The 6th International Conference
ofthe Japan Economic Policy Association"Asian Economic Initiative:
How Do We Integrate Our Economies?"
December 2-3, 2006

Aoyama Gakuin University
4-4-25 Shibuya, Shibuya-ku
Tokyo 150-8366, JAPAN1

SESSION PROGRAM＊ ＊ ＊December 2nd(1st day)＊ ＊ ＊December 2nd 2006, 10:00-12:00 International Conference Hall, Research Institute Building 12th Floor
Opening Session: 10:00-10:30
Plenary Session I : 10:30-12:00"Asian Economic Initiative: How Do We Integrate Our Economies?"
Chair:
Prof. Eiji OGAWA (Hitotsubashi University, JAPAN)
Financial Integration in East Asia
Guest Speaker: Dr. Atchana WAIQUAMDEE (Bank of Thailand, THAILAND)
East Asian Economic Integration: Progress and Prospects
Guest Speaker

Dr. Junggun OH ( The Bank of Korea, KOREA )* * * * *Lunch Time* * * * *December 2nd 2006, 13：30 – 15：30 Research Institute Building 10F Conference Room #18

Session A-1: Trade and International Policy (1)Chair: Elsadig Musa AHMED

Multimedia University, MALAYSIA

Reducing the Trade Deficit between Japan and South Asia
SpeakerMonir Hossain MONI

Discussant Manabu FUJIMURA

Waseda University, JAPANAoyama Gakuin University, JAPAN

Negotiated Trade Quotas with Asymmetric Countries and Varying Market Size
Speaker

Genoveva PERJUTechnical University of Iasi, ROMANIA

Discussant Tetsuro OKAZAKI

Chiba University of Commerce, JAPAN

Understanding on Rules and Procedures Governing the Settlement of Disputes:
A Review from the Developing and Least Developed Countries PerspectiveSpeaker

Somesh K. MATHUR

Discussant Genoveva PERJU

Research and Information System for Developing Countries, INDIA
Technical University of Iasi, ROMANIA

Does the Gravity Model Explain India’s Direction of Trade? A Panel Data Approach
Speaker

Ranajoy BHATTACHARYYA

University of Calcutta, INDIA

Tathagata BANDOPADHYAY

Indian Institute of Management, INDIA

Discussant Katsuyoshi OKUI

Otemon Gakuin University, JAPAN

December 2nd 2006, 13：30 – 15：30 Research Institute Building 9F Conference Room #16

Session B-1: Economic Growth and Productivity (1)Chair: Yujiro OIWA

Tokyo International University, JAPANJapan’s Liquidity Sump: An Alternative Interpretation of the “Lost Decade”
SpeakerJames R. RHODES

Discussant Hideaki MURASE

National Graduate Institute for Policy Studies, JAPAN
Nagoya City University, JAPAN2

Is Japan a Share Economy? : Identifying Channels of Economic Adjustment
Speaker

Cheol Soo PARK

Kumamoto Gakuen University, JAPANPeter ORAZEM

Iowa State University, USA

Discussant Yang ZOUNankai University, CHINA

A “Second-Best” Rationale to Deflationary Monetary Policy in Japan
Speaker

Federico GUERRERO
Thomas F. CARGILL

University of Nevada, USA
University of Nevada, USA

Discussant Cheol Soo PARKKumamoto Gakuen University, JAPAN“Effective” Consumption Theory and Euler Equation: Evidence from Japan
Speaker

Yang ZOU

Discussant Hirokuni IIJIMA

Nankai University, CHINA
Chuo University, JAPAN

December 2nd 2006, 13：30 – 15：30 Research Institute Building 3F Conference Room #10

Session C-1: Industrial Organization (1)Chair: Akio TORII

Yokohama National University, JAPANICT and Firm - level Performance in the Philippines
Speaker

Niño Alejandro Q. MANALO

University of the Philippines Los Banos, PHILIPPINEJose V. CAMACHO Jr.

