2019 Spring Annual Meeting Program

May 25th, Saturday



Room A(South Building No.3, Room 103)
Session:Monetary Policy and Macroeconomics Ⅰ
Chair Sophia University Yosuke Takeda

(1)Fiscal Determinacy of the Price Level: Evidence from the FTPL Presenter Ph.D. Student, Tohoku University Lamia Bazzaoui
Discussant Kobe University Shin-Ichi Nishiyama
(2)Price Stickiness and Wage Stickiness in Generalized New-Keynesian Model Presenter Kanto Gakuen University Rui Wang
Discussant Ph.D. Student, Kobe University Satoshi Hoshino
(3)Speed Limit Policy and Knightian Uncertainty Presenter Matsuyama University Kohei Hasui
Discussant Tokai University Kazuki Hiraga


Room B(South Building No.3, Room 104)
Session:Regional Finance
Chair Meiji University Takayasu Ito

(1)The Current Significance and Implication of Complementary Currencies Presenter Rissho University Tetuya Utashiro
Rissho University Yasushi Hayashi
Discussant Senshu University Makoto Nishibe
(2)The Roles of Local Financial Institutions and the Local Finance Bureaus for the Vitalizing Local Economy Presenter Ministry of Finance Kenji Haramura
Shiga University Masashi Katayama
Discussant Kyushu Kyoritsu University Hiroaki Nishiyama
(3)The Future Image of Shinkin Banks Presenter Kansai Gaidai University Yasuhiro Horie
Fukuoka University Ritsuko Arioka
Discussant Kindai University Yuichi Abiko

Room C(South Building No.3, Room 202)
Session:International Capital Flows
Chair Toyo University Kentaro Kawasaki

(1)“Effects of US Interest Rate Hike and Global Risk on Daily Capital Flows in Emerging Market Countries” Presenter Hitotsubashi University / RIETI Eiji Ogawa
Gakushuin University Junko Shimizu
Hitotsubashi University Pengfei Luo
Discussant Bloomberg L.P. Yuki Masujima
(2)Gains from Policy Cooperation in Capital Controls and Financial Market Incompleteness Presenter Kobe University Shigeto Kitano
Hiroshima City University Kenya Takaku
Discussant Momoyama Gakuin University Daisuke Ida
(3)New Facts on the ‘F-H Puzzle’ in OECD Countries: The Effects of International Capital Flows on Domestic Savings, Investment and Growth Presenter Ritsumeikan University Hideaki Ohta
Discussant Hiroshima University of Economics Isamu Ginama

Room E(South Building No.3, Room 301)
Panel Session:Contemporary Financial History of East Asia
Chair Waseda University Kazuhiko Yago

(1)Financial System of People’s Republic of China 1949-2017: In Terms of the Relationship between Chinese and Global Economies Presenter University of Tokyo Tomoko Shiroyama
(2)Banking between Hong Kong and Mainland China(1945-2018)
:The Development of Mainland Banks in Hong Kong
Presenter Osaka University of Economics Man-Han Siu
(3)Capital Market Policy in Korea, 1968-1976 Presenter Ewha Womans University Myunghwi Lee
Discussant Tohoku University Toshio Suzuki
Keio University Motoaki Akagawa

Room A(South Building No.3, Room 103)
Session:Financial Intermediary
Chair Chuo University Arito Ono

(1)Financial Stress in Euro Area: Implications for Real Economy, Monetary Policy, and Financial Integration Presenter Kobe University Agata Wierzbowska
Discussant Sophia University Yosuke Takeda
(2)Bank Soundness and Bank Lending to New Firms during the Global Financial Crisis Presenter Aichi Gakuin University Eriko Naiki
Nanzan University Yuta Ogane
Discussant Waseda University Yoshiaki Ogura
(3)Bank-specific Determinants of Capital Structure: New Evidence from Japan Presenter Mitsubishi UFJ Research and Consulting Taku Kinai
Saitama University Takeshi Osada
Discussant Hitotsubashi University Iichiro Uesugi

Room B(South Building No.3, Room 104)
Session:Money and Finance in Various Countries
Chair Kyoto University Fumiharu Mieno

