< 9:30 - 10:00 > Presidential Address

1^st Hall of General Education

• Speaker
• Hitotsubashi University
• Eiji Ogawa

< 10:10 - 12:10 >

2^nd Hall of General Education

Panel Session: Reconstruction Finance
Status-quo and the issues pertaining to the earthquake insurance system in Japan

• Chair
• Tohoku University
• Shinichi Nishiyama

（1）A possible security system against large-scale natural disasters and risk exchange markets

• Presenter
• Ritsumeikan University
• Takashi Ohgaki

（2）What kind of firms are purchasing earthquake insurance?: An evidence from the survey of small manufacturing firms

• Presenter
• Meiji University
• Yoshihiro Asai

（3）Overview and the issues of the Earthquake Insurance System

• Presenter
• The General Insurance Association of Japan
• Atsuhiro TAKEUCHI

• Discussant
• Tohoku University
• Shinichi Nishiyama

• Discussant
• Tohoku Fukushi University
• Osamu Kamoike

< 10:10 - 12:10 >

15^th Room of General Education

Session: Monetary Policy 1

• Chair
• Doshisha University
• Shinichi Kitasaka

（1）Liquidity effects and international effects of the zero lower bound on nominal interest rates

• Presenter
• Kobe University
• Kohei Hasui

• Discussant
• Nagoya City University
• Eiji Okano

（2）Determinacy condition under optimal monetary policy with the information from the Taylor rule

• Presenter
• St. Andrew's University
• Daisuke Ida

• Discussant
• Keio University
• Yasuo Hirose

（3）Inflation Stabilization and Default Risk in a Currency Union

• Presenter
• Nagoya City University
• Eiji Okano

• Discussant
• Komazawa University
• Masataka Eguchi

14^th Room of General Education

Session: Asian Finance

• Chair
• Kyushu University
• Kenji Iwata

（1）The effect of ownership on the risk taking of Chinese firms

• Presenter
• East China Normal University
• Yuan Yuan

• Japan Maritime Center
• Takuma Matsuda

• Gakushuin University
• Tomohiko Inui

• Discussant
• Tokyo Keizai University
• Yukihiro Yasuda

（2）Trade Credit in China: Panel Evidence-based on the Survey of Industrial Enterprises

• Presenter
• Kobe University
• Yajng Liu

• Discussant
• Hitotsubashi University
• Iichiro Uesugi

（3）Effects of the Vietnamese Government’s Institutional Reforms on Companies’ Capital Structure and Profitability: Before and After the Lehman Shock

• Presenter
• Hitotsubashi University
• Hidenobu Okuda

• Hitotsubashi University
• Lai Thi Phuong Nhung

• Discussant
• Kyushu University
• Taku Hiramatsu

13^th Room of General Education

Session: Euro Area

• Chair
• Kansai University
• Sadayoshi Takaya

（1）Financial markets in Central and Eastern European countries and their role in transmission of domestic and foreign monetary shocks

• Presenter
• Kobe University
• Agata Wierzbowska

• Discussant
• Ryukoku University
• Krawczyk Mariusz Konrad

（2）Implications of austerity measures taken by Latvia

• Presenter
• Bunkyo Gakuin University
• Naoyoshi Kinukawa

• Discussant
• Toyo University
• Yuji Kawano

（3）European Banking Union accompanied with a great risk

• Presenter
• Saga University
• Shigeru Yonekura

• Discussant
• Kanazawa University
• Hideki Sato

12^th Room of General Education

Session: Central Bank

• Chair
• Okinawa International University
• Naoya Ikemiyagi

（1）Adding a Macro-prudential Perspective to Central Banks' Monetary Policies

• Presenter
• Toyo University
• Yasuyoshi Masuda

• Discussant
• Doshisha University
• Toshihiko Marumo

（2）The Effect of Recognition Lag

• Presenter
• Nihon University
• Yasuyuki Komaki

• Discussant
• Kobe University
• Toshiki Jinushi

11^th Room of General Education

Session: Banking and Finance

• Chair
• Hitotsubashi University
• Takashi Misumi

（1）Non-performing loan and cost efficiency in Japanese banking

• Presenter
• Doshisha University
• Eriko Naiki

• Discussant
• Ritsumeikan University
• Kozo Harimaya

（2）An Empirical Study of New Borrowers of JFC Small and Medium Enterprise (SME) Unit　in a Time Period including the Collapse of Lehman Brothers

