2018 Spring Annual Meeting Program

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 JapanPresenter Konan University Akira Ehiro
(2)The Underwriting of Government Bonds and Transactions of Them by the BOJPresenter Reitaku University Masanori Sato
(3)The Wartime Financial Control and the Big Six Banks Investment in Government BondsPresenter 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 DataPresenter University of Tokyo Tomonori Yuyama
Keio University Soichiro Moridaira
Discussant Chuo University Toyoharu Takahashi
(2)Estimation of DSGE Models with Shadow RatePresenter Ph.D. Student, Kobe University Rui Wang
Discussant Hiroshima City University Kenya Takaku
(3)Robust Monetary Policy and Trend InflationPresenter 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 CompetitivenessPresenter 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 MENAPresenter 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 ModelPresenter Ph.D. Student, Nagoya University Yoshiaki Sato
Discussant Komazawa University Masataka Eguchi
(2)Retail Bank Rates, Bank Lending and Monetary Policy in the Euro AreaPresenter 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 JapanPresenter Ph.D. Student, Saitama University Toshihiro Sugiyama
Discussant Kyoto Sangyo University Tomoyoshi Terasaki
(2)Measurement Index of SME Management Guidance Ability by Regional Financial InstitutionsPresenter Ph.D. Student, Kyoto University Kiyotsugu Yoshihara
Discussant Shimonoseki City University Yuji Mori
(3)The Future Image of Regional BanksPresenter 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 ChinaPresenter 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 StrategyPresenter 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 PerspectivePresenter Gakushuin University Hideki Kanda
(2)Central Bank Independence under a Changing Environment and the Bank of JapanPresenter Osaka University of Economics Wataru Takahashi
(3)The Structural Change of Japanese Politics and its Impact on Monetary PolicyPresenter 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 MobilityPresenter Kyoto University Akihisa Shibata
University of Tokyo Mototsugu Shintani
Osaka University Takayuki Tsuruga
Discussant Hitotsubashi University Takashi Kano
(2)Global Interest Rates and Financial FlowsPresenter Tohoku University Jun Nagayasu
Discussant Nagoya City University Kazuyuki Inagaki
(3)The Effects of Age Structure on Trade Openness by Geographic RegionPresenter 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 MarketPresenter 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’ ReturnPresenter 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 225Presenter 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 CapitalPresenter 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 HoldingsPresenter Ph.D. Student, Waseda University Cai Yue
Discussant Hitotsubashi University Yukihiro Yasuda
(2)Financial Crisis and Credit Facility: Commitment Line versus OverdraftPresenter Ph.D. Student, Hitotsubashi University Tomohito Honda
Discussant Chuo University Satoshi Koibuchi
(3)Broadly Defined Investment and Shareholder Value OrientationPresenter 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 BankPresenter Reitaku University Masashi Nakajima
(2)SWIFT global payments innovation (gpi)Presenter MUFG Bank Hiroshi Nakatake
(3)Next-Gen Payment Network Powered by Blockchain TechnologyPresenter 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 MENAPresenter University of Jendouba (Tunisia) Brahim Guizani
Kobe University Agata Wierzbowska
Discussant Bank of Japan Yosuke Kido
(2)Macroeconomic Effects of Quantitative and Qualitative Easing MeasuresPresenter Waseda University Junko Koeda
Discussant University of Tokyo Ryuzo Miyao
(3)European Banking Union (EBU): Features, Prospects and International AspectsPresenter 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 JapanPresenter 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 MethodsPresenter 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 BondsPresenter 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 InformationPresenter 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 firmsPresenter 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 RecoveryPresenter 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”) RoutePresenter Development Bank of Japan Shigeki Wakabayashi
Discussant Yamato University Hideaki Fujiki
(3)Consumption Taxation on Finance by Assignment of ObligationsPresenter 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 CrisisPresenter 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 ⅢPresenter 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