Meetings
May 28th, Saturday
RegistrationFront Entrance of the Liberty Tower9:30～
<10:00～12:15>
A1 (Room 1093) Panel Session: Financial History
Exploring the Bank Supervision and Prudential Policy: Historical Experiences in Sweden, Japan and Thailand
Chair Meiji University Isao Suto
| （1）Drivers of Organizational Change: Banking Supervision in Sweden between 1868-1991 | Presenter Linköping University Mikael Wendschlag |
| （2）The Origin of Prudential Supervision in Japanese Banking, 1857-1936 | Presenter Yokohama National University Eiji Hotori |
| （3）Why did the Prudential Policy in Thailand during 1985-1997 Lead to the Financial Destabilization? | Presenter Tokai University Koji Fuda Discussant Tokyo Metropolitan University Kazuhiko Yago |
B1 (Room 1094) Special Session:
Global Crisis and Monetary Policy
Chair Chuo University Toichiro Asada
| （1）Global Crisis and International Financial Governance; Historical Meanings on the Reorganization of Financial Stability Forum to Financial Stability Board | Presenter Kokushikan University Yasutoshi Noshita Discussant Nishogakusha University Kazunori Watanabe |
| （2）Financial Regulation Reform: New Perspectives after the Financial Crisis | Presenter Bank of Japan Masazumi Hattori Discussant Niigata University Takayasu Ito |
| （3）Public Debt Accumulation and Macrodynamics of Fiscal and Monetary Policies : On Inappropriate Policy Mix | Presenter Chuo University Toichiro Asada Discussant Bank of Japan Wataru Takahashi |
C1 (Room 1096) Session: Exchange Rate Analysis
Chair Hiroshima University Junji Yano
| （1）Market Share and Exchange Rate Pass-through: Competition among Exporters of the Same Nationality | Presenter Kyushu Sangyo University Yushi Yoshida Discussant Doshisha University Shingo Iokibe |
| （2）Revisiting the J-Curve for Japan | Presenter Seikei University Masanori Ono Waseda University Saangjoon Baak Discussant Kansai University Sadayoshi Takaya |
D1 (Room 1105) Session: Financial Institutions and Financial System
Chair Chuo University Iwao Kuroda
| （1）Could Prefectural Banks Modeled on the Bank of North Dakota Aid Regional Economic Growth in Japan? | Presenter Azabu University Patrick Collins Discussant Nihon University Koshi Takuwa |
| （2）Impacts of the Capital Adequacy Ratio on the Excess Reserves of Japanese Banks | Presenter Ph.D. Student, Hitotsubashi University Takeshi Osada Discussant Keio University Takashi Kaneko |
| （3）The Governance of Central Bank’s Payment and Settlement Systems | Presenter Meiji University Yoshiharu Oritani Discussant Bunkyo Gakuin University Naoyoshi Kinukawa |
E1 (Room 1106) Session: Corporate Finance & Finance
Chair Sophia University Yosuke Takeda
| （1）Stock Splits Bubble and Livedoor-Shock | Presenter Ph.D. Student, Osaka University Youki Kohsaka Discussant Daito Bunka University Hiroshi Gunji |
| （2）Bank-Dependence and Financial Constraints on Investment: Evidence from the Corporate Bond Market Paralysis in Japan | Presenter Ph.D. Student, Hitotsubashi University Taisuke Uchino Discussant Gakushuin University Kaoru Hosono |
| （3）Investment, Cash Saving, and Debt Financing: Evidence from IPO firms | Presenter Hitotsubashi University Masaru Konishi Ph.D. Student, Hitotsubashi University Kan Nakajima Discussant Kobe University Katsushi Suzuki |
<12:15～13:30> Lunch
<13:30～15:45>
F (Room 1013) Panel Session: Central Banking
Prices and the Central Bank: Long-lasting Deflation and Monetary Policy in Japan
Chair Hitotsubashi University Etsuro Shioji
| （1）Long-lasting Deflation: Bad Luck, Bad Practice, or Bad Policy? | Presenter Bank of Japan Toshitaka Sekine |
| （2）CPI by Households and Monetary Policy | Presenter Hitotsubashi University Yukinobu Kitamura |
| （3）Side Effects of Aggressive Monetary Policy | Presenter BNP PARIBAS Ryutaro Kono |
A2 (Room 1093) Session: Current Account
Chair Kobe University Seiichi Fujita
| （1）The Japanese Current Account: Why It Still Remains High | Presenter Ph.D. Student, The University of Tokyo Junji Yamada Nihon University Kensuke Miyazawa Discussant Kobe University Yoichi Matsubayashi |
| （2）Sudden Stop and Trade Balance Reversal after Asian Crisis: The Impact of “Investment Drought” versus Exchange Rate Depreciation | Presenter Kobe University Shugo Yamamoto Discussant Tokyo Keizai University Masao Kumamoto |