• Presenter
• Japan Finance Corporation Research Institute
• Isao Morioka

• Discussant
• Kagoshima University
• Kunikazu Nagata

（3）On Financial Intermediation of High Frequency Trading ~ An Analysis of Weir and its Functioning ~

• Presenter
• Gakushuin University
• Ken-ichi Tatsumi

• Discussant
• Nagasaki University
• Masayuki Susai

< 13:10 - 15:10 >

2^nd Hall of General Education

Panel Session: International Finance
Japanese Banks in Asia

• Chair
• Kobe University
• Nobuyoshi Yamori

（1）Business Expansion to Asia, A Case of Yamaguchi Bank : Progress and Challenges

• Presenter
• Yamaguchi Bank, President
• Koichi Fukuda

（2）Activities of Japanese Banks in Asia: Progress and Challenges

• Presenter
• Kobe University
• Kentaro Iwatsubo

（3）The Second Internationalization of Japanese Regional Banks

• Presenter
• Tohoku Gakuin University
• Masashi Igakura

• Discussant
• University of Tokyo
• Toshiro Nishizawa

• Discussant
• Yamagata University
• Masaki Yamaguchi

< 13:10 - 15:10 >

15^th Room of General Education

Session: Monetary Policy 2

• Chair
• Keio University
• Kazuhito Ikeo

（1）Re-evaluation for the Japanese Quantitative Easing Policy(2001-2006)

• Presenter
• Kobe University
• Hiroyuki Ijiri

• Discussant
• Ritsumeikan University
• Hideaki Ohta

（2）The Cointegration Analysis of the Long-term Bond Rates in Japan under the Zero Lower Bound Problem

• Presenter
• Osaka Sangyo University
• Shohei Ishibashi

• Discussant
• Chukyo University
• Kunihiro Hanabusa

（3）Comparing Japanese Monetary Policy Effects between the Low Interest Rate and the Normal Periods

• Presenter
• Osaka Prefecture University
• Minoru Tachibana

• Discussant
• Kwansei Gakuin University
• Atsushi Tanaka

14^th Room of General Education

Session: International Capital Movements

• Chair
• Tohoku Fukushi University
• Osamu Kamogawa

（1）International Capital Flows to the U.S. and Interest Rates

• Presenter
• Keio University
• Satoshi Tobe

• Discussant
• Meiji Gakuin University
• Yuri Sasaki

（2）Factors causing capital flows in emerging economies

• Presenter
• Kinki University
• Takeshi Hoshikawa

• Kyoto Sangyo University
• Masahiro Inoguchi

• Discussant
• Meisei University
• Hayato Nakata

（3）A Comparison between Optimal Capital Controls under Fixed Exchange Rates and Optimal Monetary Policy under Flexible Rates

• Presenter
• Kobe University
• Shigeto Kitano

• Aichi Shukutoku University
• Kenya Takaku

• Discussant
• Sophia University
• Yosuke Takeda

13^th Room of General Education

Session: Financial History

• Chair
• Kansai University
• Yuichi Kanai

（1）The Bank of Japan's Loans Secured by Government Bonds in Historical Perspectives

• Presenter
• Bank of Japan
• Yasuko Morita

• Discussant
• Keio University
• Eisaku Ide

（2）The Early Eurodollar Market and BOLSA

• Presenter
• Tohoku University
• Ayumu Sugawara

• Discussant
• Yamaguchi University
• Daisuke Koga

（3）Exchange Banks in Japan:　Their Historical Significance and Roles

• Presenter
• Doshisha University
• Yoshiaki Shikano

• Discussant
• Hosei University
• Masayoshi Tsurumi

12^th Room of General Education

Session: Financial Markets

• Chair
• Hiroshima University
• Takashi Senda

（1）A New Solution to the Equity Premium Puzzle and the Risk-Free Rate Puzzle: Theory and Evidence

