THE JAPAN SOCIETY OF MONETARY ECONOMICS
2011 Spring Annual Meeting Program

Last updated date: May 9, 2011

May 28th, Saturday

RegistrationFront Entrance of the Liberty Tower9:30～

<10:00～12:15>

A1 (Room 1093) Panel Session: Financial History
Exploring the Bank Supervision and Prudential Policy: Historical Experiences in Sweden, Japan and Thailand

• Chair
• Meiji University
• Isao Suto

（1）Drivers of Organizational Change: Banking Supervision in Sweden between 1868-1991

• Presenter
• Linköping University
• Mikael Wendschlag

（2）The Origin of Prudential Supervision in Japanese Banking, 1857-1936

• Presenter
• Yokohama National University
• Eiji Hotori

（3）Why did the Prudential Policy in Thailand during 1985-1997 Lead to the Financial Destabilization?

• Presenter
• Tokai University
• Koji Fuda

• Discussant
• Tokyo Metropolitan University
• Kazuhiko Yago

B1 (Room 1094) Special Session:
Global Crisis and Monetary Policy

• Chair
• Chuo University
• Toichiro Asada

（1）Global Crisis and International Financial Governance; Historical Meanings on the Reorganization of Financial Stability Forum to Financial Stability Board

• Presenter
• Kokushikan University
• Yasutoshi Noshita

• Discussant
• Nishogakusha University
• Kazunori Watanabe

（2）Financial Regulation Reform: New Perspectives after the Financial Crisis

• Presenter
• Bank of Japan
• Masazumi Hattori

• Discussant
• Niigata University
• Takayasu Ito

（3）Public Debt Accumulation and Macrodynamics of Fiscal and Monetary Policies : On Inappropriate Policy Mix

• Presenter
• Chuo University
• Toichiro Asada

• Discussant
• Bank of Japan
• Wataru Takahashi

C1 (Room 1096) Session: Exchange Rate Analysis

• Chair
• Hiroshima University
• Junji Yano

（1）Market Share and Exchange Rate Pass-through: Competition among Exporters of the Same Nationality

• Presenter
• Kyushu Sangyo University
• Yushi Yoshida

• Discussant
• Doshisha University
• Shingo Iokibe

（2）Revisiting the J-Curve for Japan

• Presenter
• Seikei University
• Masanori Ono

• Waseda University
• Saangjoon Baak

• Discussant
• Kansai University
• Sadayoshi Takaya

D1 (Room 1105) Session: Financial Institutions and Financial System

• Chair
• Chuo University
• Iwao Kuroda

（1）Could Prefectural Banks Modeled on the Bank of North Dakota Aid Regional Economic Growth in Japan?

• Presenter
• Azabu University
• Patrick Collins

• Discussant
• Nihon University
• Koshi Takuwa

（2）Impacts of the Capital Adequacy Ratio on the Excess Reserves of Japanese Banks

• Presenter
• Ph.D. Student, Hitotsubashi University
• Takeshi Osada

• Discussant
• Keio University
• Takashi Kaneko

（3）The Governance of Central Bank's Payment and Settlement Systems

• Presenter
• Meiji University
• Yoshiharu Oritani

• Discussant
• Bunkyo Gakuin University
• Naoyoshi Kinukawa

E1 (Room 1106) Session: Corporate Finance & Finance

• Chair
• Sophia University
• Yosuke Takeda

（1）Stock Splits Bubble and Livedoor-Shock

• Presenter
• Ph.D. Student, Osaka University
• Youki Kohsaka

• Discussant
• Daito Bunka University
• Hiroshi Gunji

（2）Bank-Dependence and Financial Constraints on Investment: Evidence from the Corporate Bond Market Paralysis in Japan

• Presenter
• Ph.D. Student, Hitotsubashi University
• Taisuke Uchino

• Discussant
• Gakushuin University
• Kaoru Hosono

（3）Investment, Cash Saving, and Debt Financing: Evidence from IPO firms

• Presenter
• Hitotsubashi University
• Masaru Konishi

• Ph.D. Student, Hitotsubashi University
• Kan Nakajima

• Discussant
• Kobe University
• Katsushi Suzuki

<12:15～13:30> Lunch

<13:30～15:45>

F (Room 1013) Panel Session: Central Banking
Prices and the Central Bank: Long-lasting Deflation and Monetary Policy in Japan

• Chair
• Hitotsubashi University
• Etsuro Shioji

（1）Long-lasting Deflation: Bad Luck, Bad Practice, or Bad Policy?

