＜ 10:00  -  12:00 ＞

Lecture Room 1002

Special Session
Personal Finance Education and Finance “Theory” Education in university

• Chair
• Rissho University
• Yasushi Hayashi

（1）Changes in Macroeconomic Environment in the 1980s and the Need for Department of Finance

• Presenter
• Musashi University
• Yoshio Kurosaka

（2） Development of Securities Market and Financial "Theory" in University Education

• Presenter
• Musashi University
• Junko Maru

（3）Right Way in Finance Education

• Presenter
• Rakuten Securities, Inc.
• Hajime Yamazaki

（4）An Encouragement of Financial Education

• Presenter
• Central Council for Financial Services Information

• Syozoku-kuran
• Sinichi Yoshikuni

• Discussant
• Kobe University
• Toshiki Jinushi

＜ 10:00  -  12:00 ＞

Lecture Room 1101
Panel Session: Financial History
The Small Business Financing and Small Loan for Household in Prewar - Osaka, Amagasaki, and Tokyo - 

• Chair
• Reitaku University
• Masanori Sato

（1）The Small Business Financing by Ordinary Banks in Prewar Osaka.

• Presenter
• Hannan university
• Toru Imajoh

（2）Development of a credit cooperative in industrial city Amagasaki

• Presenter
• Ph.D. Student, Keio University
• Yudai Deguchi

（3）Who and How Supplied Urban Household with Small Loan? - A Case Study of Tokyo City in 1930’s

• Presenter
• Tokyo University
• Yohei Kojima

• Discussant
• Aichi University
• Daisuke Hayakawa

• Yokohama National University
• Eiji Hotori

Lecture Room 1201
Session: Cross-border synchronization

• Chair
• Hitotsubashi University
• Etsuro Shioji

（1）Banking Network Amplification Effects on Cross-Border Bank Flows

• Presenter
• Yamaguchi University
• Shugo Yamamoto

• Discussant
• Bank of Japan
• Toyoichiro Shirota

（2）The Balassa-Samuelson Effect and Labor Market in Japan

• Presenter
• Kobe City University of Foreign Studies
• Fujii Takao

• Kobe University
• Matsubayashi Yoichi

• Discussant
• Tohoku University
• Jun Nagayasu

（3）Regional inflation and consumption behavior

• Presenter
• Tohoku University
• Jun Nagayasu

• Discussant
• Nihon University
• Hidehiro Ikeno

Lecture Room 1203
Session: Financial Market Analysis 1

• Chair
• Kobe University
• Kentaro Iwatsubo

（1）The informative value of multiple credit ratings

• Presenter
• Ph.D. Student, Hitotsubashi University
• Naoko Nemoto

• Discussant
• Saitama Gakuin University
• Yoshitaka Kurosawa

（2）Does International Investors Cause the Stock Market Co-movement?

• Presenter
• University of International Business and Economics

• Syozoku-kuran
• Yusaku Nishimura

• Konan University
• Yoshiro Tsutsui

• Kwansei Gakuin University
• Kenjiro Hirayama

• Discussant
• Kwansei Gakuin University
• Hiroyuki Aman

（3）Portfolio rebalance and its economic effect

• Presenter
• Waseda University
• Yasuhiro Yonezawa

• Discussant
• Kobe University
• Kentaro Iwatsubo

Lecture Room 6101
Session: Finance in Foreign Countries

• Chair
• Kansai University
• Sadayoshi Takaya

（1）Board of Directors and Bank Performance in United Arab Emirates

• Presenter
• Institute of Developing Economies
• Jun Saito

• Discussant
• Hitotsubashi University
• Masaharu Hanazaki

（2）Ownership and Capital Structure of Pakistani non-Financial Firms

• Presenter
• Ritsumeikan Asia Pacific University
• Yasushi Suzuki

• Ritsumeikan Asia Pacific University
• Shoaib Khan

• Discussant
• Kanto Gakuin University
• Takuya Nakaizumi

（3）City to city comparison as International Financial Center

• Presenter
• Asia University
• Hiroshi Akabane

• Discussant
• Meijigakuin University
• Yuri Sasaki

Lecture Room 6103
Session: SME Financing

• Chair
• Nagasaki University
• Atsuyuki Fukaura

（1）How Relationship with Banks Affects Sales of SMEs ?

