Authors, please upload your paper here.


National Bureau of Economic Research

Center for Advanced Research in Finance

Center on Japanese Economy and Business

Australia-Japan Research Centre


Japan Project Meeting


Supported by:  National Graduate Institute for Policy Studies and European Institute of

Japanese Studies


Jenny Corbett, Charles Horioka, Takatoshi Ito, Anil Kashyap, and David Weinstein, Organizers

                                                                            June 30 – July 1, 2009



Meeting Room A,B,C (First Floor)

7-22-1 Roppongi, Minato-ku

Tokyo 106-8677






Tuesday, June 30:


8:30 am            Breakfast/Registration


9:00 am            Rasmus Fatum, University of Alberta

                        Official Japanese Intervention in the JPY/USD Exchange Rate Market:  Is it Effective and Through Which Channel Does it Work?


                        Discussant:  Takatoshi Ito, University of Tokyo and NBER


10:00 am          Break


10:30 am          Ashish Arora, Duke University

                        Lee Branstetter, Carnegie Mellon University and NBER

                        Matej Drev, Carnegie Mellon University

The Great Realignment:  How the Changing Technology of Technological Change in Information Technology Affected the US and Japanese IT Industries, 1983-1999


Discussant:  Kyoji Fukao, Hitotsubashi University


11:30 am          Tokuo Iwaisako, Ministry of Finance

                        Keiko Okada, Hosei University

                        Understanding the Decline in the Japanese Saving Rate in the New Millennium


                        Discussant:  Christopher Carroll, Johns Hopkins University and NBER


12:30 pm          Lunch


                        Speaker:  Kazumasa Iwata, Cabinet Office, Government of Japan



2:00 pm            Gil Bae, Korea University

                        Yasushi Hamao, University of Southern California

                        Jun-Koo Kang, Nanyang Technological University

Bank Monitoring Incentives and Borrower Earnings Management:  Evidence from the Japanese Banking Crisis of 1993-2002


Discussant:  Joe Peek, University of Kentucky


3:00 pm            Break


3:30 pm            Sergey Chernenko and Robin Greenwood, Harvard University

Fritz Foley, Harvard University and NBER

Are Agency Costs Fully Priced?  Evidence from Public Listings of Subsidiaries in Japan


                        Discussant:  Kenji Wada, Keio University


4:30 pm            Panel:  Lessons from the Global Financial Crisis

                        Stijn Claessens, IMF

Mitsuhiro Fukao, Keio University

Takeo Hoshi, UC, San Diego and NBER


6:00 pm            Adjourn


7:00 pm            Reception and Dinner

                        Ciao Bella Restaurant (3-minute walk from GRIPS)



Wednesday, July 1:


8:30 am            Breakfast


9:00 am            Jenny Corbett, Australian National University

                        Kazunobu Hayakawa, Institute of Developing Economies

                        Fukunari Kimura, Keio University

                        Who’s Serving You? A Gravity Model Approach to Services Trade


                        Discussant:  Amit Khandelwal, Columbia University and NBER


10:00 am          Break


10:30 am          Chih-nan Chen, Harvard University

                        Tsutomu Watanabe, Hitotsubashi University

                        Tomoyoshi Yabu, Keio University

                        A New Method for Identifying the Effects of Foreign Exchange Interventions


                        Discussant:  Paolo Pesenti, Federal Reserve Bank of New York and NBER


11:30 am          Takeo Hoshi, UC, San Diego and NBER

                        Satoshi Koibuchi, Chiba University of Commerce

                        Ulrike Schaede, UC, San Diego

                        Changes in Main Bank Rescues during the Lost Decade:  An Analysis of Corporate Restructuring in Japan, 1981-2007


                        Discussant:  Effi Benmelech, Harvard University


12:30 pm          Adjourn