Meetings
Saturday, May 25th
<9:30- > Registration：1st Floor of the Main Building, Kunitachi West Campus
<10:00-12:00>
A (Room 31)
Panel Session: Financial History
Regulation and Reform of the International Monetary System: OECD-WP3 in the 1960s and the 70s
Chair Waseda University Kazuhiko Yago
| （1）Is it Possible to Regulate International Finance? Evidences from the Debate on the Eurodollar Market in Basel, Washington and Paris | Presenter Université de Genève Carlo Edoardo Altamura |
| （2）Debate over International Monetary Reform in the OECD WP3: Transition to a Floating Exchange Rate | Presenter Yokohama National University Teru Nishikawa |
| （3）Coping with Globalization: France at the OECD WP3 and the Reform of the International Monetary System (1961-1979) | Presenter Ph.D. Student, Université de Rouen Floriane Galeazzi Discussant Université de Rouen Olivier Feiertag |
<10:00-12:00>
B (Room 36)
Session: Industrial Organization in the Banking Sector
Chair Waseda University Yoshiaki Ogura
| （1）Market Evaluations and Strategic Factors: A Comparison from Asian Banks’ M&A and Alliances | Presenter Aoyama Gakuin University Yoko Shirasu Discussant Bank of Canada Naoaki Minamihashi |
| （2）Bank Diversification into the Insurance Business: Effects of Deregulation of Bank-sales Channel at Japanese Banks | Presenter Hitotsubashi University Masaru Konishi Chuo University Eiji Okuyama Tokyo Keizai University Yukihiro Yasuda Discussant Chuo University Satoshi Koibuchi |
| （3）Who Becomes Arranger? : Evidence from Matched Data of Bilateral and Syndicated Loans | Presenter Osaka University of Economics Fumio Akiyoshi Bank of Canada Naoaki Minamihashi Discussant Hitotsubashi University Iichiro Uesugi |
C (Room 38)
Session: Financial Institutions in Different Countries
Chair Ritsumeikan University Kozo Harimaya
| （1）The Finance of Taylors & Lloyds: Its Early Dependence on the Insider Lending and Beyond | Presenter Ph.D. Student, St. Paul’s University Yukimi Suyama Discussant Reitaku University Chen Yuxiong |
| （2）The Reason of Low Foreign Bank’s Rate of Return in China: The Necessity of Financial Deregulation | Presenter Ph.D. Student, Hitotsubashi University Lang Ling Discussant Nagoya University Nobuyoshi Yamori |
| （3）Economies of Scale and Scope in the GCC Islamic Banks | Presenter University of Tsukuba Hajime Kamiyama Discussant Ritsumeikan University Kozo Harimaya |
D (Room 24)
Session: Japanese Financial System
Chair Ritsumeikan University Kohei Aono
| （1）Empirical Analysis of Profitability and the Loss on Disposal of Distressed Assets in Shinkin Banks and Credit Cooperatives | Presenter Kansai Gaidai University Yasuhiro Horie Discussant Fukuoka University Ritsuko Arioka |
| （2）Financial Analyses in Labor Bank | Presenter Okayama University Satoshi Mimura Discussant Yokohama City University Tsuguo Fujino |
| （3）Behavior of Japanese Mutual Fund Companies and Investors in Emerging Equity Funds | Presenter Seikei University Masashi Toshino Discussant Gakushuin University Ken-ichi Tatsumi |
E (Room 26)
Session: International Finance
Chair Toyo University Kentaro Kawasaki
| （1）The AMU Deviation Indicators Based on the Purchasing Power Parity and Adjusted by the Balassa-Samuelson Effect | Presenter Hitotsubashi University Eiji Ogawa Ph.D. Student, Hitotsubashi University Wang Zhiqian Discussant Chuo University Soko Tanaka |
| （2）Feature of Currency Basket by Use of Singapore Dollar as a Sample | Presenter Mizuho Corporate Bank, Ltd. Hiroshi Akabane Discussant Yokohama National University Kiyotaka Sato |
| （3）How Does the Regional Monetary Unit Work as a Surveillance Tool in East Asia? | Presenter Toyo University Kentaro Kawasaki Discussant Gakushuin University Junko Shimizu |
