
| （1）Economic Growth of China and India and the Trend in Between-Nation Income Inequality: 1950－2030 | Presenter Osaka-Keizai University Yukio Fukumoto Discussant Osaka University Mototsugu Fukushige |
| （2）Operational Efficiency of the Islamic Banks in Bahrain | Presenter Institute of Developing Economies Jun Saito Discussant Toyo University Rika Nakagawa |
| （3）Investment Behavior of Listed Companies in Vietnam | Presenter Hitotsubashi University Hidenobu Okuda Ph.D. Student, Hitotsubashi University Lai Thi Phuong Nhung Discussant Kobe University Hirofumi Uchida |
E3 (Room 232) Session：Asset Prices
Chair Meiji University Takayoshi Kitaoka
| （1）About the effectiveness of C-CAPM in the Japanese assets market: The influences of instrumental variables and a weighting matrix | Presenter Kushiro Public University Yasufumi Ozaki Discussant Okayama Shoka University Masafumi Kozuka |
| （2）Option Valuation under Bull and Bear Market Conditions | Presenter Nihon University Hidetoshi Mitsui Toyo University Kiyotaka Satoyoshi Discussant Waseda University Takeuchi Asuka |
| （3）Price formation factor analysis of residential quarter in the Kansai region: The comparison of each city as a case | Presenter Shiga University Masaaki Tokuda Discussant Nihon University Keiko Hirono |
G3 (Room 332) Session：Some Issues in Finance of Selected Countries
Chair Kyushu University Kenji Iwata
| （1）A Legal Consideration on Bad Assets Securitization of China’s Commercial Bank | Presenter Ph.D. Student, Shiga University Zhang Lulu Discussant Meijo University Kiyoshi Oba |
| （2）U.S. Major Financial Institutions’ Profitability before and after the Subprime Crisis | Presenter Matsuyama University Tatsuro Kakeshita Discussant Japan Securities Research Institute Chiaki Wakazono |
| （3）The German Banking-system in Global Financial Market Crisis | Presenter Shizuoka University Hiromu Ishiro Discussant Nara Sangyo University Shozo Iwami |
<11:45～12:50> Lunch
<12:50～13:50> Invited LectureIdemitsu Sazo Memorial Rokkodai Auditorium
Chair Hitotsubashi University Yoshinori Shimizu
Speaker President of Bank of Japan Masaaki Shirakawa
<14:00～17:00>
Symposium: Euro in Crisis Idemitsu Sazo Memorial Rokkodai Auditorium
Chair Kobe University Seiichi Fujita
Kansai University Sadami Takaya
Presenter President of ESRI, Cabinet Office Kazumasa Iwata
Presenter Doshisha University Noriko Hama
Presenter Ritsumeikan University Kaoru Hoshino
<17:00>
Closing Remarks Kobe University Seichi Fujita
Program committee
Yuichi Abiko（Kinki University）
Katsuya Ue（Kansai University）
Eiji Ogawa（Hitotsubashi University ）
Takayoshi Kitaoka（Meiji University）
Yutaka Kurihara（Aichi University）
Takashi Senda（Hiroshima University）
Yosuke Takeda（Sophia University）
Toshiki Jinushi（Kobe University）
Hiroshi Fujii（Kagawa University）
Fumiharu Mieno（Kobe University）
Kazuhiro Yago（Tokyo Metropolitan University）Kenji Iwata（Kyushu University）
Hirofumi Ueda（Doshisha University）
Takashi Kaneko（Keio University）
Takafumi Kiyota（Osaka City University ）
Yoshinori Kon (Aomori Public College)
Sadami Takaya（Kansai University）
Atsushi Tanaka（Kwansei Gakuin University）
Takashi Hyodo (Yamaguchi University)
Kenya Fujiwara（Kobe University）
Takashi Misumi（Hitotsubashi University ）
Preparatory Committee
Seiichi FujitaKenya FujiwraTakuji KinkyoToshiki JinushiFumiharu MienoShugo YamamotoShingo Umino
Access to the Rokkodai-Campus, Kobe University
Access map to the Rokkodai-Campus, Kobe University
Access map to the Rokkodai-Campus, Kobe University
Please get on Kobe City Bus Route 36 from Rokko station of the Hankyu line, Rokkomichi station of the JR line, or Mikage station of the Hanshin line, and get off at the “Sindai Seimon” bus stop, which is in front of the Kobe University Main gate.