October 18, Saturday

< 9:00 – > Registration: 1st Floor of Main Building of General Education

< 9:30 – 10:00 > Presidential Address

1st Hall of General Education
Speaker Hitotsubashi University Eiji Ogawa

< 10:10 – 12:10 >

2nd Hall of General Education
Panel Session: Reconstruction Finance
Status-quo and the issues pertaining to the earthquake insurance system in Japan
Chair Tohoku University Shinichi Nishiyama

（1）A possible security system against large-scale natural disasters and risk exchange markets	Presenter Ritsumeikan University Takashi Ohgaki
（2）What kind of firms are purchasing earthquake insurance?: An evidence from the survey of small manufacturing firms	Presenter Meiji University Yoshihiro Asai
（3）Overview and the issues of the Earthquake Insurance System	Presenter The General Insurance Association of Japan Atsuhiro TAKEUCHI Discussant Tohoku University Shinichi Nishiyama Discussant Tohoku Fukushi University Osamu Kamoike

＜ 10:00 – 12:10 ＞

15th Room of General Education
Session: Monetary Policy 1
Chair Doshisha University Shinichi Kitasaka

（1）Liquidity effects and international effects of the zero lower bound on nominal interest rates	Presenter Kobe University Kohei Hasui Discussant Nagoya City University Eiji Okano
（2）Determinacy condition under optimal monetary policy with the information from the Taylor rule	Presenter St. Andrew’s University Daisuke Ida Discussant Keio University Yasuo Hirose
（3）Inflation Stabilization and Default Risk in a Currency Union	Presenter Nagoya City University Eiji Okano Discussant Komazawa University Masataka Eguchi

14th Room of General Education
Session: Asian Finance
Chair Kyushu University Kenji Iwata

（1）The effect of ownership on the risk taking of Chinese firms	Presenter East China Normal University Yuan Yuan Japan Maritime Center Takuma Matsuda Gakushuin University Tomohiko Inui Discussant Tokyo Keizai University Yukihiro Yasuda
（2）Trade Credit in China: Panel Evidence-based on the Survey of Industrial Enterprises	Presenter Kobe University Yajng Liu Discussant Hitotsubashi University Iichiro Uesugi
（3）Effects of the Vietnamese Government’s Institutional Reforms on Companies’ Capital Structure and Profitability: Before and After the Lehman Shock	Presenter Hitotsubashi University Hidenobu Okuda Hitotsubashi University Lai Thi Phuong Nhung Discussant Kyushu University Taku Hiramatsu

13 Room of General Education
Session: Euro Area
Chair Kansai University Sadayoshi Takaya

（1）Financial markets in Central and Eastern European countries and their role in transmission of domestic and foreign monetary shocks	Presenter Kobe University Agata Wierzbowska Discussant Ryukoku University Krawczyk Mariusz Konrad
（2）Implications of austerity measures taken by Latvia	Presenter Bunkyo Gakuin University Naoyoshi Kinukawa Discussant Toyo University Yuji Kawano
（3）European Banking Union accompanied with a great risk	Presenter Saga University Shigeru Yonekura Discussant Kanazawa University Hideki Sato

12th Room of General Education
Session: Central Bank
Chair Okinawa International University Naoya Ikemiyagi

（1）Adding a Macro-prudential Perspective to Central Banks’ Monetary Policies	Presenter Toyo University Yasuyoshi Masuda Discussant Doshisha University Toshihiko Marumo
（2）The Effect of Recognition Lag	Presenter Nihon University Yasuyuki Komaki Discussant Kobe University Toshiki Jinushi

11th Room of General Education
Session: Banking and Finance
Chair Hitotsubashi University Takashi Misumi

（1）Non-performing loan and cost efficiency in Japanese banking	Presenter Doshisha University Eriko Naiki Discussant Ritsumeikan University Kozo Harimaya
（2）An Empirical Study of New Borrowers of JFC Small and Medium Enterprise (SME) Unit　in a Time Period including the Collapse of Lehman Brothers	Presenter Japan Finance Corporation Research Institute Isao Morioka Discussant Kagoshima University Kunikazu Nagata
（3）On Financial Intermediation of High Frequency Trading ~ An Analysis of Weir and its Functioning ~	Presenter Gakushuin University Ken-ichi Tatsumi Discussant Nagasaki University Masayuki Susai

