20th Anniversary Conference on Financial Globalization


Takeo Hoshi and Takatoshi Ito, Organizers


September 4-5, 2007


Academy Hills

49th Floor Mori Building

Roppongi Hills, 6-10-1 Roppongi

Minato-ku, Tokyo, 106-6149, Japan





Tuesday, September 4:




Chair:  Takatoshi Ito, University of Tokyo, TCER, CEPR and NBER



9:00 am

Nicolas Coeurdacier and Philippe Martin, Université Paris I and CEPR


The Geography of Asset Trade and the Euro: Insiders and Outsiders




Discussant:  Ryuzo Miyao, Kobe University and TCER



10:00 am




10:30 am

Mark Spiegel, Federal Reserve Bank of San Francisco


Monetary and Financial Integration: Evidence from the EMU




Discussant:  Linda Goldberg, Federal Reserve Bank of New York and NBER



11:30 am

Barry Eichengreen, UC, Berkeley, CEPR and NBER


Sudarat Ananchotikul, UC, Berkeley


Corporate Governance Reform in Emerging Markets:  How Much, Why, and with What Effects?




Discussant:  Takeo Hoshi, UC, San Diego and NBER



12:30 pm





Chair: Takeo Hoshi, UC, San Diego and NBER



1:30 pm

Philip R. Lane, Trinity College Dublin and CEPR


Gian Maria Milesi-Ferretti, IMF and CEPR


Where Did All the Borrowing Go?  A Forensic Analysis of the U.S. External Position




Discussant:  Shinji Takagi, Osaka University and TCER



2:30 pm




3:00 pm

Sebastian Edwards, UC, Los Angeles and NBER


Financial Globalization, Sequencing of Reforms, and Macroeconomic Vulnerability:  A Latin American View




Discussant:  Masahiro Kawai, ADBI and TCER



4:00 pm

Koichi Hamada, Yale University


Yasushi Okada, ESRI


Two Decades after the Plaza:  A Package of Mixed Blessings




Discussant:  Mitsuhiro Fukao, Keio University and TCER



5:00 pm



All TRIO conference participants are invited to the following Lehman Bros. event:



6:00 pm

Panel Discussion (Auditorium - same floor)


Wither Financial Globalization




Panelists:  Sebastian Edwards, Barry Eichengreen, Takatoshi Ito and Richard Portes


Moderator:  Kazuo Ueda, University of Tokyo and TCER



7:30 pm

Reception and Buffet Dinner (Sky Studio - same floor)




Wednesday, September 5:




Chair: Takeo Hoshi, UC, San Diego and NBER



9:00 am

Toshitaka Sekine, Bank of Japan and TCER


Another Look at Global Disinflation




Discussant:  Tsutomu Watanabe, Hitotsubashi University and TCER



10:00 am




10:30 am

Richard Portes, London Business School, CEPR and NBER


On the Euro



11:10 am

Takatoshi Ito, University of Tokyo, TCER, CEPR and NBER


On the Yen



11:50 am

General Discussion on the Dollar, the Euro, and the Yen:  Past, Present and the Future



12:30 pm

Conference Adjourns





Useful Links


Venue: Academy Hills, 49th floor, Roppongi Hills, Roppongi, Tokyo

6-10-1 Roppongi, Minato-ku, Tokyo, 106-6149, Japan;  TEL: +81-3-6406-6220




Hotel: InterContinental ANA Hotel:



History of TRIO conference:



Journal of the Japanese and International Economies: