2014 Autumn Annual Meeting Program

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 marketsPresenter Ritsumeikan University Takashi Ohgaki
(2)What kind of firms are purchasing earthquake insurance?: An evidence from the survey of small manufacturing firmsPresenter Meiji University Yoshihiro Asai
(3)Overview and the issues of the Earthquake Insurance SystemPresenter 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 ratesPresenter Kobe University Kohei Hasui
Discussant Nagoya City University Eiji Okano
(2)Determinacy condition under optimal monetary policy with the information from the Taylor rulePresenter St. Andrew’s University Daisuke Ida
Discussant Keio University Yasuo Hirose
(3)Inflation Stabilization and Default Risk in a Currency UnionPresenter 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 firmsPresenter 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 EnterprisesPresenter 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 ShockPresenter 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 shocksPresenter Kobe University Agata Wierzbowska
Discussant Ryukoku University Krawczyk Mariusz Konrad
(2)Implications of austerity measures taken by LatviaPresenter Bunkyo Gakuin University Naoyoshi Kinukawa
Discussant Toyo University Yuji Kawano
(3)European Banking Union accompanied with a great riskPresenter 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 PoliciesPresenter Toyo University Yasuyoshi Masuda
Discussant Doshisha University Toshihiko Marumo
(2)The Effect of Recognition LagPresenter 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 bankingPresenter 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 BrothersPresenter 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 ChallengesPresenter Yamaguchi Bank, President Koichi Fukuda
(2)Activities of Japanese Banks in Asia: Progress and ChallengesPresenter Kobe University Kentaro Iwatsubo
(3)The Second Internationalization of Japanese Regional BanksPresenter 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 ProblemPresenter Osaka Sangyo University Shohei Ishibashi
Discussant Chukyo University Kunihiro Hanabusa
(3)Comparing Japanese Monetary Policy Effects between the Low Interest Rate and the Normal PeriodsPresenter 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 RatesPresenter Keio University Satoshi Tobe
Discussant Meiji Gakuin University Yuri Sasaki
(2)Factors causing capital flows in emerging economiesPresenter 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 RatesPresenter 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 PerspectivesPresenter Bank of Japan Yasuko Morita
Discussant Keio University Eisaku Ide
(2)The Early Eurodollar Market and BOLSAPresenter Tohoku University Ayumu Sugawara
Discussant Yamaguchi University Daisuke Koga
(3)Exchange Banks in Japan: Their Historical Significance and RolesPresenter 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 EvidencePresenter Kobe University Hideaki Tamura
Kobe University Yoichi Matsubayashi
Discussant University of Marketing and Distribution Sciences Tatsuya Morisawa
(2)Monetary Policy and Real Estate PricePresenter The Land Institute of Japan Toshiyuki Okoshi
Discussant Doshisha University Shinichi Kitasaka
(3)The Role of Options Market in Discovering Risk during the Subprime CrisisPresenter 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 ProductivityPresenter Osaka University Kentaro Imai
Discussant Yamaguchi University Takashi Hyodo
(2)The Change of Bank Lending Attitude and Corporate BehaviorPresenter Hitotsubashi University Hiromichi Iwaki
Discussant Chuo University Satoshi Koibuchi
(3)Marginal q and Firms’ Capital Investments: Evidence from Time Series Data of Japanese Manufacturing IndustriesPresenter 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 StatesPresenter Waseda University Masato Shizume
Hosei University Masayoshi Tsurumi
(2)Free banking in China: 1921-1935Presenter Keio University Hiroaki Morota
(3)The Activities of the Hongkong and Shanghai Banking Corporation in Bangkok, 1888-1902Presenter 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 institutionsPresenter 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 InequalityPresenter 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 UtilizationPresenter 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 PricePresenter 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 ResultsPresenter 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 StructurePresenter Research Institute of Capital Formation,
Development Bank of Japan Genichiro Okamoto
Discussant Kobe University Takashi Hatakeda
(2)Determinants of outside directors by Japanese regional banksPresenter 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 ChinaPresenter Rissho University Sainan Nie
Rissho University Yasushi Hayashi
Discussant Musashi University Sanae Ohno
(2)Utilization of Complementary Currencies “UDIS” in dollarized Ecuador and El SalvadorPresenter 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 CurrencyPresenter 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 LendingPresenter NiijimaGakuen Junior College Shinichi Matsuda
Discussant Hitotsubashi University Hidenobu Okuda
(2)Evidence of Perquisite and Capital Structure on Japanese FirmsPresenter 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 effectPresentater 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 FunctionsPresentater 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 YamaguchiPresenter 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 BureauPresenter Chugoku Local Finance Bureau, Chief of Bureau Shuichi Sonoda
(3)The need for financial literacy education in Local areasPresenter Kobe University Nobuyoshi Yamori
(4)Financial and Economic Education ? Current Situations and Issues In Local AreasPresenter 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