Meetings
May 27th, Saturday
＜ 9:30 – ＞ Registration:International Conference Center (Building #18), First Floor, Waseda Campus, Waseda University
＜ 10:00 – 12:00 ＞
Venue A
Session: Financial History
Chair Reitaku University Masanori Sato
| （1）Recovering the Function of Interest Rate by Overcoming the Zero Lower Bound of Deposit and Lending Interest Rates: Introduction of Negative Deposit Interest Rates by Commercial Banks and Conditional Interest Payments by Monetary and Fiscal Authorities | Presenter Meiji Gakuin University Sangbec Lee Discussant Doshisha University Yoshiaki Shikano |
| （2）Japanese equity risk premium in the early Showa era | Presenter Ph.D. Student, Saitama University Kenichi Hirayama Discussant Ibbotson Associates Japan, Inc Katsunari Yamaguchi |
| （3）Policy Debate on Bank Types and the National Bank System | Presenter Doshisha University Yoshiaki Shikano Discussant Hosei University Masayoshi Tsurumi |
Venue B
Session: Monetary Policy
Chair University of Tokyo Ryuzo Miyao
| （1）Estimating the Monetary Policy Measures of Japan in Shadow/ZLB Term Structure Model | Presenter Ph.D. Student, Kobe University Ryuzo Miyao Discussant Hokkaido University Toyoichiro Shirota |
| （2）The Effect of the Bank of Japan’s ETF Purchases and Considering an Exit Strategy | Presenter Ph.D. Student, Saitama University Yoshikazu Sato Discussant Waseda University Yasuhiro Yonezawa |
| （3）Why ‘Abenomics’ has been failed?: Ineffectiveness of Monetary Policy in Japan | Presenter Ritsumeikan University Hideaki Ohta Discussant Osaka Prefecture University Minoru Tachibana |
Venue C
Session: Financial Intermediary
Chair Senshu University Takahiko Watanabe
| （1）Bank Dividend Policy and Disposal of Non-performing Loan | Presenter Yokohama City University Sui Qing-yuan Discussant Kobe University Nobuyoshi Yamori |
| （2）Impact of Japanese banks’ strategic stockholdings on their cost of capital | Presenter Bank of Japan Kei Ikeda Discussant Keio University Shintaro Tomita |
| （3）Legal Perspectives of International Financial Regulatory System | Presenter Waseda University Takashi Kubota Discussant Kyorin University Masatoshi Okawa |
Venue D
Session: Macroeconomics and International Capital Flow
Chair Musashi University Sanae Ohno
| （1）Study on stock market participation of working generation | Presenter Ph.D. Student, Saitama University Hiroyuki Miyamoto Discussant Hitotsubashi University Tokuo Iwaisako |
| （2）Domestic Credit Growth, International Capital Inflows, and Risk Perception in Global Markets | Presenter Ph.D. Student, Keio University Satoshi Tobe Discussant Kobe University Kentaro Iwatsubo |
| （3）Population aging, retirement policy, and current account reversals | Presenter Nagoya City University Kazuyuki Inagaki Discussant Tohoku University Jun Nagayasu |
＜ 12:00 – 13:30 ＞ Lunch
＜ 13:30 – 15:30 ＞
Venue A
Panel Session: International Finance
China, ASEAN Economy, and Financial and Currency Order in Asia
Chair Kyoto University Fumiharu Mieno
| （1）The Current Situation and Challenges of Currency System in Asia | Presenter Gakushuin Universzity Junko Shimizu |
| （2）Current Situation of the Chinese Economy and Hereafter Economic Relation between Japan and China | Presenter The Canon Institute for Global Studies Kiyoyuki Seguchi |
| （3）ASEAN’s Economic Developments after GFC and Startup of ASEAN+3 Macroeconomic Office (AMRO) and its Challenges | Presenter Policy Research Institute, Ministry of Finance Yoichi Nemoto Discussant Kobe University Takuji Kinkyo |
