Meetings
October 24 , Saturday
< 9:30 – > Registration: 1st Floor of Building B
< 10:00 – 12:00 >
Rm B200
Panel Session: Financial History
International Financial Centers and International Banking: Competition and Complementarity from a Historical Perspective
Chair Tohoku University Ayumu Sugawara
| （1）The Banking Network and Foreign Exchange Business of the British and American Giant Banks in the Early Twentieth Century | Presenter Yamaguchi University Daisuke Koga |
| （2）The international Money Market (1914-1930)-The Chartered Bank of India Australia and China in London and New York- | Presenter Sapporo Gakuin University Masashi Kitabayashi |
| （3）The Development of Market Linkages in the Japanese Government Foreign Loan Issues before and after the First World War (1870-1930) | Presenter Teikyo University Toshio Suzuki Discussant Reitaku University Masanori Sato Discussant Waseda University Kazuhiko Yago |
< 10:00 – 12:00 >
Rm B101
Session: Monetary Policy
Chair Keio University Yuki Teranishi
| （1）Credible Escape from a Liquidity Trap | Presenter Tokyo University Takeki Sunakawa FRB Taisuke Nakata Discussant Qeensland University Yuichiro Waki |
| （2）Inflation Persistence and Optimal Liftoff from the Zero Lower Bound | Presenter Kobe University Kohei Hasui Bank of Japan Tomohiro Sugo Keio University Yuki Teranishi Discussant Tokyo University Takeki Sunakawa |
Rm B102
Session: Financial Intermediaries
Chair Keio University Wako Watanabe
| （1）Unviable Relationship and Bank Lending: Evidence from Loan-level Matched data | Presenter Sapporo Gakuin University Hitoshi Inoue Konan University Kiyotaka Nakashima University of California, San Diego Koji Takahashi Discussant Saitama University Ken Nagata |
| （2）The Dissolution of Inappropriate Relationships: Why Do Banks and Borrowers Divorce? | Presenter Konan University Kiyotaka Nakashima University of California, San Diego Koji Takahashi Discussant International Christian University Heather Montgomery |
| （3）A Treatise on the Conditions to Make Microfinance Work | Presenter Okayama University Naruto Nishigaki Discussant Niijima Gakuen Junior College Shinichi Matsuda |
Rm B103
Session: Financial Markets
Chair Chuo University Toyoharu Takahashi
| （1）Factors behind Credit Rating Differences between Japanese and US Agencies | Presenter PhD student Hitotsubashi University Naoko Nemoto Discussant Saitama Gakuen University Yoshitaka Kurosawa |
| （2）Government Intervention and Liquidity in the Japanese Sovereign Bond Market | Presenter Kobe University Kentaro Iwatsubo PhD student Kobe University Tomoki Taishi Discussant Chuo University Toyoharu Takahashi |
| （3）The Financialization of Copper Market and China Risk | Presenter Musashi University Tsutomu Chano Discussant Kobe University Kentaro Iwatsubo |
Rm B104
Session: Stock Markets and Investment
Chair Aoyama Gakuin University Takeo Minaki
| （1）Estimation of Time-Varying PIN on the JASDAQ Market | Presenter PhD student Meiji University Saneyuki Aoki Discussant Aoyama Gakuin University Takeo Minaki |
| （2）Trend Analysis of Nikkei Average and Option Evaluation-Markov Switching EGARCH Model- | Presenter Nihon University Hidetoshi Mitsui Toyo University Kiyotaka Satoyoshi Discussant Takachiho University Mai Shibata |
| （3）Seasonality in Japanese Stock Return | Presenter Seikei University Masashi Toshino Discussant Tohoku University Yoshio Kanazaki |
Rm B201
Session: Monetary Macroeconomics
Chair Kyushu University Kenji Iwata