Kyoto University, JAPAN

Discussant Hideyuki TANAKA

University of Tokyo, JAPANFood Traceability System - An Application of Integrating Our Information Economics
Speaker

Li-Hsien CHIEN

National Chung-Hsing University, TAIWAN

Young-Chun ZHANG

National Chung-Hsing University, TAIWAN

Discussant Hiroyuki KAWANOBE

Tokai University, JAPANModeling Stock Rreturns by the Fama - French Model with Macroeconomic Instrumental Variables
SpeakerLong Vu Thang PHAM

Discussant Hiromitsu TAKEMIOsaka University, JAPANChiba Univeristy of Commerce, JAPANWhy Investment Under-perform in Post-Crisis Indonesia?
Speaker

Agustinus PRASETYANTOKO

Discussant Masumi KISHI

Ecole Normale Supérieure, FRANCE
Chuo University, JAPAN3

December 2nd, 16:00-17:30 International Conference Hall, Research Institute Building 12th Floor
Special Session:"Roles of Korea and Japan in Overcoming East Asian Regional Challenges"
Chair:
Prof. Soichi OHTA (Keio University, JAPAN)
Issues and Challenges of the Monetary Integration in East Asia: A Korean Perspective
Guest Speaker:
Dr. Deok Ryong YOON (Korea Institute for International Economic Policy, KOREA)The Evolutionary Process of East Asia's Monetary Integration
Guest Speaker:
Prof. Inchul KIM (Sung Kyun Kwan University, KOREA)
International Deployment of Electronic Materials Industry of Japan - Cases of Electronic Display Materials
Guest Speaker:
Prof. Ryoichi NAMIKAWA (Iwate Prefectural University, JAPAN)
The Effects of FDI, Capital Accumulation and Technological Transfer on Term of Trade
Guest Speaker:
Prof. Yuko ARAYAMA (Nagoya University, JAPAN)

Welcome Banquet: 18:00-20:00＊ ＊ ＊December 3rd 2006, 9：30 – 11：30

IVY HALL, 3rd Floor, Room ”NARUDO”

December 3rd(2nd day)＊ ＊ ＊Goucher Memorial Hall 4F 15401

Session A-2: Trade and International Policy (2)Chair: Yasumi MATSUMOTO

Waseda University, JAPANExchange Rate Policy and the Relative Distribution of FDI between Host Countries
Speaker

Yuqing XING

Discussant Yoshihide UCHIYAMAInternational University of Japan, JAPANAoyama Gakuin University, JAPANExchange Rate Changes and Income Redistribution
Speaker

Yongkul WON

University of Seoul, KOREA

Hyeonsoo KANG

University of Seoul, KOREA

Discussant Tai-kuang HO

National Chung Cheng University, TAIWANInternational Effects of Intellectual Property Rights Protection on Growth and Welfare
Speaker

Kenichiro IKESHITA

Discussant Michel DIMOU
December 3rd 2006, 9：30 – 11：30

Kanazawa University, JAPAN
University of La Réunion, FRANCE

Goucher Memorial Hall 4F 15402

Session B-2: Economic Growth and Productivity (2)Chair: Keisuke OSUMI

Kyushu University, JAPANPersistence in the Australian Great Ratios
Speaker

Philip I. JIDiscussant Keisuke OSUMI

Monash University, AUSTRALIA
Kyushu University, JAPANKojima’s Correspondence Principle Revisited
SpeakerMohamed SAADI

University of Marne la Vallée, FRANCE

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Discussant Norihito TANAKA

Kanagawa University, JAPANThe Productivity Trends in Thai Manufacturing Sector:
The Pre- and Post-Crisis Evidence Relating to the 1997 Economic Crisis
Speaker

Suwannee ARUNSAWADIWONG

Discussant Hui Boon TAN

University of St. Andrews, UK
Universitiy Putra, MALAYSIA

Financial System and Growth: The Japanese CaseSpeaker

Manish SHARMA

Discussant Federico GUERRERO
December 3rd 2006, 9：30 – 11：30

Chuo University, JAPAN

University of Nevada, USA

Goucher Memorial Hall 4F 15405

Session C-2: Industrial Organization (2)Chair: Tatsuya OMURA

Keio University, JAPAN

Issues of Profitability and Non-profitability in Medical Institutions
Speaker

Manami HORI

Discussant Wade PFAU

Tokai University, JAPAN
National Graduate Institute for Policy Studies, JAPAN5

Information Technology and Total Factor Productivity in Japan
Speaker

Kazunori MINETAKIFujitsu Research Institute, JAPAN

Shingo OKUMA

Fujitsu Research Institute, JAPAN

Hideo NODA

Yamagata University, JAPANDiscussant Niño Alejandro Q. MANALO

University of the Philippines Los Banos, PHILIPPINE

Hypotheses on De-involution in Rural ChinaSpeaker

Richard SANDERS

University of Northampton, UKYang CHEN

University of Northampton, UK

Discussant Yingtong GUO
December 3rd 2006, 9：30 – 11：30

Business School of Jilin University, CHINA

Goucher Memorial Hall 4F 15406

Session D-2: Economic Integration and Comparative Analysis (1)Chair: Tosiyuki KAGAWA

