18th ANNUAL TRIO CONFERENCE

Supported by NBER-TCER-CEPR-CIRJE

International Finance

Shin-ichi Fukuda, Takeo Hoshi, Takatoshi Ito, and Andrew Rose, Organizers

University of Tokyo

Graduate School of Economics Building, 6th Floor

Tokyo, Japan

December 9 and 10, 2005

PROGRAM

Campus Map

Hotel Map

FRIDAY, DECEMBER 9:
9:00 am	Continental Breakfast
Chair: TAKATOSHI ITO, University of Tokyo and NBER
9:30 am	EIJI OGAWA and JUNKO SHIMIZU, Hitotsubashi University
	Stabilization of Effective Exchange Rates under a Common Currency Basket System
	Discussants: TAIZO MOTONISHI, Kansai University
	MARK SPIEGEL, Federal Reserve Bank of San Francisco
10:30 am	Coffee Break
11:00 am	ETSURO SHIOJI, Yokohama National University
	Invoicing Currency and the Optimal Basket Peg for East Asia: A New Open Economy Macroeconomics Perspective
	Discussants: KENTARO IWATSUBO, Hitotsubashi University
	EIJI OGAWA, Hitotsubashi University
12:00 pm	Lunch
	Speaker: ROBERT ENGLE, UC, San Diego and NBER
Chair: ANDREW ROSE, UC, Berkeley and NBER
2:00 pm	SHANG-JIN WEI, IMF and NBER
	Connecting Two Views on Financial Globalization: Can We Make Further Progress?
	Discussants: YUKO HASHIMOTO, Toyo University
	ELIAS PAPAIOANNOU, European Central Bank
3:00 pm	Coffee Break
3:30 pm	TAKATOSHI ITO, University of Tokyo and NBER
	YUKO HASHIMOTO, Toyo University
	Intra-Day Seasonality in Activities of the Foreign Exchange Markets: Evidence from the Electronic Broking System
	Discussants: ROBERT ENGLE, UC, San Diego and NBER
	PAOLO PESENTI, Federal Reserve Bank of New York and NBER
4:30 pm	SHIN-ICHI FUKUDA, University of Tokyo
	MASANORI ONO, Fukushima University
	On the Determinants of Export Prices: History vs. Expectations
	Discussants: ANDREW ROSE, UC, Berkeley and NBER
	KIYOTAKA SATO, Yokohama National University
5:30 pm	Adjourn
6:30 pm	Reception and Music (Akamon String Quartet)
SATURDAY, DECEMBER 10:
8:30 am	Continental Breakfast
Chair: ANDREW ROSE, UC, Berkeley and NBER
9:00 am	ALLAN DRAZEN, University of Maryland and NBER
	STEFAN HUBRICH, T. Rowe Price
	A Simple Test of the Effect of Exchange Rate Defense
	Discussants SHIN-ICHI FUKUDA, University of Tokyo
	SHIGENORI SHIRATSUKA, Bank of Japan
10:00 am	Coffee Break
10:30 am	PAOLO PESENTI, Federal Reserve Bank of New York and NBER
	DOUGLAS LAXTON and PAPA N’DIAYE, IMF
	Shocks, Reforms, and Monetary Rules: A Scenario Analysis for Japan
	Discussants: KAZUO UEDA, University of Tokyo
	TSUTOMU WATANABE, Hitotsubashi University
11:30 am	RICHARD PORTES, London Business School and NBER ELIAS PAPAIOANNOU, European Central Bank GREGORIOS SIOUROUNIS, Barclays Capital
	Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar
	Discussants: TAKEO HOSHI, UC, San Diego and NBER
	TAKATOSHI ITO, University of Tokyo and NBER
12:30 pm	Lunch
Chair: TAKEO HOSHI, UC, San Diego
1:30 pm	MARK SPIEGEL, Federal Reserve Bank of San Francisco
	TAKESHI KOBAYASHI, Chukyo University
	NOBUYOSHI YAMORI, Nagoya University
	Quantitative Easing and Japanese Bank Equity Values
	Discussants: NAOHIKO BABA, Bank of Japan
	MITSUHIRO FUKAO, Keio University
2:30 pm	ANDREW ROSE, UC, Berkeley and NBER
	Size Really Doesn’t Matter: In Search of a National Scale Effect
	Discussants: ALLAN DRAZEN, University of Maryland and NBER
	ETSURO SHIOJI, Yokohama National University
3:30 pm	Adjourn
11/15/05