2011 Spring Annual Meeting Program

May 28th, Saturday

RegistrationFront Entrance of the Liberty Tower9:30~

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 1868-1991Presenter Linköping University Mikael Wendschlag
(2)The Origin of Prudential Supervision in Japanese Banking, 1857-1936Presenter 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 BoardPresenter Kokushikan University Yasutoshi Noshita
Discussant Nishogakusha University Kazunori Watanabe
(2)Financial Regulation Reform: New Perspectives after the Financial CrisisPresenter Bank of Japan Masazumi Hattori
Discussant Niigata University Takayasu Ito
(3)Public Debt Accumulation and Macrodynamics of Fiscal and Monetary Policies : On Inappropriate Policy MixPresenter 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 NationalityPresenter Kyushu Sangyo University Yushi Yoshida
Discussant Doshisha University Shingo Iokibe
(2)Revisiting the J-Curve for JapanPresenter 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 BanksPresenter Ph.D. Student, Hitotsubashi University Takeshi Osada
Discussant Keio University Takashi Kaneko
(3)The Governance of Central Bank’s Payment and Settlement SystemsPresenter 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-ShockPresenter 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 JapanPresenter Ph.D. Student, Hitotsubashi University Taisuke Uchino
Discussant Gakushuin University Kaoru Hosono
(3)Investment, Cash Saving, and Debt Financing: Evidence from IPO firmsPresenter Hitotsubashi University Masaru Konishi
Ph.D. Student, Hitotsubashi University Kan Nakajima
Discussant Kobe University Katsushi Suzuki

<12:15~13:30> Lunch

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 PolicyPresenter Hitotsubashi University Yukinobu Kitamura
(3)Side Effects of Aggressive Monetary PolicyPresenter BNP PARIBAS Ryutaro Kono

A2 (Room 1093) Session: Current Account
Chair Kobe University Seiichi Fujita

(1)The Japanese Current Account: Why It Still Remains HighPresenter 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 DepreciationPresenter Kobe University Shugo Yamamoto
Discussant Tokyo Keizai University Masao Kumamoto
(3)The Long -term Shift of the US Current Account Imbalance and Its CausesPresenter 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 MakingPresenter Kyushu University Masao Nakata
Discussant Bank of Japan Munehisa Kasuya
(2)Domestic Capital Mobility: A Dynamic Factor ApproachPresenter University of Tsukuba Jun Nagayasu
Discussant The University of Tokyo Takashi Kano
(3)Breakdown of Interbank Market: The Japanese Banking Crisis of 1997-98Presenter 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 BanksPresenter Kansai Gaidai University Yasuhiro Horie
Discussant Doshisha University Toshikatsu Noma
(2)Lending Technologies and Soft Information Management: Evidence from Japanese Regional BanksPresenter 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 NaganoPresenter 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 CountriesPresenter 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 SectorPresenter 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 MarketsPresenter 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 ModelPresenter Policy Research Institute, Ministry of Finance Daisuke Ishikawa
Discussant Ritsumeikan University Kozo Harimaya
(3)Consumer Loan Company`s Alliance with Bank and BankruptcyPresenter Musashi University Tsutomu Chano
Ph.D. Student, Musashi University Tetsuya Yoshino
Discussant Tokyo Keizai University Yukihiro Yasuda

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

General Meeting Liberty Hall (1013)

Reception Kishimoto Tatsuo Memorial Hall: 23rd floor

May 29th, Sunday

RegistrationFront Entrance of the Liberty Tower, 9:00~

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 ManagementPresenter Senshu University Junko Shimizu
(2)Exchange Rate Volatility and International Production NetworksPresenter Keio University Fukunari Kimura
(3)Honda’s Basic Policy about Global Operation and Measures against Fluctuation of Exchange RatePresenter 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 ProbabilitiesPresenter Tokyo Gakugei University Satoru Takayabu
Discussant Shinshu University Tatsuhiko Aoki
(2)Financial Institution, Asset Bubbles and Economic PerformancePresenter 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 MarketPresenter 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 SchemePresenter Yokohama National University Masahiko Takahashi
Discussant Waseda University Yoshimasa Nishimura
(2)Earning Power as Criterion of ValuationPresenter 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 PricingPresenter 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-throughPresenter Okayama Shoka University Daisuke Ida
Discussant Hitotsubashi University Etsuro Shioji
(3)The Expectation of Monetary Policy and Long Term Interest Rates in AustraliaPresenter 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 IssuePresenter North Asia University Naoya Maeda
Matsuyama University Keiichiro Nishio
Discussant Nagoya University Yuichi Kanai
(2)Monetary Integration in the Gulf and Optimum Currency AreasPresenter 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 AsiaPresenter Mizuho Research Institute Limited Tetsuro Sugiura
(2)Domestic Financial Market Development in Asia and the Role of SterilizationPresenter Invesco Asset Management Limited John Greenwood
(3)Application of Global Financial Regulations for AsiaPresenter Nomura Institute of Capital Markets Research Yasuyuki Fuchida
(4)Global Financial Crisis and Reconstruction of RegulationsPresenter Hitotsubashi University Takafumi Sato

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