Keio University, JAPANThe Effect of Foreign Investments on Dynamic Adjustment of Domestic Stock and Exchange Rate Markets:
A Comparative Study under Fixed and Flexible Exchange Rate Systems
Speaker

Lee-jung LU

Feng Chia University, TAIWAN

Shin-wen HU

Feng Chia University, TAIWAN

Yung-lieh YANG

Ling Tung University, TAIWAN

Discussant Tomomi MIYAZAKI

Nagoya Gakuin University, JAPAN

Should China Move to Free Exchange Rate Regime?—A Comparative Study between China and Japan
SpeakerPing HE

Kyoto University, JAPANFenjuan, HE

Ningxia University, CHINA

Discussant Madhusudan GHOSH

Visva-BharatiI University, INDIA

Political and Institutional Determinants of Fiscal Adjustments: Evidence from OECD Countries
Speaker

Tomomi MIYAZAKI

Discussant Ferran BRUNET
December 3rd 2006, 9：30 – 11：30

Nagoya Gakuin University JAPAN
Universitat Autònoma de Barcelona, SPAIN

Goucher Memorial Hall 4F 15407

Session E-2 : Monetary Policy and International Finance (1)Chair: Koji SHINJO

Kwansei Gakuin Universit, JAPANIs Money Endogenous in Japan? An Empirical Study
Speaker

Ziyodullo PARPIEV

Discussant Albert WIJEWEERANational Graduate Institute for Policy Studies, JAPAN
Univeristy of New England, AUSTRALIA

Regional Effects of Chinese Monetary Policy
Speaker

Bienvenido CORTES

Pittsburg State University, USA

Dangfeng KONG

Shandong University, CHINA

Discussant Ryokichi CHIDA

Meiji University, JAPANAn Empirical Analysis of the Effects of Sri Lankan Monetary Policy Shocks on Exchange Rates
Speaker

Albert WIJEWEERA

University of New England, AUSTRALIA

Brian DOLLEY

University of New England, AUSTRALIA

Discussant Kazuhito HABARA

Kyoto Sangyo University, JAPAN6

December 3rd 2006, 9：30 – 11：30

Goucher Memorial Hall 4F 15408

Session F-2: Resource and Environmental Policy (1)Chair :Prof. Akinori KUMAGAI

Aoyama Gakuin University, JAPANAn Economic Analysis of Consumer’s Restraining Behavior on the Generation of Waste Products
Speaker

Hideyuki AKAISHI

Hosei University, JAPAN

Discussant Akira KINOSHITA

Chiba University of Commerce, JAPANEnhancing Utilization Efficiency of Irrigation through Ground Water Markets:
A Study from Assam in Eastern India
Speaker

Mrinal Kanti DUTTA

Indian Institute of Technology Guwahati, INDIA

Discussant Hideo KOIDE

Seinan Gakuin University, JAPANCaps vs. Safety Valves in Designing Emissions Markets
Speaker

Akira MAEDA

Kyoto University, JAPAN

Discussant Yoshiaki USHIFUSA

University of Kitakyushu, JAPANAn Economic Analysis of Trade on Used Goods for Recycling
Speaker

Kazuka NAMBU

Meiji University, JAPAN

Discussant Alvin P. ANG
December 3rd 2006, 9：30 – 11：30

University of Santo Tomas, PHILIPPINEGoucher Memorial Hall 3F 15305

Session G-2: Human Capital and Labor Economics (1)Chair: Jose V. CAMACHO Jr.

Kyoto University, JAPANHeterogeneous Individuals and Optimal Level of Higher EducationSpeaker

CAI Dapeng

Nagoya University, JAPAN

Ryuhei OKUMURA

Nagoya University, JAPAN

Discussant Akira YOKOYAMA

Chuo University, JAPANIT, Gender, and the Digital Divide in Developing Countries
Speaker

Hassan Mujtaba Nawaz SALEEM

University of the West of England, UK

Nuzhat AHMAD

Applied Economic Research Center, PAKISTAN

Azhar IQBALState University of New York at Albany, USA

Discussant Li-Hsien CHIEN

National Chung-Hsing University, TAIWAN

Long-term Residence of Foreign Scientists and Engineers in JapanSpeaker

Yukiko MURAKAMI

Waseda University, JAPAN

Discussant Yasuhide TANAKA* * * * *December 3rd 2006, 13:00 – 15:00

Kobe University, JAPANLunch Time* * * * *Goucher Memorial Hall 4F 15401

Session A-3: Trade and International Policy (3)Chair: Yoshitomo KIYOKAWA

Doshisha University, JAPANThe Determinants of Post-Crisis Exchange Rate Practices
Speaker

