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25th NBER-TCER-CEPR Conference on

International Finance in the Global Markets

Organizers:  Kosuke Aoki, Shin-ichi Fukuda, Takeo Hoshi, and Takashi Kano

Sponsors: Center for Economic Policy Research, National Bureau of Economic Research, Tokyo Center for Economic Research, Center for Advanced Research in Finance, and Center for International Research on the Japanese Economy

December 16-17, 2015

Department of Economics
6th Floor Conference Room
University of Tokyo
7-3-1 Hongo, Bunkyo-ku
Tokyo, Japan



Participant List

Wednesday, December 16

Shin-ichi Fukuda, University of Tokyo and TCER

9:15 am           Gianluca Benigno, London School of Economics and CEPR

                        Contagious Sudden Stops     

Kosuke Aoki, University of Tokyo and TCER

10:15 am         Break


10:30 am         Hiro Ito, Portland State University
Masahiro Kawai, University of Tokyo and CEPR
Trade Invoicing in the Japanese Yen and the Deutsche Mark in the 1980s and 90s: Lessons for Renminbi Internationalization


                        Discussant:  Etsuro Shioji, Hitotsubashi University and TCER


11:30 am         Anya Kleymenova, University of Chicago
Andrew Rose, University of California at Berkeley and NBER
Tomasz Wieladek, Bank of England

Does Government Intervention Affect Banking Globalization?

Discussant:  Kenichi Ueda, University of Tokyo and TCER


12:30 pm         Lunch


Chair:  Kiminori Matsuyama, Northwestern University


1:45 pm           Charles Engel, University of Wisconsin and NBER

                        Macroprudential Policy under High Capital Mobility: Policy Implications from an Academic Perspective

Discussant:  Takatoshi Ito, Columbia University and NBER


2:45 pm           Break

3:00 pm           Vahagn Galstyan, Trinity College Dublin
Philip Lane, Trinity College Dublin and CEPR 
Caroline Mehigan, OECD
Rogelio Mercado, Trinity College Dublin

The Holders and Issuers of International Portfolio Securities

Discussant:  Masaya Sakuragawa, Keio University and TCER


4:00 pm           Shin-ichi Fukuda, University of Tokyo and TCER 

Strong Sterling Pound and Weak European Currencies in the Crises:

Evidence from Covered Interest Parity of Secured Rates

Discussant:  Eiji Ogawa, Hitotsubashi University and TCER


5:00 pm           Adjourn


6:00 pm           Group Dinner
Echikatsu Restaurant
2-31-23 Yushima, Bunkyo-ku, Tokyo

Thursday, December 17

Chair:  Takeo Hoshi, Stanford University and NBER

9:15 am           Ethan Ilzetzki, London School of Economics
Keyu Jin, London School of Economics and CEPR

                        The Puzzling Change in the International Transmission of U.S. Macroeconomic Policy Shocks

                        Discussant:  Takayuki Tsuruga, Kyoto University


10:15 am         Break


10:30 am         Takashi Kano, Hitotsubashi University and TCER
Kenji Wada, Hitotsubashi University

                        The First Arrow Hitting the Currency Target:  A Long-Run Risk Perspective

Discussant:  Junko Koeda, Waseda University and TCER


11:30 am         Matteo Cacciatore, HEC Montréal
Fabio Ghironi, University of Washington and NBER
Yurim Lee, University of Washington
Financial Market Integration, Exchange Rate Policy, and the Dynamics of Business and Employment in Korea

Discussant:  Michal Fabinger, University of Tokyo


12:30 pm         Lunch and Adjourn