| （1）Nonparametric Approach to Convergence of Japanese Local Price Levels: A Failure of Purchasing Power Parity | Presenter Surugadai University Hidehiro Ikeno Discussant Tohoku University Jun Nagayasu |
| （2）Macroeconomic impacts of China’s Foreign Exchange Reserve Accumulation: A VAR Analysis Using Pure Sign Restrictions Approach | Presenter PhD student Hitotsubashi University Li Nie Discussant Gakushuin University Junko Shimizu |
| （3）Private Information in Forecasts of the Majority of BOJ Policy Board Members | Presenter Nihon University Komaki Yasuyuki Discussant Meiji University Takayasu Ito |
< 12:00 – 13:30 > Lunch
< 13:30 – 15:30 >
Rm B200
Panel Session: Central Banking
Stability of Financial Systems and Macro-prudential Policies
Chair Kwansei Gakuin University Hisashi Harui
| （1） | Presenter Financial Services Agency Toshinori Yashiki |
| （2） | Presenter Bank of Japan Takeshi Kimura Discussant Iwao Kuroda Nomura Research Institute Tetsuya Inoue |
< 13:30 – 15:30 >
Rm B101
Japan-Korea Special Session
Chair Kyoto University Takayuki Tsuruga
| (1)Implicit Coordination of Interest Rate, Money, and Government Spending for GDP | Presenter Kyungpook National University Inbong Ha Kyungpook National University Mikyung Bae Keimyung University Younghwan Lee Discussant Kobe University Masahiko Shibamoto |
| (2)Designing a Simple Loss Function for the Fed: Does the Dual Mandate Make Sense? | Presenter Korea University Jinill Kim UPF and Barcelona GSE Davide Debortoli Sveriges Riksbank Jesper Linde Federal Reserve Bank of Boston Ricardo Nunes Discussant Keio University Yuuki Teranishi |
Rm B102
Session: International Finance
Chair Aichi University Yutaka Kurihara
| （1）Choice of Invoice Currency in Global Production and Sales Network: The Case of Japanese Overseas Subsidiaries | Presenter Gakushuin University Junko Shimizu Yokohama National University Kiyotaka Sato Columbia University Takatoshi Ito Chuo University Satoshi Koibuchi Discussant Senshu University Keiko Ito |
| （2）Decomposing European Premium in FX Swaps during the European Debt Crisis | Presenter PhD student Keio University Yoshiko Suzuki Thomas Rueters Markets Discussant Hitotsubashi University Eiji Ogawa |
| （3）Was Forex Fixing Fixed? | Presenter PhD student Hitotsubashi University Masahiro Yamada Columbia University Takatoshi Ito Discussant Kansai University Sadayoshi Takaya |
Rm B103
Session: Corporate Finance
Chair Tokyo Keizai University Masao Kumamoto
| （1）Overseas Transfer of Production and Non-Positive Net Debt | Presenter Development Bank of Japan Genichiro Okamoto PhD student Hitotsubashi University Discussant Tokyo University of Science Takafumi Sasaki |
| （2）Corporate Finance Using Credit Guarantee: Considering the Influence of the Great East Japan Earthquake | Presenter Toyo University Yasuko Takezawa Hiroshima University Katsumi Matsuura Discussant Kobe University Nobuyoshi Yamori |
| （3）Firms’ Fund Raising Behavior in A Dollarized Economy: Large Sized Sample Survey on Cambodia | Presenter Hitotsubashi University Hidenobu Okuda PhD student Hitotsubashi University Daiju Aiba Discussant Waseda University Fumihiko Hiruma |
Rm B104
Session: Financial History
Chair Reitaku University Masanori Sato
| （1）Informal Finance in the Undeveloped Money Market: Analysis of Informal Finance in Okinawa | Presenter Japan Economic Research Institute Kenji Nakamura Discussant Reitaku University Yuxiong Chen |
