Meetings
May 26th, Saturday
＜ 10:00 – 12:00 ＞
Venue F: Building No.10 2nd F 10203rd Room
Panel Session: Financial History
The Underwriting of Government Bonds by the BOJ and Trading of Them by Banks
Chair Reitaku University Masanori Sato
| （1）Review of the Research on the Functions of Government Bonds Trading Market in Prewar Japan | Presenter Konan University Akira Ehiro |
| （2）The Underwriting of Government Bonds and Transactions of Them by the BOJ | Presenter Reitaku University Masanori Sato |
| （3）The Wartime Financial Control and the Big Six Banks Investment in Government Bonds | Presenter Tokio Marine Asset Management Co. Ltd. Kenichi Hirayama Discussant Nihon University Makoto Kishida |
＜ 10:00 – 12:00 ＞
Venue A: Building No.10 2nd F 10213rd Room
Session: Monetary Policy under Zero Interest Rates and Low Inflation: Measurement and Theory
Chair Sophia University Yosuke Takeda
| （1）Estimation of Probabilities of Deflation and Price Target Achievement Using Market and Economic Data | Presenter University of Tokyo Tomonori Yuyama Keio University Soichiro Moridaira Discussant Chuo University Toyoharu Takahashi |
| （2）Estimation of DSGE Models with Shadow Rate | Presenter Ph.D. Student, Kobe University Rui Wang Discussant Hiroshima City University Kenya Takaku |
| （3）Robust Monetary Policy and Trend Inflation | Presenter Matsuyama University Kohei Hasui Discussant Senshu University Kengo Nutahara |
Venue B: Building No.10 2nd F 10214th Room
Session: Currency Exchange and International Currency
Chair Musashino University Mariko Tanaka
| （1）Exchange Rate Pass-Through and Export Competitiveness | Presenter Yokohama National University Kiyotaka Sato Gakushuin University Junko Shimizu Ph.D. Student, Yokohama National University Uraku Yoshimoto Discussant Kobe City University of Foreign Studies Taro Esaka |
| （2）The Impact of Exchange Rate Shocks on Trade in Times of Uncertainties: Evidence from Three Oil-Importing Countries in MENA | Presenter University of Tunis Brahim Guizani Discussant Musashino University Mariko Tanaka |
| （3）What Determines Safe Haven Currency? | Presenter Bloomberg L.P. Yuki Masujima Discussant University of Tokyo Shin-ichi Fukuda |
Venue C: Building No.10 2nd F 10215th Room
Session: Banking Sector and Macroeconomic Policies
Chair Senshu University Hidehiko Ishihara
| （1）Macroeconomic Influences of Counter-Cyclical Capital Regulation Rules in a DSGE Model | Presenter Ph.D. Student, Nagoya University Yoshiaki Sato Discussant Komazawa University Masataka Eguchi |
| （2）Retail Bank Rates, Bank Lending and Monetary Policy in the Euro Area | Presenter Kobe University Agata Wierzbowska Discussant Gakushuin University Kaoru Hosono |
Venue D: Building No.10 3rd F 10314th Room
Session: Regional Financial Institutions
Chair Hitotsubashi University Masaharu Hanazaki
| （1）The Relationship between Bank Loan Rate and Regional Financial Competitiveness in Japan | Presenter Ph.D. Student, Saitama University Toshihiro Sugiyama Discussant Kyoto Sangyo University Tomoyoshi Terasaki |
| （2）Measurement Index of SME Management Guidance Ability by Regional Financial Institutions | Presenter Ph.D. Student, Kyoto University Kiyotsugu Yoshihara Discussant Shimonoseki City University Yuji Mori |
| （3）The Future Image of Regional Banks | Presenter Kansai Gaidai University Yasuhiro Horie Fukuoka University Ritsuko Arioka Discussant Tokyo International University Takanori Kamibayashi |
Venue E: Building No.10 3rd F 10315th Room
Session: Asia and China
Chair Nagoya City University Kazuyuki Inagaki
| （1）An Event History Analysis of P2P Lending Platform in China | Presenter Tokushima Bunri University Tomokuni Mizunoue Tokushima University Zhao Tong Discussant Meiji Gakuin University Yan Zhang |
| （2）Establishment of Asian Infrastructure Investment Bank: Background and China’s Strategy | Presenter University of International Business and Economics Yusaku Nishimura Discussant Kyoto University Fumiharu Mieno |
| （3）Integration of Japanese and Asian Financial Markets －Deepening of Asian Banking through Japanese Banks Entry－ | Presenter Institute for International Monetary Affairs Mitsuru Yaguchi Institute for International Monetary Affairs Ayako Yamaguchi Kyoto Tachibana University Koji Sakuma Discussant University of Tokyo Masahiro Kawai |
＜ 12:00 – 13:30 ＞ Lunch
＜ 13:30 – 15:30 ＞
Venue F: Building No.10 2nd F 10203rd Room
Panel Session: Twenty Years after the Enforcement of the New Bank of Japan Act
Chair Nikko Research Center Hirohide Yamaguchi
| （1）Central Bank Independence — a Legal Perspective | Presenter Gakushuin University Hideki Kanda |
| （2）Central Bank Independence under a Changing Environment and the Bank of Japan | Presenter Osaka University of Economics Wataru Takahashi |
| （3）The Structural Change of Japanese Politics and its Impact on Monetary Policy | Presenter Jiji Press Kensuke Karube |
＜ 13:30 – 15:30 ＞
Venue A: Building No.10 2nd F 10213rd Room
Session: International Capital Flows and Trade
Chair Atomi University Yukie Sakuragawa
| （1）Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility | Presenter Kyoto University Akihisa Shibata University of Tokyo Mototsugu Shintani Osaka University Takayuki Tsuruga Discussant Hitotsubashi University Takashi Kano |
| （2）Global Interest Rates and Financial Flows | Presenter Tohoku University Jun Nagayasu Discussant Nagoya City University Kazuyuki Inagaki |
| （3）The Effects of Age Structure on Trade Openness by Geographic Region | Presenter Osaka University of Economics Yukio Fukumoto Kobe University Tomoko Kinugasa Discussant Tokyo International University Makoto Shimizu |
Venue B: Building No.10 2nd F 10214th Room
Session: Japanese Stock Market and ETF
Chair Aoyama Gakuin University Yoko Shirasu
| （1）Asymmetric Information and Market Liquidity in Japanese Stock Market | Presenter Ph.D. Student, Doshisha University Soya Matsumoto Discussant Japan Exchange Group, Inc. Masaru Wakiya |
| （2）The Effect of BOJ’s Purchases of ETFs on Firms’ Return | Presenter Daito Bunka University Hiroshi Gunji Tokoha University Kazuki Miura East China Normal University Yuan Yuan Discussant Saitama University Takeshi Osada |
| （3）BOJ’s ETF Purchasing Policy and Event Study Analysis on an Addition to and a Subtraction from Nikkei 225 | Presenter Chuo University, Australian National University Kimie Harada Discussant Japan Center for Economic Research Ikuko Samikawa |
Venue C: Building No.10 2nd F 10215th Room
Session: Money and Finance in Various Countries
Chair Senshu University Takahiko Watanabe
| （1）Is the Receipt of the Bank of Amsterdam a Bank Note? | Presenter Tezukayama University Masahiro Hashimoto Discussant Gakushuin Women’s College Aki Kinjo |
| （2）The Role of Informal Credit Channel in Developing Countries ―The Case of Vietnam― | Presenter Asia Pacific Institute of Research Cao Thi Khanh Nguyet Discussant Yamagata University Masaki Yamaguchi |
| （3）Typology of Bahraini / Indonesian Islamic Venture Capital | Presenter Ritsumeikan Asia Pacific University Yasushi Suzuki Ritsumeikan Asia Pacific University A.K.M. Kamrul Hasan Discussant Institute of Developing Economies, Japan External Trade Organization Jun Saito |
Venue D: Building No.10 3rd F 10314th Room
Session: Corporate Finance
Chair Hitotsubashi University Hideyuki Takamizawa
| （1）Competitive Position and Cash Holdings | Presenter Ph.D. Student, Waseda University Cai Yue Discussant Hitotsubashi University Yukihiro Yasuda |
| （2）Financial Crisis and Credit Facility: Commitment Line versus Overdraft | Presenter Ph.D. Student, Hitotsubashi University Tomohito Honda Discussant Chuo University Satoshi Koibuchi |
| （3）Broadly Defined Investment and Shareholder Value Orientation | Presenter Ph.D. Student, Hitotsubashi University Tetsuya Hada Discussant Waseda University Shinichi Hirota |
＜ 15:40 – 16:40 ＞ Invited Lecture
Venue: Building No.10 3rd F 10301st Room
Chair Hitotsubashi University Masaharu Hanazaki
Speaker Vice Minister for International Affairs, Financial Services Agency Ryozo Himino
Japan’s contributions to the global regulatory reforms
＜ 16:50 – 17:40 ＞ General Meeting
Venue: Building No.10 3rd F 10314th Room
＜ 18:00 – 20:00 ＞ Reception
Venue: Building No.10 4th F 10314th Restaurant
May 27th , Sunday
＜ 10:00 – 12:00 ＞
Venue F: Building No.10 2nd F 10203rd Room
Panel Session: International Finance
International Settlement and Remittance: Current Situation and Future Vision
Chair University of Tokyo Noriyuki Yanagawa
| （1）Foreign Exchange Settlement Risk and the Role of CLS Bank | Presenter Reitaku University Masashi Nakajima |
| （2）SWIFT global payments innovation (gpi) | Presenter MUFG Bank Hiroshi Nakatake |
| （3）Next-Gen Payment Network Powered by Blockchain Technology | Presenter SBI Ripple Asia Takashi Okita |
＜ 10:00 – 12:00 ＞
Venue A: Building No.10 2nd F 10213rd Room
Session: Monetary Policy and Macro-Prudential Policy
Chair Hitotsubashi University Hisashi Nakamura
| （1）Monetary Policy in Times of Uncertainties: Evidence from Three Oil-Importing Countries (OICs) in MENA | Presenter University of Jendouba (Tunisia) Brahim Guizani Kobe University Agata Wierzbowska Discussant Bank of Japan Yosuke Kido |
| （2）Macroeconomic Effects of Quantitative and Qualitative Easing Measures | Presenter Waseda University Junko Koeda Discussant University of Tokyo Ryuzo Miyao |
| （3）European Banking Union (EBU): Features, Prospects and International Aspects | Presenter Kanazawa University Hideki Sato Discussant Kobe University Eva Hanada |
Venue B: Building No.10 2nd F 10214th Room
Session: Government Bond Market and Fiscal Policy
Chair Gakushuin University Hideaki Murase
| （1）Scarcity and Spotlight Effects on Term Structure: Quantitative Easing in Japan | Presenter Goethe University Loriana Pelizzon New York University Marti G. Subrahmanyam Waseda University Reiko Tobe Waseda University Jun Uno Discussant Nagoya University of Commerce and Business Takeshi Kobayashi |
| （2）Pegged Regimes and Fiscal Discipline: Synthetic Control Methods | Presenter Kobe City University of Foreign Studies Taro Esaka Kobe City University of Foreign Studies Takao Fujii Discussant Hitotsubashi University Etsuro Shioji |
| （3）Fiscal Confidence Shocks and the Market for the Japanese Government Bonds | Presenter Hitotsubashi University Etsuro Shioji Discussant Bank of Japan Toshinao Yoshiba |