• Presenter
• Kobe University
• Hideaki Tamura

• Kobe University
• Yoichi Matsubayashi

• Discussant
• University of Marketing and Distribution Sciences
• Tatsuya Morisawa

（2）Monetary Policy and Real Estate Price

• Presenter
• The Land Institute of Japan
• Toshiyuki Okoshi

• Discussant
• Doshisha University
• Shinichi Kitasaka

（3）The Role of Options Market in Discovering Risk during the Subprime Crisis

• Presenter
• Bank of Japan
• Yoichi Otsubo

• University of Luxembourg
• Theoharry Grammatikos

• University of Luxembourg
• Thorsten Lehnert

• Discussant
• Hiroshima University
• Akiko Yamane

11^th Room of General Education

Session: Corporate Finance

• Chair
• Tokyo Keizai University
• Yukihiro Yasuda

（1）Zombie SMEs and Productivity

• Presenter
• Osaka University
• Kentaro Imai

• Discussant
• Yamaguchi University
• Takashi Hyodo

（2）The Change of Bank Lending Attitude and Corporate Behavior

• Presenter
• Hitotsubashi University
• Hiromichi Iwaki

• Discussant
• Chuo University
• Satoshi Koibuchi

（3）Marginal q and Firms’ Capital Investments: Evidence from Time Series Data of Japanese Manufacturing Industries

• Presenter
• University of Marketing and Distribution Sciences
• Masafumi Kozuka

• Discussant
• Tokyo Keizai University
• Masaya Ishikawa

< 15:30 - 16:30 > Invited Lecure

1^st Hall of General Education

“Japanese Economy and Monetary Policy”

• Chair
• Kobe University
• Toshiki Jinushi

• Speaker
• Bank of Japan, Member of the Policy Board
• Ryuzo Miyao

< 16:40 - 17:40 > General Meeting

1^st Hall of General Education

< 18:00 - 20:00 > Reception

Cafeteria II , Yoshida Campus

< 10:00 - 12:00 >

2^nd Hall of General Education

Panel Session: Financial History
Free Banking in Asia in a Historical Perspective

• Chair
• Reitaku University
• Masanori Sato

（1）The Emergence and Evolution of the National Banking System in Japan: A Comparison with the National Banking System in the United States

• Presenter
• Waseda University
• Masato Shizume

• Hosei University
• Masayoshi Tsurumi

（2）Free banking in China: 1921-1935

• Presenter
• Keio University
• Hiroaki Morota

（3）The Activities of the Hongkong and Shanghai Banking Corporation in Bangkok, 1888-1902

• Presenter
• Kansai University
• Takeshi Nishimura

• Discussant
• Kansai University
• Sadayoshi Takaya

• Discussant
• Sapporo Gakuin University
• Masashi Kitabayashi

< 10:00 - 12:00 >

15^th Room of General Education

Session: Life Planning and Personal Finance

• Chair
• Hiroshima University
• Junji Yano

（1）Does Myopic Thinking Affect the Choice of Childbirth and Marriage?

• Presenter
• Tokyo University of Social Welfare
• Yoshiaki Tsuchimura

• Tokyo University of Social Welfare
• Nobuhiro Hobara

• Discussant
• Konan University
• Yoshiro Tsutsui

（2）Rising needs for education financing and its responses by financial institutions

• Presenter
• Nomura Institute of Capital Markets Research
• Sachiko Miyamoto

• Discussant
• Seijo University
• Tsutomu Muramoto

（3）Effects of Pay-As-You-Go Pension on Capital Accumulation, Welfare and Inequality

• Presenter
• Kobe University of Foreign Studies
• Takao Fujii

• Fukuyama University
• Jun Iritani

• Discussant
• Yamaguchi University
• Hisasi Kojima

14^th Room of General Education

Session: Currency and Foreign Exchange

• Chair
• Doshisha University
• Hirofumi Ueda

（1）FTA in International Finance: Impacts of Exchange Rates on FTA Utilization

• Presenter
• Nanzan University
• Taiyo Yoshimi

• Research Center, Institute of Developing Economies
• Kazunobu Hayakawa

• Ajou University
• Han-Sung Kim

• Discussant
• Kyoto University
• Takayuki Tsuruga

（2）Automobile Exports: Export Price and Retail Price

• Presenter
• Shiga University
• Yushi Yoshida

• Meiji TGakuin University
• Yuri Sasaki

• Discussant
• Nanzan University
• Taiyo Yoshimi

（3）2013 Survey on Invoice Currency and Currency Risk Management of Japanese Listed Manufacturers: Summary Results