＜ 13:30 – 15:30 ＞
Venue B
Session: Monetary and Macroeconomics
Chair Kobe University Shin-Ichi Nishiyama
| （1）Robust Monetary Policy Under Deep Parameter Uncertainty | Presenter Ph.D. Student, University of Tokyo Naoto Soma Discussant Bank of Japan Sohei Kaihatsu |
| （2）Countercyclical Capital Regulation in a Dynamic General Equilibrium Model | Presenter Ph.D. Student, Nagoya University Sato Yoshiaki Discussant Aichi Shukutoku University Kenya Takaku |
| （3）Capital Controls and Financial Frictions in a Small Open Economy | Presenter Kobe University Shigeto Kitano Aichi Shukutoku University Kenya Takaku Discussant Sophia University Michiru Kosaka |
Venue C
Session: Corporate Finance
Chair Hitotsubashi University Masaharu Hanazaki
| （1）The Valuation of Alternative Schemes to Public Stock Offering | Presenter Ph.D. Student, Waseda University Makoto Tsurusawa Waseda University Keiichi Omura Discussant Chuo University Toyoharu Takahashi |
| （2）Empirical Evidence on “Systemic as a Herd”：The Case of Japanese Regional Banks | Presenter Bank of Japan Yosuke Kido Bank of Japan Naohisa Hirakata Monetary Authority of Singapore Jie Liang Thum Discussant Hitotsubashi University Hisashi Nakamura |
| （3）A Factor for Effective Corporate Governance：Significance and the Role of Integrity | Presenter Keio University Mitsuaki Okabe Discussant Hitotsubashi University Masaharu Hanazaki |
Venue D
Session: Foreign Exchange and Currency
Chair Kansai University Sadayoshi Takaya
| （1）Firms’ Predicted Exchange Rate and Nonlinearities in Pricing-to-Market | Presenter Ph.D. Student, Yokohama National University Thi Ngoc Anh Nguyen Yokohama National University Kiyotaka Sato Discussant Doshisha University Shingo Iokibe |
| （2）Ross Recovery on FX market | Presenter Asset Management One Co., Ltd Ryutaro Morikawa Discussant Nagasaki University Masayuki Susai |
| （3）Exchange Rate Volatility, Exports and Global Value Chains | Presenter Ph.D. Student, Yokohama National University Zhang Shajuan Yokohama National University Kiyotaka Sato Discussant Senshu University Keiko Ito |
＜ 15:50 – 16:20 ＞ Invited Lecture
International Conference Center (Building #18), Masaru Ibuka Auditorium
Theme TBA
Chair Hitotsubashi University Eiji Ogawa
Speaker Governor, Bank of Japan Haruhiko Kuroda (tentative)
＜ 16:40 – 17:40 ＞ General Meeting
International Conference Center, Masaru Ibuka Auditorium (Building #18)
＜ 18:00 – 19:30 ＞ Reception
International Conference Center (Building #18), 3rd Floor
May 28th, Sunday
＜ 9:30 – ＞Registration: International Conference Center (Building #18), First Floor, Waseda Campus, Waseda University
＜ 10 :00 – 12:00 ＞
Venue A
Panel Session: Financial History
A Historical Approach to Functions of International Financial Centres: Perspectives of Network, Complementarity, and Transmission
Chair Reitaku University Masanori Sato
| （1）Financial market response to financial crisis during the interwar period | Presenter University of Tsukuba Hidenao Takahashi |
| （2）London and New York in the International Dollar Market in the 1960s: A Case of BOLSA | Presenter Tohoku University Ayumu Sugawara |
| （3）International Capital Flows in Peripheral Asian Nations, around 1980-2010 | Presenter Asia University Koji Fuda Discussant Hosei University Masayoshi Tsurumi |
＜ 10:00 – 12:00 ＞
Venue B
Session: Financial Markets
Chair Waseda University Hajime Tomura