• Presenter
• Japan Finance Corporation Research Institute
• Hikaru Fukanuma

• Japan Finance Corporation Research Institute
• Ichiro Fujita

• Discussant
• Waseda University
• Yoshiaki Ogura

（2）Changes in the Business Environment and Behaviors of Regional Banks

• Presenter
• Kansai Gaidai University
• Yasuhiro Horie

• Fukuoka University
• Ritsuko Arioka

• Discussant
• Tokyo International University
• Takanori Kamibayashi

（3）Problems and Prospects of Japan's ABL (Asset Based Lending)

• Presenter
• Japan University of Economics
• Itten Soma

• Discussant
• Nagasaki University
• Atsuyuki Fukaura

＜ 12:00  -  13:30 ＞ Lunch

＜ 13:30  -  15:30 ＞

Lecture Room 1002
Panel Session: International Finance
FX Margin Trading

• Chair
• Keio University
• Kazuhito Ikeo

（1）FX margin trading and regulations in Japan

• Presenter
• Financial Futures Association of Japan
• Tetsuo Yamazaki

（2）The relationship between FX margin trading and interbank market in Japan

• Presenter
• Deutsche Securities Inc.
• Tomoo Onishi

（3）FX margin trading and foreign exchange markets

• Presenter
• Bank of Japan
• Hirotaka Inoue

（4）Effect of loss-cut rules - Disposition effect and risk taking

• Presenter
• Kobe University
• Kentaro Iwatsubo

＜ 13:30  -  15:30 ＞

Lecture Room 1101
Session: Monetary policy and macroeconomics 1

• Chair
• Tohoku University
• Jun Nagayasu

（1）Oil Price Uncertainty and Inflation Dynamics

• Presenter
• Waseda University
• Atsushi Sekine

• Discussant
• Tokyo Metropolitan University
• Hirokuni Iiboshi

（2）Fiscal Conditions and Long-term Interest Rates

• Presenter
• Bank of Japan
• Koji Nakamura

• Bank of Japan
• Tomoyuki Yagi

• Discussant
• Kobe University
• Yoichi Matsubayashi

（3）Revisiting the Fiscal Theory of Sovereign Risk from the DSGE View

• Presenter
• Nagoya City University
• Eiji Okano

• Nagoya City University
• Kazuyuki Inagaki

• Discussant
• Tohoku University
• Tatsuyoshi Matsumae

Lecture Room 1201
Session: Financial Intermediaries

• Chair
• Hitotsubashi University
• Masaru Konishi

（1）The Number of Bank Relationships and Bank Lending to New Firms: Evidence from Firm-level Data in Japan

• Presenter
• Ph.D. Student, Nagoya University
• Yuta Ogane

• Discussant
• Kyoto Sangyo University
• Koji Sakai

（2）Can Agency Mortgage-backed Securities Function as Liquidity Buffer?

• Presenter
• Ph.D. Student, Kyushu University
• Mingyuan Sun

• Discussant
• Kitakyushu University
• Jun Maeda

（3）Money creation at the zero lower bound on interest rates in Japan

• Presenter
• Hitotsubashi University
• Etsuro Shioji

• Discussant
• Sapporo Gakuin University
• Hitoshi Inoue

Lecture Room 1203
Session: Financial Market Analysis 2

• Chair
• Hitotsubashi University
• Daisuke Miyakawa

（1）An Empirical Study on the Real Estate Price of China Japan and the United States

• Presenter
• Ph.D. Student, Doshisha University
• Jin Jingzhi

• Discussant
• Hitotsubashi University
• Iichiro Uesugi

（2）Analyzing Convertible Bond Issuance: Evidence from Japan

• Presenter
• Ph.D. Student, Hitotsubashi University
• Yan Juxin

• Discussant
• Kobe University
• Takashi Hatakeda

（3）Estimating Equity Risk Premium by using Macroeconomic Model

• Presenter
• Mitsubishi UFJ Trust Investment Technology Institute Co., Ltd.