• Presenter
• Chuo University
• Satoshi Koibuchi

• GRIPS
• Takatoshi Ito

• Yokohama National University
• Kiyotaka Sato,

• Gakushuin University
• Junko Shimizu

• Discussant
• Chuo University
• Hiroshi Fujiki

13^th Room of General Education

Session: Corporate Finance and Corporate Governance

• Chair
• Tokyo Keizai University
• Masao Kumamoto

（1）Leverage Maintenance and Maturity Structure

• Presenter
• Research Institute of Capital Formation,

• Development Bank of Japan
• Genichiro Okamoto

• Discussant
• Kobe University
• Takashi Hatakeda

（2）Determinants of outside directors by Japanese regional banks

• Presenter
• Kyushu Kyoritsu University
• Yuji Mori

• Discussant
• Kinki University
• Toshiyuki Soma

12^th Room of General Education

Session: Financial Issues in Abroad

• Chair
• Rissho University
• Yasushi Hayashi

（1）Commodity spot trading in China

• Presenter
• Rissho University
• Sainan Nie

• Rissho University
• Yasushi Hayashi

• Discussant
• Musashi University
• Sanae Ohno

（2）Utilization of Complementary Currencies “UDIS” in dollarized Ecuador and El Salvador

• Presenter
• Tokai University
• Naotoshi Kinoshita

• Rissho University
• Tetsuya Utashiro

• Rissho University
• Yasushi Hayashi

• Discussant
• Joetsu University of Education
• Masayuki Yoshida

（3）Financial Crises and the U.S. Dollar as an International Currency

• Presenter
• North Asia University
• Naoya Maeda

• Discussant
• University of Kitakyushu
• Jun Maeda

11^th Room of General Education

Session: Theory Analysis of Finance

• Chair
• University of Kitakyushu
• Jun Maeda

（1）Social Sanctions and Group Lending

• Presenter
• NiijimaGakuen Junior College
• Shinichi Matsuda

• Discussant
• Hitotsubashi University
• Hidenobu Okuda

（2）Evidence of Perquisite and Capital Structure on Japanese Firms

• Presenter
• Bunkyo University
• Makoto Suzuki

• Discussant
• Hosei University
• Xu Peng

25^th Room of General Education

Session: Open Macroeconomics

• Chair
• Kobe University
• Seiichi Fujita

（1）Regional inflation, spatial locations and the Ballasa-Samuelson effect

• Presentater
• University of Tsukuba
• Jun Nagayasu

• Discussant
• Surugadai University
• Hidehiro Ikeno

（2）Do Faster Growing Economies Run Current Account Deficits? A Theoretical Reappraisal of the Role of Utility Functions

• Presentater
• Doshisha University
• Shingo Iokibe

• Discussant
• Keio University
• Masaya Sakuragawa

< 12:00 - 13:00 > Lunch

< 13:00 - 16:00 >

2^nd Hall of General Education

Symposium: Financial Education in Local area

• Chair
• Asian Development Bank Institute Dean
• Naoyuki Yoshino

（1）Efforts of financial education in Yamaguchi

• Presenter
• Bank of Japan, Shimonoseki Branch Manager
• Junichi Suzuki

（2）Efforts for financial education by financial institutions in the Chugoku region and the Chugoku Local Finance Bureau

• Presenter
• Chugoku Local Finance Bureau, Chief of Bureau
• Shuichi Sonoda

（3）The need for financial literacy education in Local areas

• Presenter
• Kobe University
• Nobuyoshi Yamori

（4）Financial and Economic Education ? Current Situations and Issues In Local Areas

• Presenter
• Daiwa Institute of Research, Head of Reserch
• Susumu Okano

• Discussant
• Prefectural University of Hiroshima
• Keiko Murakami

• Rissho University
• Yasushi Hayashi