| （3）The Long -term Shift of the US Current Account Imbalance and Its Causes | Presenter Ryukoku University Masaharu Takenaka Discussant Kobe University Kentaro Iwatsubo |
B2 (Room 1094) Session: Empirical Analyses of Monetary Economy
Chair The University of Tokyo Shin-ichi Fukuda
| （1）The Choice of the New Small Payment Tool: Microeconometric Analysis of Household’s Decision Making | Presenter Kyushu University Masao Nakata Discussant Bank of Japan Munehisa Kasuya |
| （2）Domestic Capital Mobility: A Dynamic Factor Approach | Presenter University of Tsukuba Jun Nagayasu Discussant The University of Tokyo Takashi Kano |
| （3）Breakdown of Interbank Market: The Japanese Banking Crisis of 1997-98 | Presenter Osaka University of Economics Fumio Akiyoshi Discussant Hitotsubashi University Masaru Konishi |
C2 (Room 1096) Session: Regional Banking
Chair Kinki University Yuichi Abiko
| （1）On the Measurement of Operating Areas and Profitability for Regional Banks | Presenter Kansai Gaidai University Yasuhiro Horie Discussant Doshisha University Toshikatsu Noma |
| （2）Lending Technologies and Soft Information Management: Evidence from Japanese Regional Banks | Presenter Ph.D. Student, Kobe University Takayoshi Nakaoka Kobe University Tadanori Yosano Discussant Ritsumeikan University Yoshiaki Ogura |
| （3）Banking Relationship with Distressed Firms: Analysis of Each 30 Bankrupt Companies in Aichi and Nagano | Presenter Shinshu University Tatsuhiko Aoki Miraigakusya Institute of Technology Takuya Katase Discussant Osaka University Yoshiro Tsutsui |
D2 (Room 1105) Session: Some Issues in Finance of Selected Countries
Chair Kyushu University Yoichi Kawanami
| （1）Cost Efficiency of Islamic Banking in the GCC Countries | Presenter Japan International Cooperation Agency Hajime Kamiyama Discussant Institute of Developing Economies Jun Saito |
| （2）Are Bank Failures of Main Street a Result of Doing Relationship Banking? | Presenter Ibaraki University Satoshi Uchida Discussant Kanagawa University Takashi Kazusaka |
| （3）Capital Account Liberalization and Capital Controls in India: Effectiveness of Controls in the Monetary/ Financial Sector | Presenter Ehime University Hideaki Ohta Discussant Hitotsubashi University Hidenobu Okuda |
E2 (Room 1106) Session: Finance
Chair Hitotsubashi University Takashi Misumi
| （1）The Financial Crisis and Intraday Volatility: Comparative Analysis on China, Japan and the US Stock Markets | Presenter University of International Business and Economics Yusaku Nishimura Osaka University Yoshiro Tsutsui Kwansei Gakuin University Kenjiro Hirayama Discussant Kobe University Kentaro Iwatsubo |
| （2）Portfolio Selection Behaviors of the Japanese Banks: An Empirical Analysis with the GARCH Model | Presenter Policy Research Institute, Ministry of Finance Daisuke Ishikawa Discussant Ritsumeikan University Kozo Harimaya |
| （3）Consumer Loan Company`s Alliance with Bank and Bankruptcy | Presenter Musashi University Tsutomu Chano Ph.D. Student, Musashi University Tetsuya Yoshino Discussant Tokyo Keizai University Yukihiro Yasuda |
<16:00～17:00>
Invited LectureⅠ Liberty Hall (1013)
Chair President of the Japan Society of Monetary Economics Hideo Fujiwara
Speaker Governor of the Bank of Japan Masaaki Shirakawa
<17:10～17:50>
General Meeting Liberty Hall (1013)
<18:00～20:00>
Reception Kishimoto Tatsuo Memorial Hall: 23rd floor
May 29th, Sunday
RegistrationFront Entrance of the Liberty Tower, 9:00～
<9:30～11:45>
A1 (Room 1093) Panel Session: International Finance
Global Operation and Exchange Rate Management of Japanese Firms
Chair Yokohama National University Kiyotaka Sato
| （1）Choice of Invoice Currency and Exchange Rate Risk Management | Presenter Senshu University Junko Shimizu |
| （2）Exchange Rate Volatility and International Production Networks | Presenter Keio University Fukunari Kimura |
| （3）Honda’s Basic Policy about Global Operation and Measures against Fluctuation of Exchange Rate | Presenter Honda Motor Company Limited Naoto Muraoka Discussant The University of Tokyo Takatoshi Ito Discussant The Research Institute of Economy,Trade and Industry Masayuki Morikawa |
B1 (Room 1094) Session: Monetary Theory
Chair Nagoya University Nobuyoshi Yamori
| （1）A Study of Special Nature of Keynes’s Idea on Probabilities | Presenter Tokyo Gakugei University Satoru Takayabu Discussant Shinshu University Tatsuhiko Aoki |
