2014 Spring Annual Meeting Program

May 24 , Saturday

< 9:30 – > Registration:1st Floor of West School Building, Mita Campus


A. West School Building, Room 517
Panel Session: International Monetary and Financial System from the IMF Viewpoint: The Post WWII Financial History
Chair Waseda University Kazuhiko Yago

(1)The Formation of IMF: Hidden Coordinate Axes before the Bretton Woods ConferencePresenter Otsuma Women’s University Masanao Itoh
(2)Opening to Sterling Convertibility and International LiquidityPresenter Hosei University Masayoshi Tsurumi
(3)International Liquidity Problem in 1960s: Examining the Discussion in the Executive Board of IMFPresenter Kokushikan University Yasutoshi Noshita
Discussant Nihon University Makoto Kishida


B. West School Building, Room 519
Session: Monetary Policy
Chair Tohoku University Shin-Ichi Nishiyama

(1)Effects of International Capital Flows on Monetary Policy in JapanPresenter Ritsumeikan University Hideaki Ohta
Discussant Tokyo Metropolitan University Hirokuni Iiboshi
(2)Quantitative and Qualitative Monetary Easing Policy: Effects and Associated RisksPresenter Japan Center for Economic Research Ikuko Samikawa-Fueda
Discussant Fujitsu Research Institute Hideo Hayakawa
(3)Long-run Effects of Money Growth on the Output Gap and Economic GrowthPresenter Waseda University Tomohiro Inoue
Waseda University Shunsuke Shinagawa
Daito Bunka University Eiji Tsuzuki
Discussant Kyoto University Kazuo Mino

C. West School Building, Room 526
Session: International Finance
Chair Musashi University Sanae Ohno

(1)Industry-Specific Real Effective Exchange Rates in East AsiaPresenter Ph.D. Student, Yokohama National University Shajuan Zhang
Yokohama National University Kiyotaka Sato
Gakushuin University Junko Shimizu
Yokohama National University Nagendra Shrestha
Discussant University of Tokyo Junko Koeda
(2)Co-movements in Real Effective Exchange Rates: Evidence from the Dynamic Hierarchical Factor ModelPresenter University of Tsukuba Jun Nagayasu
Discussant Gakushuin University Junko Shimizu
(3)An Analysis of Foreign Exchange Intervention: Adopting a Simultaneous-Equation Tobit ModelPresenter Gakushuin University Junko Shimizu
Gakushuin University Kentaro Akashi
Ph.D. Student, Gakushuin University Masashi Murakoshi
Discussant University of Tokyo Takatoshi Ito

E. West School Building, Room 528
Session: Regional Finance and Finance in Foreign Countries
Chair Hitotsubashi University Iichiro Uesugi

(1)Determinants of Accessing, Obtaining Formal Credit and Formal Credit Constraint: Evidence from Vietnamese Small and Medium EnterprisesPresenter Ph.D. Student, Kobe University Cao Thi Khanh Nguyet
Discussant Hitotsubashi University Hidenobu Okuda
(2)Operation Areas and Profitability of Agricultural CooperativesPresenter Kansai Gaidai University Yasuhiro Horie
Discussant Norinchukin Research Institute Yuriko Saito
(3)Foreign Currency Loans by Regional BanksPresenter Yamagata University Masaki Yamaguchi
Discussant Kyushu Kyoritsu University Yuji Mori

< 12:00 – 13:30 > Lunch

< 13:30 – 15:30 >

A. West School Building, Room 517
Panel Session: One Year after the Introduction of the “Quantitative and Qualitative Monetary Easing(QQE)”: An Interim Appraisal
Chair Keio University Kazuhito Ikeo

Part I: Reviews of the QQE: The Views of Economists and Market Participants
Part II: Prospects of the QQE: The Anticipated Effects and Risks
Presenter Bank of Tokyo-Mitsubishi UFJ Kazuto Uchida
Presenter University of Tokyo Tsutomu Watanabe
Presenter Morgan Stanley MUFG Securities Robert Alan Feldman

C. West School Building, Room 526
Panel Session: Financial Education and Financial Literacy
Chair Kobe University Nobuyoshi Yamori