< 12:10 – 13:10 > Lunch

< 13:10 – 15:10 >

2nd Hall of General Education
Panel Session: International Finance
Japanese Banks in Asia
Chair Kobe University Nobuyoshi Yamori

（1）Business Expansion to Asia, A Case of Yamaguchi Bank : Progress and Challenges	Presenter Yamaguchi Bank, President Koichi Fukuda
（2）Activities of Japanese Banks in Asia: Progress and Challenges	Presenter Kobe University Kentaro Iwatsubo
（3）The Second Internationalization of Japanese Regional Banks	Presenter Tohoku Gakuin University Masashi Igakura Discussant University of Tokyo Toshiro Nishizawa Discussant Yamagata University Masaki Yamaguchi

< 13:10 – 15:10 >

15th Room of General Education
Session: Monetary Policy 2
Chair Keio University Kazuhito Ikeo

（1）Re-evaluation for the Japanese Quantitative Easing Policy(2001-2006)	Presenter Kobe University Hiroyuki Ijiri Discussant Ritsumeikan University Hideaki Ohta
（2）The Cointegration Analysis of the Long-term Bond Rates in Japan under the Zero Lower Bound Problem	Presenter Osaka Sangyo University Shohei Ishibashi Discussant Chukyo University Kunihiro Hanabusa
（3）Comparing Japanese Monetary Policy Effects between the Low Interest Rate and the Normal Periods	Presenter Osaka Prefecture University Minoru Tachibana Discussant Kwansei Gakuin University Atsushi Tanaka

14th Room of General Education
Session: International Capital Movements
Chair Tohoku Fukushi University Osamu Kamogawa

（1）International Capital Flows to the U.S. and Interest Rates	Presenter Keio University Satoshi Tobe Discussant Meiji Gakuin University Yuri Sasaki
（2）Factors causing capital flows in emerging economies	Presenter Kinki University Takeshi Hoshikawa Kyoto Sangyo University Masahiro Inoguchi Discussant Meisei University Hayato Nakata
（3）A Comparison between Optimal Capital Controls under Fixed Exchange Rates and Optimal Monetary Policy under Flexible Rates	Presenter Kobe University Shigeto Kitano Aichi Shukutoku University Kenya Takaku Discussant Sophia University Yosuke Takeda

13th Room of General Education
Session: Financial History
Chair Kansai University Yuichi Kanai

（1）The Bank of Japan’s Loans Secured by Government Bonds in Historical Perspectives	Presenter Bank of Japan Yasuko Morita Discussant Keio University Eisaku Ide
（2）The Early Eurodollar Market and BOLSA	Presenter Tohoku University Ayumu Sugawara Discussant Yamaguchi University Daisuke Koga
（3）Exchange Banks in Japan:　Their Historical Significance and Roles	Presenter Doshisha University Yoshiaki Shikano Discussant Hosei University Masayoshi Tsurumi

12th Room of General Education
Session: Financial Markets
Chair Hiroshima University Takashi Senda

（1）A New Solution to the Equity Premium Puzzle and the Risk-Free Rate Puzzle: Theory and Evidence	Presenter Kobe University Hideaki Tamura Kobe University Yoichi Matsubayashi Discussant University of Marketing and Distribution Sciences Tatsuya Morisawa
（2）Monetary Policy and Real Estate Price	Presenter The Land Institute of Japan Toshiyuki Okoshi Discussant Doshisha University Shinichi Kitasaka
（3）The Role of Options Market in Discovering Risk during the Subprime Crisis	Presenter Bank of Japan Yoichi Otsubo University of Luxembourg Theoharry Grammatikos University of Luxembourg Thorsten Lehnert Discussant Hiroshima University Akiko Yamane