Tai-kuang HO

National Chung Cheng University, TAIWAN

7

Discussant Hikari BAN

Kobe Gakuin University, JAPAN

Agricultural Trade among Asian Countries: Opportunities for Enhancing Cooperation and Integration
Speaker

Minda C. MANGABAT

Bureau of Agricultural Statistics, PHILIPPINE

Antonette P. NATIVIDAD

Bureau of Agricultural Statistics, PHILIPPINE

Discussant Shingo KIMURA

Ministry of Agriculture, Forestry and Fisheries of Japan, JAPAN

Degree of Capital Account Openness and Macroeconomic Volatility in India-An Empirical Analysis
Speaker

Lekshmi R. NAIR

Discussant Tesshu KOSHIBA
December 3rd 2006, 13:00 – 15:00

Institute for Financial Management and Research, Chennai, INDIA
Tohoku Gakuin University, JAPAN

Goucher Memorial Hall 4F 15402

Session B-3 : Economic Growth and Productivity (3)Chair: Yuko ARAYAMA

Nagoya University, JAPANDevelopment Challenges and Structural Changes in the Korean Economy 1980-2005:
An Application of The Innovational Outlier and Additive Outlier Models
SpeakerMosayeb PAHLAVANI

University of Sistan and Baluchistan, IRAN

Charles HARVIE

University of Wollongong, NEW SEALAND

Discussant Yongkul WON

University of Seoul, KOREA

Productivity Driven Achievement: Evidence from ASEAN5 Plus 3SpeakerElsadig Musa AHMED

Discussant Mitsuo EZAKI

Multimedia University, MALAYSIA
Nagoya City University, JAPANInsularity and Growth: Lessons from the French Overseas Regions’ Experiences
SpeakerMichel DIMOU

University of La Réunion, FRANCESerge SVIZZERO

University of La Réunion, FRANCE

Discussant W. Robert J. ALEXANDER

University of Otago, NEW ZEALAND

December 3rd 2006, 13:00 – 15:00

Goucher Memorial Hall 4F 15405

Session C-3: Industrial Organization (3)Chair: Mitsuo SASAKI

NihonUniversity, JAPAN

Mixed Duopoly, Privatization and the Shadow Cost of Public Funds: Exogenous and Endogenous Timing"
Speaker

Carlo CAPUANO

University of Naples Federico II, ITALY

Giuseppe DE FEO

University of Naples Federico II, ITALY

Discussant Toshihiro MATSUMURA University of Tokyo, JAPANIncentives on Breach of Contract, Settlement and Litigation
Speaker

Kotaro UCHINO

Discussant Carlo CAPUANO

Kobe University, JAPAN
University of Naples Federico II, ITALYEmerging and Established Contractor Sectors in the South African Construction Industry:
Success Factors as an Effective Integration StrategySpeaker

Emeka EGBEONU

Discussant Yoshihiko AKASHI

University of the Witwatersrand, SOUTH AFRICA
Osaka City University, JAPAN8

December 3rd 2006, 13:00 – 15:00

Goucher Memorial Hall 4F 15406

Session D-3: Economic Integration and Comparative Analysis (2)Chair: Reishi MARUYA

Kobe University, JAPANEconomic Integration, FDI and ASEAN-Japan Trade Flows
Speaker Hui Boon TAN
Universiti Putra, MALAYSIA
Chen Chen YONG
Multimedia University, INDIA
Discussant Yuqing XINGInternational University of Japan, JAPANRegional Economic Integration and Convergence in Asia
Speaker

Madhusudan GHOSH

Discussant Charles HARVIE

Visva-BharatiI University, INDIA
University of Wollongong, AUSTRALIA

Three Cases for Monetary Integration in East AsiaAuthor(s) Ulrich VOLZFree University of Berlin and HWWA/HWWI, GERMANY

Discussant Manabu FUJIMURA

Aoyama Gakuin University, JAPAN

December 3rd 2006, 13:00 – 15:00

Goucher Memorial Hall 4F 15407

Session E-3: Monetary Policy and International Finance (2)Chair: Naotsugu HAYASHI