| （2）Financial Institution, Asset Bubbles and Economic Performance | Presenter The University of Tokyo Tomohiro Hirano The University of Tokyo Noriyuki Yanagawa Discussant Yokohama National University Taro Akiyama |
| （3）Economic Boom and Bust Originating from Expectation Errors in the Credit Market | Presenter Meiji University Shin Fukuda Meiji University Kenichi Tamegawa Discussant Hiroshima University Junji Yano |
C1 (Room 1096) Session: Financial History
Chair Reitaku University Masanori Sato
| （1）Historical Significance of Japan’s Recent Implementation of the Limited Deposit Protection Scheme | Presenter Yokohama National University Masahiko Takahashi Discussant Waseda University Yoshimasa Nishimura |
| （2）Earning Power as Criterion of Valuation | Presenter Kyushu University Makoto Uto Discussant Kokushikan University Yasutoshi Noshita |
| （3）Who Was the Chief Executive of the Federal Reserve Bank, Chairman of the Board of Directors or Governor before the Great Depression? | Presenter Meiji University Isao Suto Discussant Hokkai-Gakuen University Masayuki Kobayashi |
D1 (Room 1105) Session: Monetary Policy
Chair Kobe University Toshiki Jinushi
| （1）Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing | Presenter Chiba Keizai University Eiji Okano Discussant The University of Tokyo Takashi Kano |
| （2）Tobin`s Q Channel and Monetary Policy under Imperfect Exchange Rate Pass-through | Presenter Okayama Shoka University Daisuke Ida Discussant Hitotsubashi University Etsuro Shioji |
| （3）The Expectation of Monetary Policy and Long Term Interest Rates in Australia | Presenter Niigata University Takayasu Ito Discussant Aichi University Yutaka Kurihara |
E1 (Room 1106) Session: International Currency
Chair Hitotsubashi University Eiji Ogawa
| （1）Confidence of the US Dollar as an International Currency and the Policy Issue | Presenter North Asia University Naoya Maeda Matsuyama University Keiichiro Nishio Discussant Nagoya University Yuichi Kanai |
| （2）Monetary Integration in the Gulf and Optimum Currency Areas | Presenter Ph.D. Student, Kokugakuin University Shushi Kimura Discussant Ritsumeikan University Yozo Nishimura |
<11:45～12:50> Lunch
<12:50～13:50> Invited LectureⅡ Liberty Hall (1013)
Chair Hitotsubashi University Yoshinori Shimizu
The Implementation of Monetary Policy: How Do Central Banks Set Interest Rates ?
Speaker Harvard University Benjamin Friedman
<14:00～17:00> Liberty Hall (1013)
Symposium: Asian Economic Growth and Global Financial Regulations
Chair Hitotsubashi University Yoshinori Shimizu
| （1）Optimum Financial Regulations For Economic Growth in Asia | Presenter Mizuho Research Institute Limited Tetsuro Sugiura |
| （2）Domestic Financial Market Development in Asia and the Role of Sterilization | Presenter Invesco Asset Management Limited John Greenwood |
| （3）Application of Global Financial Regulations for Asia | Presenter Nomura Institute of Capital Markets Research Yasuyuki Fuchida |
| （4）Global Financial Crisis and Reconstruction of Regulations | Presenter Hitotsubashi University Takafumi Sato |
<17:00>
Closing Remarks Meiji University Yoshio Watanabe
Program committee
Toichiro Asada (Chuo University)
Takayasu Ito (Niigata University)
Yoshiharu Oritani (Meiji University)
Kunihiko Kaneko (Meiji Uneversity)
Takayoshi Kitaoka (Meiji University)
Iwao Kuroda (Chuo University)
Masanori Sato (Reitaku University)
Yoshinori Shimizu (Hitotsubashi University)
Kazuyuki Suzuki (Meiji University)
Yosuke Takeda (Sophia University)
Shin-ichi Fukuda (The University of Tokyo)
Eiji Hotori (Yokohama National University)
Nobuyoshi Yamori (Nagoya University)Yuichi Abiko (Kinki University)
Eiji Ogawa (Hitotsubashi University)
Etsuko Katsu (Meiji University)
Yoichi Kawanami (Kyushu University)
Yutaka Kurihara (Aichi University)
Kiyotaka Sato (Yokohama National University)
Mitsunobu Takahama (Meiji University)
Toshiki Jinushi (Kobe University)
Seiichi Fujita (Kobe University)
Hideo Fujiwara (Doshisha University)
Takashi Misumi (Hitotsubashi University)
Junji Yano (Hiroshima University)
Yoshio Watanabe (Meiji University)
Preparatory Committee
Yoshio Watanabe
Kunihiko Kaneko
Takayoshi Kitaoka
Etsuko Katsu
Kazuyuki Suzuki
Yoshiharu Oritani
Mitsunobu Takahama
Shigeko Uchikomi
Akio Kuroda
Yumiko Miwa
Hidetaka Ohara
Motohiro Hagiwara
Shiping Tong
Access map to the Rokkodai-Campus, Kobe University
Access to the Surugadai Campus, Meiji University
Access map to the Rokkodai-Campus, Kobe University