Venue:

Room 3203, Mercury Tower 2nd Floor, Hitotsubashi University

Organized by:

Graduate School of Commerce and Management, Hitotsubashi University

Sponsored by:

Research Group on Financial and Capital Markets of the Donated Lecture from Nomura Securities Co.Ltd.

Publication:

Selected papers will be published on The Journal of Asian Economics, 18.1, Jan/Feb. 2007 by Elsevier Publishing Co.

paper presenter: 20 minutes, discussant: 10 minutes, reply and discussion: 10 minutes

PDF file

9:50-10:20	Registration
10:20-10:30	Opening Remark Shimizu, Yoshinori (Hitotsubashi University)
	Session I: Financial System (1) Chair: Inoue, Takeshi (Nomura Institute of Capital Markets Research)
10:30-11:10	Speaker: Hwang, Da-Yeh (National Taiwan University) "Financial System Reform in Taiwan" Discussant: Wiwattanakantang, Yupana (Hitotsubashi University)
11:10-11:50	Speaker: Beltratti, Andrea (Bocconi University) and Bortolotti, Bernardo (Universita di Torino & FEEM) "Structural Reforms in the Chinese Stock Market" Discussant: Sun, Jie (Chinese Academy of Social Sciences)
11:50-12:30	Speaker: Park, Daekeun (Hanyang University), Rhee, Changyong (Seoul National University) and Shin, Sung Hwan (Hongik University) "Developing the Government Bond Market in Korea after the Financial Crisis: Performance Evaluation by Micro-data" Discussant: Urade, Takayuki (Nomura Institute of Capital Markets Research)
12:30-14:00	Lunch
	Session II: Financial System (2) Chair: Milo, Melanie (Philippine Institute for Development Studies and ADBI)
14:00-14:40	Speaker: Shimizu, Yoshinori (Hitotsubashi University) "Impacts of the BIS Regulation on the Japanese Economy" Discussant: Kuroda, Iwao (Chuo University)
14:40:15:20	Speaker: Suwanaporn, Chodechai (Fiscal Policy Office, Thailand) "Development of Non-Bank Consumer Financial Business in Thailand and Policy Recommendation: The Case Study of Personal Loan Companies" Discussant: Okuda, Hidenobu (Hitotsubashi University)
15:20-15:50	Coffee Break
	Session III: Monetary Policy Chair: Watanabe, Toshiaki (Hitotsubashi University)
15:50-16:30	Speaker: Okano, Eiji (Chiba Keizai University) "Inflation — Output Trade-offs in an Optimization-based Econometric Framework Applied to an Open Economy: The Case of Japan" Discussant: Iiboshi, Hirokuni (Kinki University)
16:30-17:10	Speaker: Yang, Doo Yong (KIEP), Sung, Jung Yoong "Optimal Monetary Policy in a Small Open Economy: the Case of Korea" Discussant: Shirota, Toyoichiro (Bank of Japan)
17:30-19:30	Reception (Mercury Tower, Hitotsubashi University)

9:00-9:20	Registration
	Session IV: Monetary Policy and Financial Stability Chair: Harui, Hisashi (Kwansei Gakuin University)
9:20-10:00	Speaker: Pramono, Bambang (Bank Indonesia) "Bank Portfolio Model and Monetary Policy in Indonesia" Discussant: Hanazaki, Masaharu (Development Bank of Japan)
10:00-10:40	Speaker: Qi, Liang (Nankai University) and Cao, Hua (Nankai University) "Real Estate Prices, Monetary Policy and Financial Stability: Evidence from China " Discussant: Kwan, Chi Hung (Nomura Institute of Capital Markets Research)
10:50-12:10	Session V: Financial System and Financial Crisis Chair: Misumi, Takashi (Hitotsubashi University)
10:50-11:30	Speaker: Fukuda, Shin-ichi (University of Tokyo), Kasuya, Munehisa (Bank of Japan) and Akashi, Kentaro (University of Tokyo) "The Role of Trade Credit for Small Firms: An Implication from Japanese Banking Crisis" Discussant: Uesugi, Iichiro (The Small and Medium Enterprise Agency)
11:30-12:10	Speaker: Iwatsubo, Kentaro (Hitotsubashi University) and Inagaki, Kazuyuki (Kobe University) "Measuring financial market contagion using dually-traded stocks of Asian firms" Discussant: Ohno, Sanae (Musashi University)
12:10-13:30	Lunch
	Session VI: Exchange Rate Policy (1) Chair: Teranishi, Juro (Nihon University)
13:30-14:10	Speaker: Ogawa, Eiji (Hitotsubashi University) and Kudo, Takeshi (Nagasaki University) "Asymmetric responses of East Asian currencies to the US dollar depreciation for reducing the US current account deficits" Discussant: Yoshino, Naoyuki (Keio University)
14:10-14:50	Speaker: Capannelli, Giovanni (Asian Development Bank) "Recent developments in East Asian regionalism: Initiatives for financial cooperation and opportunities for monetary and exchange rate policy coordination" Discussant: Maehara, Yasuhiro (Hitotsubashi University)
14:50-15:20	Coffee Break
	Session VII: Exchange Rate Policy (2) Chair: Jinushi, Toshiki (Kobe University)
15:20-15:50	Speaker: Hardiyanto, Viva (Bank Indonesia) "Daily Rp/USD Stochastic Volatility and Policy Implication Lesson" Discussant: Kumamoto, Masao (Tokyo Keizai University)
15:50-16:30	Speaker: Garcia-Herrero, Alicia (BIS) and Terada-Hagiwara, Akiko (Bank of Japan) "What is behind the rapid accumulation of US Treasury bills?" Discussant: Kawasaki, Kentaro (Toyo University)
16:30-16:50	Concluding Session Shimizu, Yoshinori (Hitotsubashi University)
17:00-19:00	Reception (Mercury Tower, Hitotsubashi University)

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