F (Room 28)
Session: Monetary Policy
Chair Chiba Keizai University Eiji Okano
| （1）The Effectiveness of Unconventional Monetary Policy in the United States | Presenter Kwansei Gakuin University Yoshitaka Sawada Discussant Waseda University Yutaka Harada |
| （2）The Japanese Economic Recovery in the Middle 2000s and the Quantitative Easing Policy：A Cointegrated VAR Analysis | Presenter Okinawa International University Naoya Ikemiyagi Discussant University of Marketing and Distribution Sciences Masafumi Kozuka |
| （3）Is the Quantitative Easing Policy Effective under Zero Interest Rate? | Presenter Waseda University Tomohiro Inoue Waseda University Shunsuke Shinagawa Chuo University Eiji Tsuzuki Tokyo Denki University Moto Kamiura Discussant Chuo University Toichiro Asada |
<12:00-13:20> Lunch
<13:20-15:20>
A (Room 31)
Panel Session: Central Banking
Extricating Japan from Deflation: Effectiveness and Limitations of the Central Banks’ Unconventional Monetary Policies
Chair Kobe University Wataru Takahashi
| （1）Unconventional Monetary Policy of the FRB and BOE: Their Means, Effectiveness and Problems | Presenter Senshu University Takayuki Tanaka |
| （2）Limits of Unconventional Monetary Policy and the Collapse of Inflation Targeting | Presenter University of Tokyo Yasushi Iwamoto |
| （3）End of Deflation and Monetization | Presenter BNP Paribas SA Ryutaro Kono Discussant Asia and Pacific Department, International Monetary Fund Masahiko Takeda |
<12:15～13:30> Lunch
<13:20-15:20>
C (Room 38)
Japan-Korea Partnership Session: New Trends in Financial Economic Analysis
Chair Hitotsubashi University Hidenobu Okuda
| （1）Term Structure Dynamics with Macro Factors Using High Frequency Data | Presenter Texas A&M University Hwagyun Kim Bank of Korea Hail Park Discussant Hitotsubashi University Hideyuki Takamizawa |
| （2）The Impact of Sudden Change on Long Memory between Japanese and Korean Stock Market | Presenter Pusan National University Sang Hoon Kang Pusan National University Seong-Min Yoon Discussant Musashi University Sanae Ohno |
| （3）Measuring Core Inflation under Price Divergence | Presenter Bureau of Economic Analysis Ryan Greenaway-McGrevy Sungkyunkwan University Youngse Kim University of Texas at Dallas Donggyu Sul Discussant Surugadai University Hidehiro Ikeno |
<13:20-15:20>
B (Room 36)
Session: Financial Regulation and Financial Contracting
Chair Mizuho Research Institute Arito Ono
| （1）Study to Use of Basel III (Capital Buffer) in Japan | Presenter Ministry of Finance Yoshikazu Suzuki Aoyama Gakuin University Yoko Shirasu Kyoto University Hidetaka Kawakita Discussant Bank of Japan Yoshiyuki Kurachi |
| （2）Function of Collateral when Asset Class is Account Receivables and Inventory: A Comparative Analysis of Japanese and US Bank Inspection Manuals | Presenter Kansai Gaidai University Aki Kinjo Discussant University of Tokyo Tomoko Amaya |
D (Room 24)
Session: Regional Banking
Chair Nagoya University Nobuyoshi Yamori
| （1）The Analysis of Discretionary Factors in Loan Interest Rates of Regional Financial Institutions | Presenter Osaka Sangyo University Shohei Ishibashi Discussant Ritsumeikan University Kozo Harimaya |
| （2）An Analysis about Borrowing Rates of Japanese SMEs: Are There Any Differences among Bank Categories? | Presenter Japan Finance Corporation Research Institute Isao Morioka Discussant Kinki University Yuichi Abiko |
| （3）Empirical Analysis of the Influence of “the Act on Temporary Measures to Facilitate Financing for Small and Medium-Sized Enterprises” on Corporate Financing in Japan | Presenter Ph.D. Student, Hitotsubashi University Takanori Kondo Discussant Kobe University Hirofumi Uchida |