| （2）Was the Experience of the State Bank Reorganizations Succeeded in Their Methods of the FDIC? | Presenter Yamanashi Prefectural University Masako Kurohane Discussant Kanagawa University Soichi Toda |
Rm B201
Session: Financial Institutions in Different Countries
Chair Musashi University Sanae Ohno
| （1）Overview of U.S. Student Loan Market and Its Implication for Japan | Presenter Nomura Institute of Capital Markets Research Sachiko Miyamoto Discussant Sapporo University Takao Iida |
| （2）The Underwriting Business of Major U.S. Financial Holding Companies | Presenter Matsuyama University Tatsuro Kakeshita Discussant Fukuoka University Mitsushiro Kamino |
| （3）Factors Determining Interest Rate Risk of Newly Chartered Japanese Banks | Presenter Aomori Public University Akira Kunikata Discussant Ritsumeikan University Hiroshi Izawa |
< 15:50 – 16:50 > Invited Lecture
RM C200
Japan’s Exit Strategy and Secular Stagnation
Chair Tohoku University Shinichi Nishiyama
Speaker Japan Center for Economic Research Kazumasa Iwata
< 17:00 – 17:50 > General Meeting
Rm C200
< 18:00 – 20:00 > Reception
Kawauchi No Mori Dining, Kawauchi Kita Campus
October 25, Sunday
< 9:30 – > Registration: 1st Floor of Building B
< 10:00 – 12:00 >
Rm 200
Session: Empirical Analysis of Unconventional Monetary Policy
Chair Waseda University Hajime Tomura
| （1）The Effects of ECB Monetary Policy on Bank Lending in Euro Area since the Outset of Global Financial Crisis | Presenter Kobe University Agata Wierzbowska Discussant Kansai University Sadayoshi Takaya |
| （2）The Effects of ETF Purchase by the Bank of Japan: Relationship between the Consumer Confidence Index and the Stock Price Index- | Presenter PhD student Saitama University Yoshikazu Sato Discussant Nihon University Hidetoshi Mitsui |
| （3）The Quantitative Easing Policy and Business Activities by Industry in Japan: 2001-2006 | Presenter PhD student Kobe University Hiroyuki Ijiri Kobe University Yoichi Matsubara Discussant Osaka Prefecture University Minoru Tachibana |
Rm B101
Session: Macroeconomic Analysis
Chair Kyoto University Takayuki Tsuruga
| （1）Effects of Commodity Price Shocks on Inflation: A Cross-country Analysis | Presenter Kyoto University Takayuki Tsuruga Kyoto University Atsushi Sekine Discussant Nanzan University Taiyo Yoshimi |
| （2）Impact of Exchange Rate Shocks on Japanese Exports: Quantitative Assessment Using a Structural VAR model | Presenter Meisei University Hayato Nakata Presenter Hitotsubashi University Tokuo Iwasako Discussant Tokyo University Ryuzo Miyao |
| （3）Stock Market and Monetary Policy in a Search Model of Money | Presenter PhD student Keio University Yoshitaka Tanaka Discussant Chiba University Ryoji Hiraguchi |
Rm B102
Session: Regional and Small Business Finance
Chair Yamagata University Masaki Yamaguchi
| （1）Effects of Main Bank Switch on Small Business Bankruptcy | Presenter PhD student Nagoya University Yuta Ogane Discussant Ritsumeikan University Kozo Hariyama |
| （2）How Non-collateralized Loans Affect Firms’ Credit Availability and Performance: Evidence from a Program by a Government-affiliated Financial Institution | Presenter PhD student Hitotsubashi University Hiromichi Iwaki Hitotsubashi University, RIETI Iichiro Uesugi Kobe University Hirofumi Uchida Discussant Okayama University Masanori Ohkuma |
| （3）Role of Financial Institutions in Regional Revitalization | Presenter Hiroshima University Shinri Murakami Discussant Okayama University Satoshi Mimura |
Rm B103
Session: Financial Issues in Asia
