National Bureau of Economic Research, Inc.

Singapore Management University

China Center for Economic Research

Chung-Hua Institution for Economic Research

Hong Kong University of Science and Technology

Korea Development Institute

Productivity Commission, Australia

Tokyo Center for Economic Research

 

18th Annual East Asian Seminar on Economics

Financial Sector Development in the Pacific Rim

 

Takatoshi Ito and Andrew Rose, Organizers

 

  June 22-24, 2007

 

Seminar Room 5.1

School of Economics - Level 5

Singapore Management University

90 Stamford Road

Singapore 178903

 

Program

Friday, June 22:

 

 

8:30 am

Continental Breakfast

 

 

Session 1

Chair:  ANDREW ROSE, UC, Berkeley and NBER

 

 

9:00 am

KAORU HOSONO, Gakushuin University

 

KOJI SAKAI and KOTARO TSURU, RIETI

 

Consolidation of Banks in Japan:  Causes and Consequences

 

 

 

Discussants:  HIRO ITO, Portland State University

 

                     BARRY WILLIAMS, Bond University

 

 

10:00 am

Coffee Break

 

 

10:15 am

MASAYA SAKURAGAWA, Keio University and TCER

 

Did the Japanese Stock Market Appropriately Price the Takenaka Financial Reform?

 

(Joint with Yoshitsugu Watanabe)

 

 

 

Discussants:  TAKATOSHI ITO, University of Tokyo, TCER and NBER

 

                     RANDALL MORCK, University of Alberta and NBER

 

 

11:15 am

ROBERT MCCAULEY, Bank for International Settlements

 

Hong Kong and Shanghai:Yesterday, Today and Tomorrow

 

(Joint with Eric Chan)

 

 

 

Discussants:  DAVID COOK, Hong Kong University of Science and Technology

 

                     PETER KRIZ, Singapore Management University

 

 

12:15 pm

Lunch

 

 

Session 2

Chair:  TAKATOSHI ITO, University of Tokyo, TCER and NBER

 

 

2:00 pm

CHANG-GYUN PARK, Chung-Ang University

 

Consumer Credit Market in Korea since the Economic Crisis

 

 

 

Discussants:  CHIN HEE HAHN, Korea Development Institute

 

                     WINSTON KOH, Singapore Management University

 

 

3:00 pm

YOUNGJAE LIM, Korea Development Institute

 

Stock Market Development, Corporate Restructuring, and Corporate Governance in Post-Crisis Korea

 

 

 

Discussants:  ROBERT MCCAULEY, Bank for International Settlements

 

                     CHUNG-HUA SHEN, National Chengchi University

 

 

4:00 pm

Adjourn

 

 

6:00 pm 

Bus leaves Hotel Rendezvous for Sentosa Island

 

 

6:30 pm 

Cocktails followed by Dinner, Barnacles Restaurant at Shangrila-Rasa Sentosa 

 

 

 

 

Saturday, June 23:

 

 

8:30 am

Continental Breakfast

 

 

Session 3

Chair:  ROBERTO MARIANO, Singapore Management University

 

 

9:00 am

RICHARD GREEN, George Washington University

 

ROBERTO MARIANO, Singapore Management University

           

ANDREY PAVLOV and SUSAN WACHTER, University of Pennsylvania

 

Mortgage Securitization in Asia:  Gains and Barriers

 

 

 

Discussants:  MICHAEL DAVIES, Reserve Bank of Australia

 

                     MARIO LAMBERTE, ADBI

 

 

10:00 am

Coffee Break

 

 

10:15 am

CHUNG-HUA SHEN and MEI-RONG LIN, National Chengchi University

 

The Determinants of Cross-Border Merger and Acquisition Activity in the Banking Sector in Asia: Did the Asian Financial Crisis Change Them?

 

 

 

Discussants:  MARIO LAMBERTE, ADBI

 

                     WIMBOH SANTOSO, Bank Indonesia

 

 

11:15 am

TAKEO HOSHI, UC, San Diego and NBER

 

Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period

 

(Joint with Yasushi Hamao and Tetsuji Okazaki) 

 

 

 

Discussants:  YOUNGJAE LIM, Korea Development Institute

 

                     MASAYA SAKURAGAWA, Keio University and TCER

 

 

12:15 pm

Lunch

 

 

Session 4

Chair:  TAKATOSHI ITO, University of Tokyo, TCER and NBER

 

 

2:00 pm

RANDALL MORCK, University of Alberta and NBER

 

Big Business Stability and Economic Growth:  Is What’s Good for General Motors Good for America?

 

(Joint with Kathy Fogel and Bernard Yeung)

 

 

 

Discussants:  PARTHA CHATTERJEE, National University of Singapore

 

                     PUSHAN DUTT, INSEAD

 

 

3:00 pm

HO-MOU WU, China Center for Economic Research

 

Merger Activities and Stock Market Valuation in China

 

(Joint with Yu Zhang) 

 

 

 

Discussants:  KAORU HOSONO, Gakushuin University

 

                     JULIAN WRIGHT, National University of Singapore

 

 

4:00 pm

Adjourn

 

 

7:00 pm 

Group Dinner

 

Raffles Hotel (Bar & Billiard Room) preceded by cocktails in the courtyard

 

 

 

 

Sunday, June 24:

 

 

8:30 am

Continental Breakfast

 

 

Session 5

Chair:  ANDREW ROSE, UC, Berkeley and NBER

 

 

9:00 am

MENZIE CHINN, University of Wisconsin and NBER

 

HIRO ITO, Portland State University

 

East Asia and Global Imbalances:  Saving, Investment, and Financial Development

 

 

 

Discussants:  EDWIN LAI, Singapore Management University

 

                     EDWARD ROBINSON, Monetary Authority of Singapore

 

 

10:00 am

Coffee Break

 

 

10:15 am

JAN-EGBERT STURM, KOF Swiss Economic Institute

 

BARRY WILLIAMS, Bond University

 

What Determines Differences in Foreign Bank Efficiency? Australian Evidence

 

 

 

Discussants:  MENZIE CHINN, University of Wisconsin and NBER

 

                     ANDREY PAVLOV, Simon Fraser University

 

 

11:15 am

Lunch and Adjourn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/20/07