11th Room of General Education
Session: Corporate Finance
Chair Tokyo Keizai University Yukihiro Yasuda

（1）Zombie SMEs and Productivity	Presenter Osaka University Kentaro Imai Discussant Yamaguchi University Takashi Hyodo
（2）The Change of Bank Lending Attitude and Corporate Behavior	Presenter Hitotsubashi University Hiromichi Iwaki Discussant Chuo University Satoshi Koibuchi
（3）Marginal q and Firms’ Capital Investments: Evidence from Time Series Data of Japanese Manufacturing Industries	Presenter University of Marketing and Distribution Sciences Masafumi Kozuka Discussant Tokyo Keizai University Masaya Ishikawa

< 15:30 – 16:30 > Invited Lecure

1st Hall of General Education
“Japanese Economy and Monetary Policy”
Chair Kobe University Toshiki Jinushi
Speaker Bank of Japan, Member of the Policy Board Ryuzo Miyao

< 16:40 – 17:40 > General Meeting
1st Hall of General Education

< 18:00 – 20:00 > Reception
Cafeteria II , Yoshida Campus

October 19, Sunday

< 10:00 – 12:00 >

2nd Hall of General Education
Panel Session: Financial History
Free Banking in Asia in a Historical Perspective
Chair Reitaku University Masanori Sato

（1）The Emergence and Evolution of the National Banking System in Japan: A Comparison with the National Banking System in the United States	Presenter Waseda University Masato Shizume Hosei University Masayoshi Tsurumi
（2）Free banking in China: 1921-1935	Presenter Keio University Hiroaki Morota
（3）The Activities of the Hongkong and Shanghai Banking Corporation in Bangkok, 1888-1902	Presenter Kansai University Takeshi Nishimura Discussant Kansai University Sadayoshi Takaya Discussant Sapporo Gakuin University Masashi Kitabayashi

< 10:00 – 12:00 >

15th Room of General Education
Session: Life Planning and Personal Finance
Chair Hiroshima University Junji Yano

（1）Does Myopic Thinking Affect the Choice of Childbirth and Marriage?	Presenter Tokyo University of Social Welfare Yoshiaki Tsuchimura Tokyo University of Social Welfare Nobuhiro Hobara Discussant Konan University Yoshiro Tsutsui
（2）Rising needs for education financing and its responses by financial institutions	Presenter Nomura Institute of Capital Markets Research Sachiko Miyamoto Discussant Seijo University Tsutomu Muramoto
（3）Effects of Pay-As-You-Go Pension on Capital Accumulation, Welfare and Inequality	Presenter Kobe University of Foreign Studies Takao Fujii Fukuyama University Jun Iritani Discussant Yamaguchi University Hisasi Kojima

14th Room of General Education
Session: Currency and Foreign Exchange
Chair Doshisha University Hirofumi Ueda

（1）FTA in International Finance: Impacts of Exchange Rates on FTA Utilization	Presenter Nanzan University Taiyo Yoshimi Research Center, Institute of Developing Economies Kazunobu Hayakawa Ajou University Han-Sung Kim Discussant Kyoto University Takayuki Tsuruga
（2）Automobile Exports: Export Price and Retail Price	Presenter Shiga University Yushi Yoshida Meiji TGakuin University Yuri Sasaki Discussant Nanzan University Taiyo Yoshimi
（3）2013 Survey on Invoice Currency and Currency Risk Management of Japanese Listed Manufacturers: Summary Results	Presenter Chuo University Satoshi Koibuchi GRIPS Takatoshi Ito Yokohama National University Kiyotaka Sato, Gakushuin University Junko Shimizu Discussant Chuo University Hiroshi Fujiki

13th Room of General Education
Session: Corporate Finance and Corporate Governance
Chair Tokyo Keizai University Masao Kumamoto

（1）Leverage Maintenance and Maturity Structure	Presenter Research Institute of Capital Formation, Development Bank of Japan Genichiro Okamoto Discussant Kobe University Takashi Hatakeda
（2）Determinants of outside directors by Japanese regional banks	Presenter Kyushu Kyoritsu University Yuji Mori Discussant Kinki University Toshiyuki Soma

