＜ 10:00  -  12:00 ＞

Venue A

Session: Financial History

• Chair
• Reitaku University
• Masanori Sato

（1）Recovering the Function of Interest Rate by Overcoming the Zero Lower Bound of Deposit and Lending Interest Rates: Introduction of Negative Deposit Interest Rates by Commercial Banks and Conditional Interest Payments by Monetary and Fiscal Authorities

• Presenter
• Meiji Gakuin University
• Sangbec Lee

• Discussant
• Doshisha University
• Yoshiaki Shikano

（2）Japanese equity risk premium in the early Showa era

• Presenter
• Ph.D. Student, Saitama University
• Kenichi Hirayama

• Discussant
• Ibbotson Associates Japan, Inc
• Katsunari Yamaguchi

（3）Policy Debate on Bank Types and the National Bank System

• Presenter
• Doshisha University
• Yoshiaki Shikano

• Discussant
• Hosei University
• Masayoshi Tsurumi

Venue B

Session: Monetary Policy

• Chair
• University of Tokyo
• Ryuzo Miyao

（1）Estimating the Monetary Policy Measures of Japan in Shadow/ZLB Term Structure Model

• Presenter
• Ph.D. Student, Kobe University
• Ryuzo Miyao

• Discussant
• Hokkaido University
• Toyoichiro Shirota

（2）The Effect of the Bank of Japan’s ETF Purchases and Considering an Exit Strategy

• Presenter
• Ph.D. Student, Saitama University
• Yoshikazu Sato

• Discussant
• Waseda University
• Yasuhiro Yonezawa

（3）Why ‘Abenomics’ has been failed?: Ineffectiveness of Monetary Policy in Japan

• Presenter
• Ritsumeikan University
• Hideaki Ohta

• Discussant
• Osaka Prefecture University
• Minoru Tachibana

Venue C

Session: Financial Intermediary

• Chair
• Senshu University
• Takahiko Watanabe

（1）Bank Dividend Policy and Disposal of Non-performing Loan

• Presenter
• Yokohama City University
• Sui Qing-yuan

• Discussant
• Kobe University
• Nobuyoshi Yamori

（2）Impact of Japanese banks' strategic stockholdings on their cost of capital

• Presenter
• Bank of Japan
• Kei Ikeda

• Discussant
• Keio University
• Shintaro Tomita

（3）Legal Perspectives of International Financial Regulatory System

• Presenter
• Waseda University
• Takashi Kubota

• Discussant
• Kyorin University
• Masatoshi Okawa

Venue D

Session: Macroeconomics and International Capital Flow

• Chair
• Musashi University
• Sanae Ohno

（1）Study on stock market participation of working generation

• Presenter
• Ph.D. Student, Saitama University
• Hiroyuki Miyamoto

• Discussant
• Hitotsubashi University
• Tokuo Iwaisako

（2）Domestic Credit Growth, International Capital Inflows, and Risk Perception in Global Markets

• Presenter
• Ph.D. Student, Keio University
• Satoshi Tobe

• Discussant
• Kobe University
• Kentaro Iwatsubo

（3）Population aging, retirement policy, and current account reversals

• Presenter
• Nagoya City University
• Kazuyuki Inagaki

• Discussant
• Tohoku University
• Jun Nagayasu

＜ 12:00  -  13:30 ＞ Lunch

＜ 13:30  -  15:30 ＞

Venue A

Panel Session: International Finance

China, ASEAN Economy, and Financial and Currency Order in Asia

• Chair
• Kyoto University
• Fumiharu Mieno

（1）The Current Situation and Challenges of Currency System in Asia

• Presenter
• Gakushuin Universzity
• Junko Shimizu

（2）Current Situation of the Chinese Economy and Hereafter Economic Relation between Japan and China

• Presenter
• The Canon Institute for Global Studies
• Kiyoyuki Seguchi

（3）ASEAN's Economic Developments after GFC and Startup of ASEAN+3 Macroeconomic Office (AMRO) and its Challenges

• Presenter
• Policy Research Institute, Ministry of Finance
• Yoichi Nemoto

• Discussant
• Kobe University
• Takuji Kinkyo

＜ 13:30  -  15:30 ＞

Venue B

Session: Monetary and Macroeconomics

• Chair
• Kobe University
• Shin-Ichi Nishiyama

（1）Robust Monetary Policy Under Deep Parameter Uncertainty

• Presenter
• Ph.D. Student, University of Tokyo
• Naoto Soma

• Discussant
• Bank of Japan
• Sohei Kaihatsu

（2）Countercyclical Capital Regulation in a Dynamic General Equilibrium Model

• Presenter
• Ph.D. Student, Nagoya University
• Sato Yoshiaki

• Discussant
• Aichi Shukutoku University
• Kenya Takaku

（3）Capital Controls and Financial Frictions in a Small Open Economy

• Presenter
• Kobe University
• Shigeto Kitano

• Aichi Shukutoku University
• Kenya Takaku

• Discussant
• Sophia University
• Michiru Kosaka

Venue C

Session: Corporate Finance

• Chair
• Hitotsubashi University
• Masaharu Hanazaki

（1）The Valuation of Alternative Schemes to Public Stock Offering

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

• Waseda University
• Keiichi Omura

• Discussant
• Chuo University
• Toyoharu Takahashi

（2）Empirical Evidence on "Systemic as a Herd"：The Case of Japanese Regional Banks