Chair Hitotsubashi University Hidenobu Okuda
| （1）Study on the Functions and Roles of Singapore Financial Market ~ from the Asset Management Industry Point of View ~ | Presenter Daiwa Asset Management Tatsuya Torikoshi Discussant Nishogakusha University Katsushi Tabata |
| （2）Financial Liberalization and Corporate Debt Structure in South East Asia | Presenter Kyoto University Hisako Kai Discussant Kyushu International University Takeshi Uesaka |
| （3）Evolving Informal Remittance Methods of Myanmar Migrant Workers in Thailand | Presenter Institute of Developing Economies, JETRO Koji Kubo Discussant Kyoto University Fumiharu Mieno |
Rm B104
Session: Insurance and Risk Management
Chair Tokyo Keizai University Noriyoshi Yanase
| （1）The Role of Life Insurance Surrender in Small Business Financing | Presenter Meiji University Yoshihiro Asai Discussant Kagoshima University Kunikazu Nagata |
| （2）Bank Equity Ownership and Corporate Hedging: Evidence from Japan | Presenter Tokyo Keizai University Noriyoshi Yanase Portland State University Piman Limpaphayom Portland State University Daniel Rogers Discussant Aoyama Gakuin University Toshio Serita |
Rm B201
Session: Financial System and Law
Chair Ritsumeikan University Hisashi Ohgaki
| （1）Legal Issues regarding the FinTech Industry in Japan | Presenter Waseda University Takashi Kubota Discussant Senshu University Takahiko Watanabe |
| （2）The Role of so-called Asset Based Lending (ABL) in Japanese Silk Reeling Finance | Presenter Gakushuin Women’s College Aki Kinjo Discussant Ritsumeikan University Hisashi Ohgaki |
| （3）Management of Infrastructure in Depopulating Society | Presenter Anderson Mori & Tomotsune Law Firm Takashi Akahane Discussant Ritsumeikan University Hisashi Ohgaki |
< 12:00 – 13:30 > Lunch
< 13:30 – 16:00 >
Rm B200
Symposium: Economic Recovery from Natural Disasters
Chair Hitotsubashi University Yoshinori Shimizu
| （1）Recovery of the Firms from Great East Japan Earthquake: Evidence from Firm Survey Data | Presenter Tohoku University Shin-ichi Nishiyama |
| （2）Recovery of the Industries from Great East Japan Earthquake: Case studies of the supports by Reconstruction Support Organization | Presenter Reconstruction Agency Takayuki Kumazaki |
| （3）Firm Behavior, Corporate Finance, and Great East Japan Earthquake | Presenter Kobe University Hirofumi Uchida Discussant Tohoku Fukushi University Osamu Kamoike Kobe University Toshiki Jinushi Kobe University Tomoko Aizawa |
Program committee
Osamu Kamoike (Tohoku Fukushi University, Chair)
Kenji Iwata (Kyushu University)
Kentaro Iwatsubo (Kobe University)
Hisashi Ohgaki (Ritsumeikan University)
Sanae Ono (Musashi University)
Hidenobu Okuda (Hitotsubashi University)
Masao Kumamoto (Tokyo Keizai University)
Yutaka Kurihara (Aichi University)
Masanori Sato (Reitaku University)
Ayumu Sugawara (Tohoku University)
Toyoharu Takahashi (Chuo University)
Sadayoshi Takaya (Kansai University)
Tsutomu Chano (Musashi University)
Takayuki Tsuruga (Kyoto University)
Yuki Teranishi (keio University)
Hajime Tomura (Waseda University)
Jun Nagayasu (Tohoku University, Secretary)
Shinichi Nishiyama (Tohoku University)
Hisashi Harui (Kwansei Gakuin University)
Takashi Hyodo (Yamaguchi University)
Takeo Minaki (Aoyama Gakuin University)
Noriyoshi Yanase (Tokyo Keizai University)
Masaki Yamaguchi (Yamagata University)
Kazutaka Watabe (Keio University)
Executive Committee
Jiro Akita (Chair)
Ayumu Sugawara
Shin-ichi Nishiyama (Secretary)
Yoshifumi Muroi