(1)Initial Public Offerings and the Market Responses in China Presenter Ph.D. Student, Doshisha University Jie Yu
Discussant Daito Bunka University Hiroshi Gunji
(2)Critique to so-to-say ”a Precedent Related to the International Application of the Code of Money Lending” Presenter Takushoku University Nobuo Yamamura
Discussant Yokohama National University Masahiko Takahashi
(3)Is Islamic Microfinance Serving the Poor People Compare to Conventional Microfinance? An Empirical Study from Bangladesh Presenter Ritsumeikan Asia Pacific University Yasushi Suzuki
Ritsumeikan Asia Pacific University Helal Uddin
Discussant Japan External Trade Organization Jun Saito


Room C(South Building No.3, Room 202)
Session:Financial Market Analysis
Chair Ritsumeikan University Aono Kohei

(1)Does Liquidity Enhancement Auction Improve the Liquidity Condition in Japan Market? Presenter Policy Research Institute,Ministry of Finance, Japan Takahiro Hattori
Discussant Bank of Japan Yasufumi Genma
(2)On the Validity and Stability of the Model Consumption-based Capital Asset Pricing Model Considering Land Price Presenter Setsunan University Masafumi Kozuka
University of Marketing and Distribution Sciences Tatsuya Morisawa
Discussant Doshisha University Shin-ichi Kitasaka
(3)Management Earnings Forecasts and Investor Trust: Signaling Effect of Corporate Social Responsibility Presenter Waseda University Megumi Suto
Waseda University Hitoshi Takehara
Discussant Hitotsubashi University Masaharu Hanazaki


Room D(South Building No.3, Room 401)
Session:Financial History
Chair Nihon University Michiru Sawada

(1)Ryo/Mon Exchange Rate and Coinage Policy during the Tanuma Period in Japan Presenter Keio University Noriko Fujii
Discussant Keio University Shigehiko Ioku
(2)Money Doctors and the Monetary Reform Debate during the Late 19th Century in Japan Presenter Waseda University Masato Shizume
Discussant Tokyo Metropolitan University Noburu Kobayashi
(3)UK Banking Act 1979 and the Bank of England: Policy Stance and Implications for the European Banking Union Presenter Kanazawa University Hideki Sato
Discussant Waseda University Kazuhiko Yago

Room E(South Building No.3, Room 301)
Panel Session: Why has the Bank of Japan not Achieved “Price Stability Target” of 2 Percent?
Chair Mizuho Research Institute Ltd Kazuo Momma

(1)Factors “Stabilizing” Prices in Japan Presenter Totan Research Izuru Kato
(2)Regime Switching of Inflation and Monetary Policy Presenter Marusan Securities Seiji Adachi
(3)Why has Japan Failed to Escape from Deflation? Presenter University of Tokyo Tsutomu Watanabe
Discussant Seijo University Mahito Uchida

Room F (South Building No.3, Room 201)
Chair Gakushuin University Junko Shimizu

Theme:Asset Management of GPIF Speaker President, Government Pension Investment Fund (GPIF) Norihiro Takahashi
8.< 18:00 – 20:00 >  Reception

University Cafeteria in Hojin Kaikan

May 26th , Sunday


Room A(South Building No.3, Room 103)
Session:Monetary Policy and Macroeconomics Ⅱ
Chair Ministry of Internal Affairs and Communications Yukie Sakuragawa

(1)The Response of Corporate Financing and Investment to Expansionary Monetary Policy: Evidence from China Presenter Ph.D. Student, Waseda University Cai Yue
Discussant Daito Bunka University Hiroshi Gunji
(2)Stock Lending Market and the BOJ’s ETF Purchasing Program: Micro-Evidence from ETF Balance Sheet Data and Equity Repo Trading Data Presenter Tokio Marine & Nichido Fire Insurance Co., Ltd Kou Maeda
Waseda University Junnosuke Shino
Discussant The University of Manchester Yoichi Otsubo
(3)The Collateral Channel versus the Bank Lending Channel: Evidence from a Massive Earthquake Presenter Hitotsubashi University Iichiro Uesugi
Hitotsubashi University Daisuke Miyakawa
Gakushuin University Kaoru Hosono
Chuo University Arito Ono
Kobe University Hirofumi Uchida
Discussant Kobe University Masahiko Shibamoto