E (Room 26)
Session: Corporate Finance
Chair Keio University Yukitami Tsuji
| （1）Event Study of Credit Rating | Presenter Akita Prefectural University Michiko Miyamoto Discussant Senshu University Nobuyuki Teshima |
| （2）Cash Holdings and Stock Price Reactions to Exogenous Shocks: Comparison with Commitment Lines | Presenter Mitsubishi Economic Research Institute Naoshi Ikeda Keio University Shintaro Tomita Discussant University of Marketing and Distribution Sciences Shimon Fukuda |
| （3）Structure of Bank Loan Debt: Evidence from Newly Listed Firms in Japan | Presenter Nagasaki University Masayo Shikimi Discussant Waseda University Yoshiaki Ogura |
F (Room 28)
Session: Regional Banking and Risk Sharing
Chair Hitotsubashi University Hisashi Nakamura
| （1）Social Media and Regional Financial Institutions | Presenter Ibaraki University Satoshi Uchida Discussant Kanagawa University Takashi Kazusaka |
| （2）Bank Competition and Local Employment in Japan: A Causal Link | Presenter Waseda University Masanori Ohkuma Discussant Development Bank of Japan Daisuke Miyakawa |
| （3）Optimal Risk Sharing in the Presence of Moral Hazard under Market Risk and Jump Risk | Presenter Hitotsubashi University Takashi Misumi Hitotsubashi University Hisashi Nakamura Hitotsubashi University Koichiro Takaoka Discussant Aoyama Gakuin University Hirotaka Fushiya |
<15:40-16:40> Invited Lecture Ⅰ
G (Kanematsu Auditorium)
Chair Hitotsubashi University Yukinobu Kitamura
Speaker IDEI, Université Toulouse 1 Jean Tirole
What Future for the Eurozone Governance?
<16:50-17:30> General Meeting
G (Kanematsu Auditorium)
<18:00-20:00> Reception
7th Floor of Mercury Tower, Kunitachi East Campus
Sunday, May 26th
<9:00- > Registration: 1st Floor of the Main Building, Kunitachi West Campus
<9:30-11:30>
B (Room 36)
Session: Macroeconomic Analyses
Chair Senshu University Hidehiko Ishihara
| （1）Macro Financial Market and Risk Premium | Presenter Waseda University Yasuhiro Yonezawa Sumitomo Mitsui Trust Bank, Limited Kozo Omori Discussant Development Bank of Japan Daisuke Miyakawa |
| （2）Non-regular Workers and the Stagnant Economy | Presenter Ph.D. Student, Kobe University Shingo Umino Discussant Tohoku University Shin-Ichi Nishiyama |
| （3）Effects of Public Investment on Private Investment of Manufacturing Industries: a FAVAR Approach | Presenter University of Marketing and Distribution Sciences Masafumi Kozuka Tokai University Kazuki Hiraga Fukuyama University Takao Fujii Discussant Kobe University Takashi Hatakeda |
C (Room 38)
Session: Finance Related Fields -Revision of the Civil Code & Local Prices-
Chair Tokyo Keizai University Yukihiro Yasuda
| （1）Revision of the Civil Code from the Viewpoint of Finance | Presenter Yokohama National University Masahiko Takahashi Discussant Kinki University Yuichi Abiko |
| （2）Pairwise Tests of Convergence of Japanese Local Price Levels | Presenter Surugadai University Hidehiro Ikeno Discussant Aichi University Yutaka Kurihara |
D (Room 24)
Session: Finance in Asia
Chair Kyoto University Fumiharu Mieno
| （1）Business Cycle Co-movement and Economic Integration in East Asia | Presenter Ph.D. Student, Yokohama National University Shajuan Zhang Discussant Toyo University Kentaro Kawasaki |
| （2）Exchange Rate Appreciation and Export Price Competitiveness: Industry-Specific Real Effective Exchange Rates of Japan, Korea and China | Presenter Yokohama National University Kiyotaka Sato Gakushuin University Junko Shimizu Yokohama National University Nagendra Shrestha Ph.D. Student, Yokohama National University Shajuan Zhang Discussant Keio University Naoyuki Yoshino |