• Presenter
• Bank of Japan
• Yosuke Kido

• Bank of Japan
• Naohisa Hirakata

• Monetary Authority of Singapore
• Jie Liang Thum

• Discussant
• Hitotsubashi University
• Hisashi Nakamura

（3）A Factor for Effective Corporate Governance：Significance and the Role of Integrity

• Presenter
• Keio University
• Mitsuaki Okabe

• Discussant
• Hitotsubashi University
• Masaharu Hanazaki

Venue D

Session: Foreign Exchange and Currency

• Chair
• Kansai University
• Sadayoshi Takaya

（1）Firms’ Predicted Exchange Rate and Nonlinearities in Pricing-to-Market

• Presenter
• Ph.D. Student, Yokohama National University
• Thi Ngoc Anh Nguyen

• Yokohama National University
• Kiyotaka Sato

• Discussant
• Doshisha University
• Shingo Iokibe

（2）Ross Recovery on FX market

• Presenter
• Asset Management One Co., Ltd
• Ryutaro Morikawa

• Discussant
• Nagasaki University
• Masayuki Susai

（3）Exchange Rate Volatility, Exports and Global Value Chains

• Presenter
• Ph.D. Student, Yokohama National University
• Zhang Shajuan

• Yokohama National University
• Kiyotaka Sato

• Discussant
• Senshu University
• Keiko　Ito

＜ 15:50  -  16:20 ＞ Invited Lecture

International Conference Center (Building #18), Masaru Ibuka Auditorium

Theme TBA

• Chair
• Hitotsubashi University
• Eiji Ogawa

• Speaker
• Governor, Bank of Japan
• Haruhiko Kuroda (tentative)

＜ 18:00  -  19:30 ＞ Reception

International Conference Center (Building #18), 3rd Floor

＜ 10 :00  -  12:00 ＞

Venue A

Panel Session: Financial History

A Historical Approach to Functions of International Financial Centres: Perspectives of Network, Complementarity, and Transmission

• Chair
• Reitaku University
• Masanori Sato

（1）Financial market response to financial crisis during the interwar period

• Presenter
• University of Tsukuba
• Hidenao Takahashi

（2）London and New York in the International Dollar Market in the 1960s: A Case of BOLSA

• Presenter
• Tohoku University
• Ayumu Sugawara

（3）International Capital Flows in Peripheral Asian Nations, around 1980-2010

• Presenter
• Asia University
• Koji Fuda

• Discussant
• Hosei University
• Masayoshi Tsurumi

＜ 10:00  -  12:00 ＞

Venue B

Session: Financial Markets

• Chair
• Waseda University
• Hajime Tomura

（1）The Development of FinTech in China and Its Future Challenges

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

• Discussant
• Osaka City University
• Dongming Wang

（2）Can Forward Guidance Influence the Market Expectation?-Text Mining Approach

• Presenter
• Mitsubishi UFJ Trust Investment Technology Institute
• Shintaro Suda

• Discussant
• Yokohama City University
• Yoshiyuki Nakazono

（3）Recent Real Estate Transactions under Easing Monetary Policy

• Presenter
• Kansai Gaidai University
• Yasuhiro Horie

• Discussant
• Kindai University
• Yuichi Abiko

Venue C

Session: Financial System

• Chair
• Waseda University
• Takashi Kubota

（1）Related Party Transaction in Japan

• Presenter
• Nagoya University of Commerce and Business
• Hokuto Dazai

• Discussant
• Hitotsubashi University
• Iichiro Uesugi

（2）Bank soundness and Cash Holdings: Evidence from a Bank-Centered Financial Market

• Presenter
• Hitotubashi University
• Katsushi suzuki

• Discussant
• Keio University
• Wako Watanabe

（3）Toward Revitalization of the securitization Market in Japan

• Presenter
• Yokohama Nation University
• Masahiko Takahashi

• Discussant
• NLI Research Institute
• Katsuyuki Tokushima

Venue D

Session: International Capital Flows

• Chair
• Kobe University
• Shigeto Kitano

（1）The increasing Renminbi’s flexibility: from a perspective of foreign reserves and capital flows

• Presenter
• Ph.D. Student, Hitotsubashi University
• Zhou Xuezhi

• Discussant
• Tokyo Keizai University
• Masao Kumamoto

（2）Intraday Volatility Spillover Index: Application in an Analysis of the Impact of the Brexit on Information Flow among European Stock Markets

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

• Discussant
• Musashi University
• Sanae Ohno

（3）Intra-temporal Substitution between Tradable and Non-tradable Goods: Evidence from Japanese Household Survey Data

• Presenter
• Tohoku University
• Jun Nagayasu

• Discussant
• Kobe University
• Shin-Ichi Nishiyama

＜ 13:30  -  16:00 ＞

International Conference Center (Building #18), Masaru Ibuka Auditorium

Symposium: Assessment of the Monetary Easing from the Viewpoint of Business Economics

• Chair
• National Graduate Institute for Policy Studies
• Kiyohiko Nishimura

（1）Business Economists as Information Providers

• Presenter
• Marusan Securities
• Seiji Adachi

（2）The Side Effects of the BOJ’s Unconventional Monetary Policy

• Presenter
• Totan Research
• Izuru Kato

（3）Business Economists in a Central Bank

• Presenter
• Chuo University
• Hiroshi Fujiki