• Presenter
• Bank of Japan
• Toshitaka Sekine

（2）CPI by Households and Monetary Policy

• Presenter
• Hitotsubashi University
• Yukinobu Kitamura

（3）Side Effects of Aggressive Monetary Policy

• Presenter
• BNP PARIBAS
• Ryutaro Kono

A2 (Room 1093) Session: Current Account

• Chair
• Kobe University
• Seiichi Fujita

（1）The Japanese Current Account: Why It Still Remains High

• Presenter
• Ph.D. Student, The University of Tokyo
• Junji Yamada

• Nihon University
• Kensuke Miyazawa

• Discussant
• Kobe University
• Yoichi Matsubayashi

（2）Sudden Stop and Trade Balance Reversal after Asian Crisis: The Impact of "Investment Drought" versus Exchange Rate Depreciation

• Presenter
• Kobe University
• Shugo Yamamoto

• Discussant
• Tokyo Keizai University
• Masao Kumamoto

（3）The Long -term Shift of the US Current Account Imbalance and Its Causes

• Presenter
• Ryukoku University
• Masaharu Takenaka

• Discussant
• Kobe University
• Kentaro Iwatsubo

B2 (Room 1094) Session: Empirical Analyses of Monetary Economy

• Chair
• The University of Tokyo
• Shin-ichi Fukuda

（1）The Choice of the New Small Payment Tool: Microeconometric Analysis of Household's Decision Making

• Presenter
• Kyushu University
• Masao Nakata

• Discussant
• Bank of Japan
• Munehisa Kasuya

（2）Domestic Capital Mobility: A Dynamic Factor Approach

• Presenter
• University of Tsukuba
• Jun Nagayasu

• Discussant
• The University of Tokyo
• Takashi Kano

（3）Breakdown of Interbank Market: The Japanese Banking Crisis of 1997-98

• Presenter
• Osaka University of Economics
• Fumio Akiyoshi

• Discussant
• Hitotsubashi University
• Masaru Konishi

C2 (Room 1096) Session: Regional Banking

• Chair
• Kinki University
• Yuichi Abiko

（1）On the Measurement of Operating Areas and Profitability for Regional Banks

• Presenter
• Kansai Gaidai University
• Yasuhiro Horie

• Discussant
• Doshisha University
• Toshikatsu Noma

（2）Lending Technologies and Soft Information Management: Evidence from Japanese Regional Banks

• Presenter
• Ph.D. Student, Kobe University
• Takayoshi Nakaoka

• Kobe University
• Tadanori Yosano

• Discussant
• Ritsumeikan University
• Yoshiaki Ogura

（3）Banking Relationship with Distressed Firms: Analysis of Each 30 Bankrupt Companies in Aichi and Nagano

• Presenter
• Shinshu University
• Tatsuhiko Aoki

• Miraigakusya Institute of Technology
• Takuya Katase

• Discussant
• Osaka University
• Yoshiro Tsutsui

D2 (Room 1105) Session: Some Issues in Finance of Selected Countries

• Chair
• Kyushu University
• Yoichi Kawanami

（1）Cost Efficiency of Islamic Banking in the GCC Countries

• Presenter
• Japan International Cooperation Agency
• Hajime Kamiyama

• Discussant
• Institute of Developing Economies
• Jun Saito

（2）Are Bank Failures of Main Street a Result of Doing Relationship Banking?

• Presenter
• Ibaraki University
• Satoshi Uchida

• Discussant
• Kanagawa University
• Takashi Kazusaka

（3）Capital Account Liberalization and Capital Controls in India: Effectiveness of Controls in the Monetary/ Financial Sector

• Presenter
• Ehime University
• Hideaki Ohta

• Discussant
• Hitotsubashi University
• Hidenobu Okuda

E2 (Room 1106) Session: Finance

• Chair
• Hitotsubashi University
• Takashi Misumi

（1）The Financial Crisis and Intraday Volatility: Comparative Analysis on China, Japan and the US Stock Markets

• Presenter
• University of International Business and Economics
• Yusaku Nishimura

• Osaka University
• Yoshiro Tsutsui

• Kwansei Gakuin University
• Kenjiro Hirayama

• Discussant
• Kobe University
• Kentaro Iwatsubo

（2）Portfolio Selection Behaviors of the Japanese Banks: An Empirical Analysis with the GARCH Model

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

• Discussant
• Ritsumeikan University
• Kozo Harimaya

（3）Consumer Loan Company`s Alliance with Bank and Bankruptcy

• Presenter
• Musashi University
• Tsutomu Chano

• Ph.D. Student, Musashi University
• Tetsuya Yoshino

• Discussant
• Tokyo Keizai University
• Yukihiro Yasuda

<16:00～17:00>

Invited LectureⅠ　　　Liberty Hall (1013)

• Chair
• President of the Japan Society of Monetary Economics
• Hideo Fujiwara

• Speaker
• Governor of the Bank of Japan
• Masaaki Shirakawa

<17:10～17:50>

General Meeting Liberty Hall (1013)

<18:00～20:00>

Reception Kishimoto Tatsuo Memorial Hall: 23rd floor

May 29th, Sunday

RegistrationFront Entrance of the Liberty Tower, 9:00～

<9:30～11:45>

A1 (Room 1093) Panel Session: International Finance
Global Operation and Exchange Rate Management of Japanese Firms