• Syozoku-kuran
• Shintaro Suda

• Discussant
• Policy Research Institute, Ministry of Finance
• Daisuke Ishikawa

Lecture Room 6101
Session: Islamic Finance

• Chair
• Gakushuin University
• Junko Shimizu

（1）The Practices of Islamic Banking Operations on the basis of Financial Data: Evidence from GCC Countries

• Presenter
• Tsukuba University
• Kamiyama Hajime

• Discussant
• Institute of Developing Economies
• Jun Saito

（2）Enforcement of Islamic Financial Services Act 2013 and its Impact on Islamic Financial Institutions in Malaysia

• Presenter
• Tokyo University of Foreign Studies
• Yasuhiro Fukushima

• Discussant
• Institute of Developing Economies
• Miki Hamada

（3）Is Islamic finance more resilient against crises? Comparative analysis of Japanese stock indices

• Presenter
• Kyoto University
• Etsuaki Yoshida

• Discussant
• Gakushuin University
• Junko Shimizu

Lecture Room 6103
Session: Monetary policy and macroeconomics 2

• Chair
• Tohoku University
• Shin-Ichi Nishiyama

（1）Evaluating Unconventional Monetary Policy of Bank of Japan: A DSGE Approach

• Presenter
• Ph.D. Student, Kobe University
• Rui Wang

• Discussant
• Momoyama Gakuin University
• Daisuke Ida

（2）Estimating currency composition of China’s foreign exchange reserves

• Presenter
• Ph.D. Student, Hitotsubashi University
• Li Nie

• Northeast Normal University
• Kai Shi

• Discussant
• Toyo University
• Kentaro Kawasaki

（3）Effectiveness of Monetary Policy in Economies in Democratic Transition: Evidence from Tunisia

• Presenter
• Tunis University
• Brahim Guizani

• Discussant
• Kobe University
• Agata Wierzbowska

＜ 15:40  -  16:10 ＞ Presidential Address

Conference Hall

• Speaker
• Hitotsubashi University
• Eiji Ogawa

• Inertia of the US Dollar as a Key Currency through the Two Crises

＜ 18:40  -  20:40 ＞ Reception

50th Anniversary Memorial Hall, 8th Floor of 8th Lecture Bldg,

＜ 10 :00  -  12:00 ＞

Lecture Room 1002
Panel Session: Central Banking
International Perspectives on Unconventional Monetary Policy Tools

• Chair
• Credit Suisse Securities (Japan) Ltd.
• Atsushi Mizuno

（1）Normalization of US Monetary Policy

• Presenter
• Bank of Tokyo-Mitsubishi UFJ, Ltd.
• Toshiyuki Suzuki

（2）The framework and effects of ECB's Non-standard Monetary Policies

• Presenter
• Kansai University
• Sadayoshi Takaya

（3）Quantitative Easing of the Bank of England

• Presenter
• Osaka University of Economics
• Yoshihiko Saito

＜ 10:00  -  12:00 ＞

Lecture Room 1101
Session: Foreign Exchange and Currency

• Chair
• Chuo University
• Toyoharu Takahashi

（1）The exchange rate and the performance of Japanese firms: a preliminary analysis using firm-level panel data

• Presenter
• Economic and Social Research Institute
• Takashi Hanagaki

• Economic and Social Research Institute
• Masahiro Hori

• Discussant
• Chuo University
• Satoshi Koibuchi

（2）The International Use of the Renminbi: Evidence from the Japanese Firm-Level Data

• Presenter
• Gakushuin University
• Junko Shimizu

• Yokohama National University
• Kiyotaka Sato

• Discussant
• Japan Research Institute
• Satoshi Shimizu

（3）The Regulation of Foreign Exchange Margin Transactions (FX Transactions)：The history and present condition of FX transactions in Japan

• Presenter
• Chubu Gakuin University
• Hisashi Hatakeyama

• Rissho University
• Yasushi Hayashi

• PhD student, Rissho University
• Tetsuya Utashiro

• Discussant
• Waseda University
• Shinsaku Iwahara

Lecture Room 1201
Session: Exchange Markets / Financial Education

• Chair
• Tokyo Keizai University
• Masao Kumamoto

（1）New Assessment of the Japanese Foreign Exchange Intervention: A Stopping Time Approach