12th Room of General Education
Session: Financial Issues in Abroad
Chair Rissho University Yasushi Hayashi

（1）Commodity spot trading in China	Presenter Rissho University Sainan Nie Rissho University Yasushi Hayashi Discussant Musashi University Sanae Ohno
（2）Utilization of Complementary Currencies “UDIS” in dollarized Ecuador and El Salvador	Presenter Tokai University Naotoshi Kinoshita Rissho University Tetsuya Utashiro Rissho University Yasushi Hayashi Discussant Joetsu University of Education Masayuki Yoshida
（3）Financial Crises and the U.S. Dollar as an International Currency	Presenter North Asia University Naoya Maeda Discussant University of Kitakyushu Jun Maeda

11th Room of General Education
Session: Theory Analysis of Finance
Chair University of Kitakyushu Jun Maeda

（1）Social Sanctions and Group Lending	Presenter NiijimaGakuen Junior College Shinichi Matsuda Discussant Hitotsubashi University Hidenobu Okuda
（2）Evidence of Perquisite and Capital Structure on Japanese Firms	Presenter Bunkyo University Makoto Suzuki Discussant Hosei University Xu Peng

25th Room of General Education
Session: Open Macroeconomics
Chair Kobe University Seiichi Fujita

（1）Regional inflation, spatial locations and the Ballasa-Samuelson effect	Presentater University of Tsukuba Jun Nagayasu Discussant Surugadai University Hidehiro Ikeno
（2）Do Faster Growing Economies Run Current Account Deficits? A Theoretical Reappraisal of the Role of Utility Functions	Presentater Doshisha University Shingo Iokibe Discussant Keio University Masaya Sakuragawa

< 12:00 – 13:00 > Lunch

< 13:00 – 16:00 >
2nd Hall of General Education
Symposium: Financial Education in Local area
Chair Asian Development Bank Institute Dean Naoyuki Yoshino

（1）Efforts of financial education in Yamaguchi	Presenter Bank of Japan, Shimonoseki Branch Manager Junichi Suzuki
（2）Efforts for financial education by financial institutions in the Chugoku region and the Chugoku Local Finance Bureau	Presenter Chugoku Local Finance Bureau, Chief of Bureau Shuichi Sonoda
（3）The need for financial literacy education in Local areas	Presenter Kobe University Nobuyoshi Yamori
（4）Financial and Economic Education ? Current Situations and Issues In Local Areas	Presenter Daiwa Institute of Research, Head of Reserch Susumu Okano Discussant Prefectural University of Hiroshima Keiko Murakami Rissho University Yasushi Hayashi

Program committee

Takashi Hyodo (Yamaguchi University, Chair)
Eiji Ogawa (Hitotsubashi University)
Toshiki Jinushi (Kobe University)
Takashi Misumi (Hitotsubashi University)
Seiichi Fujita (Kobe University)
Kazuhito Ikeo（Keio University）
Kentaro Iwatsubo (Kobe University)
Masaya Sakuragawa (Keio University)
Nobuyoshi Yamori (Kobe University)
Yasushi Hayashi (Rissho University)
Shinichi Kitasaka (Doshisha University)
Masanori Sato (Reitaku University)
Hirofumi Ueda (Doshisha University)
Masao Kumamoto (Tokyo Keizai University)
Sadayoshi Takaya (Kansai University)
Yukihiro Yasuda (Tokyo Keizai University)
Junji Yano (Hiroshima University)
Osamu Kamoike (Tohoku Fukushi University)
Takashi Senda (Hiroshima University)
Shinichi Nishiyama (Tohoku University)
Jun Maeda (University of Kitakyushu)
Yuichi Kanai (Nagoya University)
Kenji Iwata (Kyushu University)
Yutaka Kurihara (Aichi University)
Naoya Ikemiyagi (Okinawa International University)

Executive Committee

Takashi Hyodo(Chair)
Daisuke Koga
Shugo Yamamoto