Hosei University, JAPAN

Money Illusion and Its Implication for Monetary Policy
Speaker Ryokichi CHIDA
Meiji Universit, JAPANYasuhiro TSUKAHARA
Meiji University, JAPANDiscussant Bienvenido CORTES
Pittsburg State University, USA
Estimating the Dynamics of Interest Rates in the Japanese Economy
Speaker K. Ben NOWMAN
University of Westminster, UK
Trino-Manuel NIGUEZ
University of Westminster, UK
Discussant Mitsuhiko SATAKE
Ryukoku University, JAPANWhy Investment Under-perform in Post-Crisis Indonesia?
Speaker

Agustinus PRASETYANTOKO

Discussant Masumi KISHI
December 3rd 2006, 13:00 – 15:00

Ecole Normale Supérieure, FRANCE
Chuo University, JAPAN

Goucher Memorial Hall 4F 15408

Session F-3: Resource and Environmental Policy (2)Chair: Mrinal Kanti DUTTAIndian Institute of Technology Guhahti, INDIA

Waste Management Policies Dealing with Illegal Disposal and Concealment
Speaker

Hideo KOIDE

Discussant Akira MAEDA

Seinan Gakuin Universit, JAPANKyoto University, JAPANA Possibility of Voluntary Investment against Global Warming: From the View of Public Choice
Speaker

Yutaka ITO

Discussant Masahiro YABUTA

Yokohama College of Commerce, JAPANChuo University, JAPAN

Environmental Policy and Induced Technological Change: A Two - region Model Analysis
Speaker

Kana MOROGA

Discussant Kazunori MINETAKI

Kyushu University, JAPANFujitsu Research Institute, JAPAN9December 3rd 2006, 13:00 – 15:00

Goucher Memorial Hall 3F 15305

Session G-3: Human Capital and Labor Economics (2)Chair: Yukiko MURAKAMI

Waseda University, JAPANA Comparative Analysis of the Triad Economic Dynamics:
Employment, Productivity, and Welfare in the United States, European Union, and Japan
Speaker

Ferran BRUNET

Universitat Autònoma de Barcelona, SPAIN

Seun Joon PARK

Kyoto Sangyo University, JAPAN

Discussant Hiromasa KUBO

Kobe University, JAPANEconomics of Skill Formation in the Philippines
Speaker

Jose V. CAMACHO Jr.

Discussant Hassan Mujtaba Nawaz SALEEM

Kyoto University, JAPAN
University of the West of England, UK

How Representative are Representative Workers? :An Assessment of the Hypothetical Workers Commonly Used in Social Security Studies
Speaker

Wade D. PFAU

Discussant Soichi Ohta
December 3rd 2006, 13:00 – 15:00

National Graduate Institute for Policy Studies, JAPANKeio University

Goucher Memorial Hall 3F 15306

Session H-3 : Economic Welfare and Social Security (1)Chair: Mari NISHINO

Meiji University, JAPAN

Expenditure Uncertainty and Savings in China: Evidence from Provincial Level Data
SpeakerW. Robert J. ALEXANDER

University of Otago, NEW ZEALAND

Yingtong GUO

Jilin University, CHINA

Discussant Junichi GOTO

Kobe University, JAPANPrivatization, Globalization and Welfare: in the Philippines
Speaker

Alvin P. ANG

Discussant Toshio UEMURA

University of Santo Tomas, PHILIPPINEAsia University, JAPAN

Living Arrangements of the Vietnamese Elderly during Economic Transition:
The View from the Vietnam (Household) Living Standard Surveys
Speaker

GIANG Thanh Long

National Graduate Institute for Policy Studies, JAPAN

Wade D. PFAUNational Graduate Institute for Policy Studies, JAPAN

Discussant Kazuhiro YAGUCHI

Tohoku Bunka Gakuen University, JAPAN

December 3rd, 15:30-17:00 International Conference Hall, Research Institute Building 12th Floor
Prenary Session II : 15:30-17:00"Asian Economic Initiative: How Do We Integrate Our Economies?"
Chair:Prof. Inchul KIM (Sung Kyun Kwan University, KOREA)
Russian View on the Economic Integration in East Asia
Guest Speaker: Prof. Dmitri EVSTAFIEV (Saint Petersburg State University, RUSSIA)

De facto and de jure Economic Integration in East Asia
Guest Speaker:

Prof. Fukunari KIMURA (Keio University, JAPAN)

Closing Session: 17:00-17:30

10