16^th ANNUAL TRIO CONFERENCE

Supported by NBER-CEPR-TCER-RIETI

Financing Retirement

Takeo Hoshi, Sadao Nagaoka, and Toshiaki Tachibanaki, Organizers

Ark Academy Hills

Ark Mori Building, 36^th Floor at Ark Hills

Tokyo, Japan

December 8 and 9, 2003

PROGRAM

MONDAY, DECEMBER 8:

9:30 AM Welcome, Organizers

Chair: TOSHIAKI TACHIBANAKI, Kyoto University, RIETI and TCER

9:40 AM OLIVIA MITCHELL, University of Pennsylvania and NBER

JOHN PIGGOTT, University of New South Wales

Unlocking Housing Equity in Japan

Discussants: TBA

MIKI SEKO, Keio University and TCER

10:40 AM Break

11:00 AM FRANK DE JONG, University of Amsterdam and CEPR

Pension Fund Investments and the Valuation of Liabilities under Conditional

Indexation

Discussants: TONI BRAUN, University of Tokyo

KEISUKE ITO, Mizuho-DL Financial Technology Co., Ltd.

12:00 PM Lunch

Chair: FUMIO HAYASHI, University of Tokyo and NBER

1:20 PM TOSHIAKI TACHIBANAKI, Kyoto University, RIETI and TCER

TOMOHIKO TAKEUCHI, Kyoto University and TCER

The Differences in the Economic Effects Between the DB Plan and the DC Plan

Discussants: OLIVIA MITCHELL, University of Pennsylvania and NBER

MASAHARU USUKI, NLI Research Institute

2:20 PM Break

2:40 PM ROBERT DEKLE, University of Southern California

Financing Consumption in an Aging Japan:

The Role of Foreign Capital Inflows and Immigration

Discussants: TOSHIHIRO IHORI, University of Tokyo and TCER

MAKOTO SAITO, Hitotsubashi University and TCER

3:40 PM TAKASHI OSHIO, Tokyo Gakugei University and TCER

Social Security and Trust Fund Management

Discussants: FRANK DE JONG, University of Amsterdam and CEPR

YASUSHI IWAMOTO, Hitotsubashi University and TCER

4:40 PM Adjourn

6:00 PM Group Reception and Dinner

Restaurant D

Ark Towers West Building, IF

Roppongi 1-3-10, Minatoku, Tokyo

tel: 03-3505-0561

TUESDAY, DECEMBER 9:

Chair: TAKEO HOSHI, UC, San Diego, NBER and RIETI

9:30 AM PIERRE PESTIEAU, Universite de Liege and CEPR

Social Security and the Well-Being of the Elderly: Three Concepts of Generosity

Discussants: ROBERT DEKLE, University of Southern California

TOKUO IWAISAKO, Hitotsubashi University

10:30 AM Break

10:45 AM KOHEI KOMAMURA, Toyo University and TCER

ATSUHIRO YAMADA, Keio University and TCER

Who Bears the Burden of Social Insurance?

Discussants: TAKERO DOI, Keio University, RIETI and TCER

JOHN PIGGOTT, University of New South Wales

11:45 AM Closing Remarks by Organizers

12:00 PM Lunch - Media Salon

11/19/03