| （3）Internationalization of the Renminbi and China’s Capital Control | Presenter The Bank of Tokyo-Mitsubishi UFJ, Ltd. Yasuo Kunieda Discussant Ritsumeikan University Yozo Nishimura |
E (Room 26)
Session: New Topics of International Finance
Chair University of Tokyo Shin-ichi Fukuda
| （1）Does Exchange Rate Volatility Deter Japan-China Trade? Evidence from the Pre- and Post-Exchange Rate Reform in China | Presenter University of International Business and Economics Yusaku Nishimura Kwansei Gakuin University Kenjiro Hirayama Discussant Seikei University Masanori Ono |
| （2）Revisiting Big Mac Index | Presenter Osaka University of Economics Yukio Fukumoto Discussant Kobe City University of Foreign Studies Taro Esaka |
| （3）Exchange Rate Risk Management of Japanese Firms: New Findings from Questionnaire Survey | Presenter Gakushuin University Junko Shimizu University of Tokyo Takatoshi Ito Chuo University Satoshi Koibuchi Yokohama National University Kiyotaka Sato Discussant Chuo University Seiichi Nakajo |
F (Room 28)
Session: Euro Economy
Chair Kobe University Kentaro Iwatsubo
| （1）The Sustainability of the External Debts of the PIIGS Countries | Presenter Sumitomo Mitsui Asset Management Hideki Nishigaki Discussant Tokyo Keizai University Masao Kumamoto |
| （2）The Euro Crisis and the Financial Regulation: A Viewpoint of a “Banking Union” | Presenter Kanazawa University Hideki Sato Discussant Kyushu University Kenji Iwata |
| （3）A Fear of Euro Disintegration Caused by Financial Active Defaulting Zone – Target 2 Imbalances Issue | Presenter Saga University Shigeru Yonekura Discussant Fukuyama University Harutoshi Oda |
<11:30-12:50> Lunch
<12:50-13:50> Invited Lecture Ⅱ
G (Kanematsu Auditorium)
Chair Hitotsubashi University Eiji Ogawa
Speaker Governor, Bank of Japan Haruhiko Kuroda
<14:00-17:00>
G (Kanematsu Auditorium)
Symposium: Global Finance and Governance
Chair Hitotsubashi University Eiji Ogawa
| （1）Sovereign Risk and Global Governance | Presenter University of Tokyo Takatoshi Ito |
| （2）Is Global Financial Reform Addressing the Right Issues? | Presenter University of Tokyo Tomoko Amaya |
| （3）The Subjects in One Reform of Accounting, Auditing and Governance | Presenter Aoyama Gakuin University Shinji Hatta Discussant Keio University Mitsuhiro Fukao Discussant Japan Research Institute, Limited Yuri Okina Closing Remarks Hitotsubashi University Eiji Ogawa |
Program committee
Takashi Misumi (Hitotsubashi University, Chair)
Hidehiko Ishihara (Senshu University)
Sanae Ohno (Musashi University)
Eiji Ogawa (Hitotsubashi University)
Yoshiaki Ogura (Waseda University)
Kentaro Kawasaki (Toyo University)
Masanori Sato (Reitaku University)
Yosuke Takeda (Sophia University)
Hisashi Nakamura (Hitotsubashi University)
Hisashi Harui (Kwansei Gakuin University)
Fumiharu Mieno (Kyoto University)
Nobuyoshi Yamori (Nagoya University)
Kohei Aono (Ritsumeikan University)
Kentaro Iwatsubo (Kobe University)
Eiji Okano (Chiba Keizai University)
Hidenobu Okuda (Hitotsubashi University)
Arito Ono (Mizuho Research Institute)
Yutaka Kurihara (Aichi University)
Koichiro Takaoka (Hitotsubashi University)
Yukitami Tsuji (Keio University)
Kozo Harimaya (Ritsumeikan University)
Shin-ichi Fukuda (University of Tokyo)
Yukihiro Yasuda (Tokyo Keizai University)
Preparatory Committee (Hitotsubashi University)
Eiji Ogawa (Chair)
Koichiro Takaoka
Masaharu HanazakiHidenobu Okuda
Hideyuki Takamizawa
Takashi MisumiYukinobu Kitamura
Jun-ichi NakamuraMasaru Konishi
Hisashi Nakamura
Access to Kunitachi Campus, Hitotsubashi University