• Chair
• Yokohama National University
• Kiyotaka Sato

（1）Choice of Invoice Currency and Exchange Rate Risk Management

• Presenter
• Senshu University
• Junko Shimizu

（2）Exchange Rate Volatility and International Production Networks

• Presenter
• Keio University
• Fukunari Kimura

（3）Honda's Basic Policy about Global Operation and Measures against Fluctuation of Exchange Rate

• Presenter
• Honda Motor Company Limited
• Naoto Muraoka

• Discussant
• The University of Tokyo
• Takatoshi Ito

• Discussant
• The Research Institute of Economy,Trade and Industry
• Masayuki Morikawa

B1 (Room 1094) Session: Monetary Theory

• Chair
• Nagoya University
• Nobuyoshi Yamori

（1）A Study of Special Nature of Keynes's Idea on Probabilities

• Presenter
• Tokyo Gakugei University
• Satoru Takayabu

• Discussant
• Shinshu University
• Tatsuhiko Aoki

（2）Financial Institution, Asset Bubbles and Economic Performance

• Presenter
• The University of Tokyo
• Tomohiro Hirano

• The University of Tokyo
• Noriyuki Yanagawa

• Discussant
• Yokohama National University
• Taro Akiyama

（3）Economic Boom and Bust Originating from Expectation Errors in the Credit Market

• Presenter
• Meiji University
• Shin Fukuda

• Meiji University
• Kenichi Tamegawa

• Discussant
• Hiroshima University
• Junji Yano

C1 (Room 1096) Session: Financial History

• Chair
• Reitaku University
• Masanori Sato

（1）Historical Significance of Japan's Recent Implementation of the Limited Deposit Protection Scheme

• Presenter
• Yokohama National University
• Masahiko Takahashi

• Discussant
• Waseda University
• Yoshimasa Nishimura

（2）Earning Power as Criterion of Valuation

• Presenter
• Kyushu University
• Makoto Uto

• Discussant
• Kokushikan University
• Yasutoshi Noshita

（3）Who Was the Chief Executive of the Federal Reserve Bank, Chairman of the Board of Directors or Governor before the Great Depression?

• Presenter
• Meiji University
• Isao Suto

• Discussant
• Hokkai-Gakuen University
• Masayuki Kobayashi

D1 (Room 1105) Session: Monetary Policy

• Chair
• Kobe University
• Toshiki Jinushi

（1）Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing

• Presenter
• Chiba Keizai University
• Eiji Okano

• Discussant
• The University of Tokyo
• Takashi Kano

（2）Tobin`s Q Channel and Monetary Policy under Imperfect Exchange Rate Pass-through

• Presenter
• Okayama Shoka University
• Daisuke Ida

• Discussant
• Hitotsubashi University
• Etsuro Shioji

（3）The Expectation of Monetary Policy and Long Term Interest Rates in Australia

• Presenter
• Niigata University
• Takayasu Ito

• Discussant
• Aichi University
• Yutaka Kurihara

E1 (Room 1106) Session: International Currency

• Chair
• Hitotsubashi University
• Eiji Ogawa

（1）Confidence of the US Dollar as an International Currency and the Policy Issue

• Presenter
• North Asia University
• Naoya Maeda

• Matsuyama University
• Keiichiro Nishio

• Discussant
• Nagoya University
• Yuichi Kanai

（2）Monetary Integration in the Gulf and Optimum Currency Areas

• Presenter
• Ph.D. Student, Kokugakuin University
• Shushi Kimura

• Discussant
• Ritsumeikan University
• Yozo Nishimura

<11:45～12:50>　　Lunch

<12:50～13:50>　　Invited LectureⅡ　　Liberty Hall (1013)

• Chair
• Hitotsubashi University
• Yoshinori Shimizu

The Implementation of Monetary Policy: How Do Central Banks Set Interest Rates ?

• Speaker
• Harvard University
• Benjamin Friedman

<14:00～17:00>　　Liberty Hall (1013)
Symposium: Asian Economic Growth and Global Financial Regulations

• Chair
• Hitotsubashi University
• Yoshinori Shimizu

（1）Optimum Financial Regulations For Economic Growth in Asia

• Presenter
• Mizuho Research Institute Limited
• Tetsuro Sugiura

（2）Domestic Financial Market Development in Asia and the Role of Sterilization

• Presenter
• Invesco Asset Management Limited
• John Greenwood

（3）Application of Global Financial Regulations for Asia

• Presenter
• Nomura Institute of Capital Markets Research
• Yasuyuki Fuchida

（4）Global Financial Crisis and Reconstruction of Regulations

• Presenter
• Hitotsubashi University
• Takafumi Sato

<17:00>
Closing Remarks　　　　　　　　Meiji University　　Yoshio Watanabe

Access to the Surugadai Campus, Meiji University