(1)FSA’s Roles Regarding Financial and Economic EducationPresenter Financial Services Agency Tomoyuki Furusawa
(2)CCFSI’s Roles Regarding Financial and Economic EducationPresenter Bank of Japan Yoshiki Tanji
(3)Current Financial Education in Japan: A Survey ResultPresenter Kobe University Nobuyoshi Yamori
Asian Development Bank Institute Naoyuki Yoshino
Discussant Asian Development Bank Institute Naoyuki Yoshino

< 13:30 – 15:30 >

B. West School Building, Room 519
Session: Market Analysis
Chair Gakushuin University Hideaki Murase

(1)Intraday Return and Volatility Spillover Mechanism from Chinese to Japanese Stock MarketPresenter University of International Business Yusaku Nishimura
and Economics
Konan University Yoshiro Tsutsui
Kwansei Gakuin University Kenjiro Hirayama
Discussant Kobe University Kentaro Iwatsubo
(2)Liquidity and Efficiency in the Commodity Futures MarketsPresenter Kobe University Kentaro Iwatsubo
Discussant Tokyo Keizai University Yasushi Yoshida
(3)A Correlated Binominal Model for Bad News of Informed Trades: Evidence from the Lehman ShockPresenter Ph.D. Student, Keio University Junichi Iwamoto
Discussant Osaka University Katsuhiko Muramiya

D. West School Building, Room 527
Session: Frontiers of Financial Analysis
Chair Konan University Yoshiro Tsutsui

(1)Promotion of the Choice of the Own House by the Innovation of the Financial Engineering: Through the Analysis of the Tenure Choice ActionPresenter Ph.D. Student, Kobe University Yuta Nakamura
Discussant Doshisha University Hirofumi Ueda
(2)What Kind of Person Purchases Financial Products at Bank Window?: Survey Analysis of Characteristics of Bank UsersPresenter Ph.D. Student, Hitotsubashi University Takanori Kondo
Aoyama Gakuin University Yoko Shirasu
Hitotsubashi University Takashi Misumi
Discussant Waseda University Fumihiko Hiruma
(3)An Empirical Analysis of Dividend Smoothing: Evidence from JapanPresenter Ph.D. Student, Hitotsubashi University Junyu Saito
Discussant Nagasaki University Satoru Yamaguchi

E. West School Building, Room 528
Session: Financial Crisis and Bank Behavior
Chair Chuo University Satoshi Koibuchi

(1)Capital Requirements, Bank Behavior and Fair Value Accounting: Evidence from Japanese Commercial BanksPresenter Ph.D. Student, Hitotsubashi University Karen Kai Lin Lai
Hitotsubashi University Masaru Konishi
Discussant Keio University Wako Watanabe
(2)Debt Market Imperfection, Capital Structure and Investment: An Empirical Analysis through the Credit Supply Shock of 2008 in JapanPresenter Ph.D. Student, Hitotsubashi University Hiromichi Iwaki
Discussant Daito Bunka University Taisuke Uchino
(3)The Contagion Effect in Foreign Bank’s Lending during a Crisis: Does Local Currency Market Development Promote Credit Stability?Presenter Japan Center for Economic Research Yuki Masujima
Discussant Chuo University Satoshi Koibuchi

< 15:40 – 16:40 > Invited Lecture

West School Building Hall
Chair Sophia University Yosuke Takeda

Speaker University of Tokyo Kazuo Ueda
Theory and Recent Central Bank Experience

< 16:50 – 17:50 > General Meeting
West School Building Hall

< 18:00 – 20:00 > Reception
East Research Building Hall, Mita Campus

May 25 , Sunday

< 9:00 – > Registration:1st Floor of West School Building, Mita Campus

< 10:00 – 12:00 >

B. West School Building, Room 519
Session: New Developments of Chinese Finance
Chair Hiroshima University Junji Yano

(1)Chinese SWF’s Investment to Japanese Stock MarketPresenter University of Nagasaki Atsuji Ohara
Discussant Soka University Miyuki Nakamura
(2)Shadow Banking in China: An Analysis of Effects of BIS Guidelines, Monetary Policy and Capital Markets on Operation of BanksPresenter Fukuyama University Yoshio Kojima
Discussant Kobe University Takuji Kinkyo
(3)China Concept Stock: Theory, History and Present SituationPresenter Seijo University Hiroshi Fukumitsu
Discussant Dokkyo University Shiping Tong