| （1）The Development of FinTech in China and Its Future Challenges | Presenter Nomura Institute of Capital Markets Research Lirong Li Discussant Osaka City University Dongming Wang |
| （2）Can Forward Guidance Influence the Market Expectation?-Text Mining Approach | Presenter Mitsubishi UFJ Trust Investment Technology Institute Shintaro Suda Discussant Yokohama City University Yoshiyuki Nakazono |
| （3）Recent Real Estate Transactions under Easing Monetary Policy | Presenter Kansai Gaidai University Yasuhiro Horie Discussant Kindai University Yuichi Abiko |
Venue C
Session: Financial System
Chair Waseda University Takashi Kubota
| （1）Related Party Transaction in Japan | Presenter Nagoya University of Commerce and Business Hokuto Dazai Discussant Hitotsubashi University Iichiro Uesugi |
| （2）Bank soundness and Cash Holdings: Evidence from a Bank-Centered Financial Market | Presenter Hitotubashi University Katsushi suzuki Discussant Keio University Wako Watanabe |
| （3）Toward Revitalization of the securitization Market in Japan | Presenter Yokohama Nation University Masahiko Takahashi Discussant NLI Research Institute Katsuyuki Tokushima |
Venue D
Session: International Capital Flows
Chair Kobe University Shigeto Kitano
| （1）The increasing Renminbi’s flexibility: from a perspective of foreign reserves and capital flows | Presenter Ph.D. Student, Hitotsubashi University Zhou Xuezhi Discussant Tokyo Keizai University Masao Kumamoto |
| （2）Intraday Volatility Spillover Index: Application in an Analysis of the Impact of the Brexit on Information Flow among European Stock Markets | Presenter University of International Business and Economics Yusaku Nishimura Discussant Musashi University Sanae Ohno |
| （3）Intra-temporal Substitution between Tradable and Non-tradable Goods: Evidence from Japanese Household Survey Data | Presenter Tohoku University Jun Nagayasu Discussant Kobe University Shin-Ichi Nishiyama |
＜ 13:30 – 16:00 ＞
International Conference Center (Building #18), Masaru Ibuka Auditorium
Symposium: Assessment of the Monetary Easing from the Viewpoint of Business Economics
Chair National Graduate Institute for Policy Studies Kiyohiko Nishimura
| （1）Business Economists as Information Providers | Presenter Marusan Securities Seiji Adachi |
| （2）The Side Effects of the BOJ’s Unconventional Monetary Policy | Presenter Totan Research Izuru Kato |
| （3）Business Economists in a Central Bank | Presenter Chuo University Hiroshi Fujiki |
Program committee
Ryuzo Miyao (University of Tokyo, Chair)
Iichiro Uesugi (Hitotsubashi University)
Masaharu Hanazaki (Hitotsubashi University)
Mahito Uchida (Seijo University)
Kimie Harada (gakushuin University)
Sanae Ohno (Musashi University)
Takashi Hyodo (Yamaguchi University)
Arito Ono (Chuo University)
Fumiharu Mieno (Kyoto University)
Shigeto Kitano (Kobe University)
Nobuyoshi Yamori (Kobe University)
Masanori Sato (Reitaku University)
Takahiko Watanabe (Senshu University)
Ayumu Sugawara (Tohoku University)
Takashi Kubota (Waseda University)
Sadayoshi Takaya (Kansai University)
Junko Koeda (Waseda University)
Kunikazu Nagata (Kagoshima University)
Hajime Tomura (Waseda University)
Shin-ichi Nishiyama (Kobe University)
Masato Shizume (Waseda University)
Executive Committee
Fumihiko Huruma (Chair)
Hideaki Miyajima
Kazuhiko Yago
Yoshiaki Ogura
Hajime Tomura
Junko Koedai
Takashi Kubota
Masato Shizume
Access to Waseda University