• Presenter
• Waseda University
• Yoshihiro Kitamura

• Discussant
• Shiga University
• Yushi Yoshida

（2）Stepping Out of Limit Order Book: Empirical Evidence form the EBS FX Market

• Presenter
• Shiga University
• Yushi Yoshida

• Nagasaki University
• Masayuki Susai

• Discussant
• Waseda University
• Jun Uno

（3）The Analysis on Effective Factors to the Financial Literacy for University Students

• Presenter
• Kanazawa Seiryo University
• Yuji Kitano

• Shiga Junior College
• Koji Osanai

• Aichi University of Education
• Keiichiro Nishio

• Kanazawa University
• Yoshiaki Matsuura

• Ehime Council for Financial Service Information
• Yoshikazu Ujikane

• Discussant
• Yokohama City University
• Tsuguo Fujino

Lecture Room 1203
Session: Financial System

• Chair
• Kagoshima University
• Kunikazu Nagata

（1）Colonies as the historical initial condition have a connection with the low economic productivity and with the early stage of development in financial markets

• Presenter
• Toin University of Yokohama
• Yosuke Tomita

• Discussant
• Rissho University
• Yasushi Hayashi

（2）The Point of Contact with Monetary Economics and Civil Law Studies: Securitization and Finance by Assignment of Obligations

• Presenter
• Yokohama National University
• Masahiko Takahashi

• Discussant
• Seijo University
• Hiroshi Fukumitsu

（3）The problems of Basel III Compliant Capital Securities in Japan

• Presenter
• Ph.D. Student, Waseda University
• Makoto Tsurusawa

• Waseda University
• Keiichi Omura

• Discussant
• Keio University
• Kazuhito Ikeo

Lecture Room 6101
Session: Financial History

• Chair
• Reitaku University
• Masanori Sato

（1）Brazilian political economy and Japan’s ODA

• Presenter
• Syozoku-kuran
• Toshinari Nunome

• Discussant
• Takushoku University
• Nobuo Yamamura

（2）‘Anomalistic’Capital Increases and Stockholders of Japanese Firms in Interwar Period

• Presenter
• Ferris University
• Nao Saito

• Discussant
• Tohoku University
• Takenobu Yuki

（3）The German banking business in the Nazi Era-Discussions about historical understanding of events at Deutsche Bank

• Presenter
• Hokusei Gakuen University
• Hironori Yamaguchi

• Discussant
• Aichi Shukutoku University
• Ayako Ishizaka

Lecture Room 6103
Session: Chinese Finance

• Chair
• Aoyama Gakuin U niversity
• Yoko Shirasu

（1）The Empirical Analysis on Corporate Governance under Market Socialism

• Presenter
• Ph.D. Student, Hitotsubashi University
• Le Wang

• Hitotsubashi University
• Qun Liu

• Hitotsubashi University
• Masaharu Hanazaki

• Discussant
• Yokohama City University
• Qing-yuan Sui

（2）How Did Board Structure Affect the Portfolio of Loans after Banking Resturcturing in China ?

• Presenter
• Hitotsubashi University
• Ling Lang

• Discussant
• Asian Development Bank Institute
• Naoyuki Yoshino

（3）The Progress of Innovation of Internet Finance in China and Its Future Challenges

• Presenter
• Nomura Institute of Capital Markets Research
• Lirong Li

• Discussant
• Osaka City University
• Dongming Wang

＜ 12:00  -  13:00 ＞ Lunch

＜ 13:00  -  16:00 ＞

Lecture Room 1002
Symposium: Regional Revitalization and Realignment of Regional Financial Institutions

• Chair
• Kobe University
• Nobuyoshi Yamori

（1）Changes in the Business Environment and Restructuring of Regional Financial System

• Presenter
• Kansai Gaidai University
• Yasuhiro Horie

（2）Expected Role of Regional Financial Institutions

• Presenter
• Financial Services Agency
• Naoki Nishita

（3）Regional Revitalization and Expected Role of Regional Banks

• Presenter
• Hamagin Research Institute
• Masaki Itoh

• Discussant
• Seijyo University
• Tsutomu Muramoto

• Oita Prefectural College of Arts and Culture
• Syuichi Uemura