C. West School Building, Room 526
Session: Macroeconomic Analysis
Chair Kyoto University Takayuki Tsuruga

(1)How Did Takahashi Korekiyo Rescue Japan from the Great Depression?Presenter Kobe University Masahiko Shibamoto
Waseda University Masato Shizume
Discussant Hitotsubashi University Etsuro Shioji
(2)Does Money Affect Output? A Case Study of Interwar Japan through the Narrative Approach on a Basis of Friedman and Schwartz’s MethodologyPresenter Bank of Japan Mariko Hatase
Bank of Japan Takashi Nanjo
Discussant Hitotsubashi University Masahiro Hori
(3)Macroeconomic Policy for StagflationPresenter Yamagata University Kenichi Tamegawa
Discussant Fukushima University Shin Fukuda

D. West School Building, Room 527
Session: Issues of Banking and Finance
Chair Hitotsubashi University Masaharu Hanazaki

(1)Finance by Assignment of Obligations and Its Significance in the Financial SystemPresenter Yokohama National University Masahiko Takahashi
Discussant Reitaku University Masashi Nakajima
(2)The Chartered Bank of India, Australia and China in New York(1902-1930)Presenter Sapporo Gakuin University Masashi Kitabayashi
Discussant Kumamoto Gakuen University Kenji Hiraoka
(3)Overview of UK Junior ISA and Its Implication for JapanPresenter Nomura Institute of Capital Markets Research Sachiko Miyamoto
(Nomura Holdings)
Discussant Waseda University Fumihiko Hiruma

E. West School Building, Room 528
Session: Small Business Finance
Chair Kobe University Hirofumi Uchida

(1)Financial Competition and Startup Companies FailurePresenter Ph.D. Student, Nagoya University Yuta Ogane
Discussant Waseda University Yoshiaki Ogura
(2)Empirical Analysis on Long-term Effect of the Public Credit Guarantee System of JapanPresenter Ph.D. Student, Hitotsubashi University Takanori Kondo
Discussant Mizuho Research Institute Arito Ono
(3)Implications of Establishing Inventory and Accounts Receivable as Collateral: A Case StudyPresenter Kansai Gaidai University Aki Kinjo
Discussant Kobe University Hirofumi Uchida

< 12:00 – 13:30 > Lunch

< 13:30 – 16:30 >
West School Building Hall

Symposium: Five Years after the Lehman Shock: This Time Is Different
Chair University of Tokyo Shin-ichi Fukuda

(1)Why Are Crises Recurrent ?Presenter Keio University Masaya Sakuragawa
(2)Fiscal Crisis and Financial CrisisPresenter Mizuho Research Institute Hajime Takata
(3)Emerging Market and Contagion of CrisisPresenter Asian Development Bank Institute Masahiro Kawai

Program committee

Masaya Sakuragawa(Keio University, Chair)
Kazuhito Ikeo(Keio University)
Iichiro Uesugi(Hitotsubashi University)
Satoshi Koibuchi(Chuo University)
Yuri Sasaki(Meiji Gakuin University)
Yosuke Takeda(Sophia University)
Yoshiro Tsutsui(Konan University)
Masashi Nakajima(Reitaku University)
Masaharu Hanazaki(Hitotsubashi University)
Shin-ichi Fukuda(University of Tokyo)
Tatsuyoshi Miyakoshi(Hosei University)
Kazuhiko Yago(Waseda University)
Nobuyoshi Yamori(Kobe University)
Hidehiko Ishihara(Senshu University)
Hirofumi Uchida(Kobe University)
Naohisa Goto(University of Kitakyushu)
Shuhei Shiozawa(Keio University)
Yukitami Tsuji(Keio University)
Takayuki Tsuruga(Kyoto University)
Shin-Ichi Nishiyama(Tohoku University)
Takashi Hyodo(Yamaguchi University)
Takashi Misumi(Hitotsubashi University)
Hideaki Murase(Gakushuin University)
Junji Yano(Hiroshima University)
Naoyuki Yoshino(Asian Development Bank Institute)

Preparatory Committee

Executive Committee
Naoyuki Yoshino (Chair)
Kazuhito Ikeo
Yukitami Tsuji
Takashi Kaneko
Shintaro Tomita
Masaya Sakuragawa
Yasunori Fujita
Shuhei Shiozawa
Wako Watanabe