Venue C: Building No.10 2nd F 10215th Room
Session: SMEs and Start-ups
Chair Senshu University Hiroyuki Seshimo
| （1）Credit Risk Analysis of Small and Medium Enterprise Finance Using Bank Account Information | Presenter Asian Development Bank Institute Naoko Nemoto Asian Development Bank Institute Naoyuki Yoshino The Risk Data Bank of Japan, Ltd. Yutaka Okubo The Risk Data Bank of Japan, Ltd. Daimei Inaba The Risk Data Bank of Japan, Ltd. Kentaro Yanagisawa Discussant Kobe University Nobuyoshi Yamori |
| （2）The Effect of the Listing/Delisting Regulations on the Alteration of IPO firms | Presenter Ph.D. Student, Hitotsubashi University Nakajima Kan Discussant Hitotsubashi University Suzuki Katsushi |
| （3）Who is a Good Advisor for Entrepreneurs? | Presenter Nanzan University Yuta Ogane Discussant Hitotsubashi University Iichiro Uesugi |
Venue D: Building No.10 3rd F 10314th Room
Session: Variation of Financial Intermediation
Chair Senshu University Nobuyuki Teshima
| （1）The Contribution to Financial System for the 2011 Tohoku Earthquake: Study of Non-Profitable Financial Function for Rural Community Recovery | Presenter Ph.D. Student, Tohoku University Hiroaki Takahashi Discussant Nihon University Tomoko Aizawa |
| （2）Financing Models for the Need of Infrastructure Investment: Current Status and Perspective of Financing Infrastructure Development through the Public Private Partnership(“PPP”) Route | Presenter Development Bank of Japan Shigeki Wakabayashi Discussant Yamato University Hideaki Fujiki |
| （3）Consumption Taxation on Finance by Assignment of Obligations | Presenter Yokohama National University Masahiko Takahashi Discussant Takushoku University Tomohiko Takahashi |
＜ 12:00 – 13:30 ＞ Lunch
＜ 13:30 – 16:00 ＞
Venue F: Building No.10 2nd F 10203rd Room
Symposium: Reconsideration of the Recent Reforms in Global Financial Regulatory System
Chair Rissho University Kazuhito Ikeo
| （1）Overview of Financial Regulatory Reform After the Financial Crisis | Presenter Nomura Institute of Capital Markets Research Kei Kodachi |
| （2）Perverse Effects of the Tough Financial Regulatory Regime After the Crisis — Have Reforms Addressed Root Causes? | Presenter Mizuho Securities Atsushi Miyauchi |
| （3）The Backgrounds of International Banking Regulation and the Several Issues on Basel Ⅲ | Presenter Meiji Gakuin University Yuri Sasaki Discussant Mitsubishi UFJ Financial Group Sigeru Yoshifuji |
Program committee
Masaharu Hanazaki （Hitotsubashi University, Chair）
Kazuhito Ikeo （Rissho University）
Hidehiko Ishihara （Senshu University）
Kazuyuki Inagaki （Nagoya City University）
Mahito Uchida （Seijo University）
Yukie Sakuragawa （Atomi University）
Masanori Sato （Reitaku University）
Hiroyuki Seshimo （Senshu University）
Yoko Shirasu （Aoyama Gakuin University）
Hideyuki Takamizawa （Hitotsubashi University）
Yosuke Takeda （Sophia University）
Takayuki Tanaka （Senshu University）
Mariko Tanaka （Musashino University）
Nobuyuki Teshima （Senshu University）
Masashi Nakajima （Reitaku University）
Kunikazu Nagata （Kagoshima University）
Hisashi Nakamura （Hitotsubashi University）
Takashi Hyodo （Yamaguchi University）
Hideaki Murase （Gakushuin University）
Nobuyoshi Yamori （Kobe University）
Takahiko Watanabe （Senshu University）
Executive Committee
Takayuki Tanaka（Chair）
Takahiko Watanabe
Hidehiko Ishihara
Masanori Okura
Takashi Yamanaka
Yasuo Kofuji
Hiroyuki Seshimo
Nobuyuki TeshimaKoh Tohyama