Room B(South Building No.3, Room 104)
Session:Corporate Finance
Chair Hitotsubashi University Yukihiro Yasuda

(1)Foreign Exchange Risk Management for Asian Currencies Presenter Asia University Hiroshi Akabane
Discussant Chuo University Taiyo Yoshimi
(2)The Financial Effect of Airport Concessions: An Empirical Analysis Presenter Meiji University Daisuke Asaoka
Discussant Chuo University Toyoharu Takahashi
(3)Corporate Performance of Japanese Firms’ Cross-Border M&As Presenter Chuo University Satoshi Koibuchi
Ph.D. Student, Hitotsubashi University Mizuki Goto
Discussant Tokyo Keizai University Masaya Ishikawa

Room C(South Building No.3, Room 202)
Session:Currency Exchange and Capital Flow
Chair Musashi University Sanae Ohno

(1)Evaluating the Effectiveness of Foreign Exchange Intervention Using Counterfactual Analysis: Evidence from Japanese Intervention Episodes, 2010-2011 Presenter Kobe City University of Foreign Studies Taro Esaka
Kobe City University of Foreign Studies Takao Fujii
Discussant Kindai University Takeshi Hoshikawa
(2)International Portfolio Rebalancing and Equity Market Spillovers Presenter Shiga University Yushi Yoshida
Discussant Konan University Kimiko Sugimoto
(3)Unemployment in a Balassa-Samuelson Model with Heterogeneous Job Separations Presenter University of South Australia Noel Gaston
Chuo University Taiyo Yoshimi
Discussant Waseda University Masashige Hamano

Room E(South Building No.3, Room 301)
Panel Session: AI and Asset Management
Chair Kobe University Kentaro Iwatsubo

(1)Dynamic Detection of Cross-Sectional Factors; AI Approach Presenter Kwansei Gakuin University / Magne-Max Capital Management Katsuhiko Okada
(2)How much can artificial intelligence be useful for asset management? Presenter Ibaraki University / Daiwa Asset Management Co.Ltd. Tomoya Suzuki
(3)Forex short-term forecasting with AlpacaAI Presenter AlpacaJapan Co.,Ltd Tomoya Kitayama

Room F(South Building No.3, Room 201)
Symposium: Abenomics: Past, Present, and Future
Chair University of Tokyo Shin-ichi Fukuda

(1)Abenomics: Firing Point and Landing Point of the Third Arrows Presenter Columbia University / The National Graduate Institute for Policy Studies Takatoshi Ito
(2)Changes of Abenomics and Monetary Policy Presenter Rissho University Kazuto Ikeo
(3)Backgrounds of Prolonged Mild Deflation in Japan Presenter Ricoh Institute of Sustainability and Business Takashi Kozu


Program committee

Masato Shizume (Waseda University, Chair)
Kohei Aono (Ritsumeikan University)
Junko Shimizu (Gakushuin University)
Hidehiko Ishihara (Senshu University)
Hiroyuki Seshimo (Senshu University)
Takayasu Ito (Meiji University)
Toyoharu Takahashi (Chuo University)
Kazuyuki Inagaki (Nagoya City University)
Yosuke Takeda (Sophia University)
Kentaro Iwatsubo (Kobe University)
Yoshiro Tsutsui (Konan University)
Iichiro Uesugi (Hitotsubashi University)
Shin-ichi Fukuda (University of Tokyo)
Mahito Uchida (Seijo University)
Kaoru Hosono (Gakushuin University)
Akira Ehiro (Konan University)
Fumiharu Mieno (Kyoto University)
Sanae Ohno(Musashi University)
Susumu Mitani (Rikkyo University)
Arito Ono (Chuo University)
Hideaki Murase (Gakushuin University)
Kentaro Kawasaki (Toyo University)
Kazuhiko Yago (Waseda University)
Yukie Sakuragawa(Ministry of Internal Affairs and Communications)
Yukihiro Yasuda (Hitotsubashi University)
Michiru Sawada (Nihon University)
Yuji Yoshida(Shiga University)

Executive Committee

Executive Committee
Junko Shimizu(Chair)
Ken-ichi Tatsumi
Kaoru Hosono
Hideaki Murase


Mejiro Campus, Gakushuin University