Global COE Hi-Stat Newsletter

No. 6 (August 2011)

Contents
Report on the Asia Pacific Trade Seminars Annual Meeting

Taiji Furusawa… 1

Hitotsubashi University Policy Forum:“Recovering from the Tohoku Earthquake”

Yukinobu Kitamura… 2

Report on the Cambodia 2011 Economic/Establishment Census

Akiko Nasuda…5

Discussion Papers ...8
Seminars and Conferences ...10Awards …14
Ph.D. Conferments …14

Report on the Asia Pacific Trade Seminars (APTS) Annual Meeting
Taiji Furusawa
Micro Analysis Research Group (Theoretical Foundations)
Professor, Faculty of Economics, Hitotsubashi University
On June 30, the 7th Annual Meeting of the Asia Pacific45 papers on international trade theory and empirics

Trade Seminars started at the University of Hawaii atwere presented and more than 60 participantsManoa under a clear blue sky. At the conference

attended. The papers presented spanned a wide

venue, the Center for Korean Studies, a building

range of research topics, including the relationshipresembling a Korean temple, the air-conditioning

between international trade on the one hand andinside was surprisingly cold.

Although it matteredresearch and development (R&D) and economic

little to the participants, who would have filled thegrowth on the other, the determinants and economic

venue irrespective of sunshine or rain during theeffects of exporting, off-shoring, and foreign direct

sessions, it still seemed more fitting that the weather

investment (FDI), the economics of free trade

was good.

agreements, and the interaction between trade and the

The APTS Meeting, which was held over two days,

environment.

was formally opened by a welcome speech given by

But

the

meetingprovided

opportunities

forDenise Konan (University of Hawaii at Manoa) andintellectual exchange not only during the sessions,then started in earnest with the plenary session ofwhere participants presented their research results. As

Jee-Hyeong Park (Seoul National University). All in all,at previous meetings, participants also actively used1the lunch and coffee breaks to exchange information

research in this field – hold a conference once a year

and ideas on their research. This exchange further

at a university in the region. The first meeting in 2005

continued at the reception held on the evening of thereceived the support of the predecessor of this G-COE

first day, raising anticipation for the second day.

program, the 21 Century COE program “Normativest

Digressing slightly, let me elaborate on the reception

Evaluation and Social Choice of Contemporary

held at the end of the first day, for which M.R.C.

Economic Systems,” and was held at Hitotsubashi

Greenwood, president of the University of Hawaii

University. Subsequent meetings were held at Kobe

System, had invited all participants to the official

University, the Shanghai University of Finance andresidence of the university president. The official

Economics, the University of Sydney, the University ofresidence lies on a small hill outside the university

Hong Kong, Osaka University, and now the University

campus and was a truly splendid placeof Hawaii.

withspectacular views. On the terrace of the residence,

The second day of the meeting also took placeparticipants were able to continue their exchange ofunder a clear sky, and – not having succumbed to theideas while glancing at Honolulu below – a profoundly

temptation of the beaches – (almost?) all participants

memorable experience.

gathered in the cold venue and discussed the researchpresentations

with

great

enthusiasm.

The

very

productive meeting finished on the evening of July 1
and participants jumped into their taxis and dispersed
into the various beachside restaurants. However, what
impressed me deeply is that in the taxi that I was in,although it was already getting late, animateddiscussion of the papers presented continued. Next
year’s APTS annual meeting will be held in Singapore,with its everlasting summer (but maybe slightly weaker
temptation from the beaches).
Details of the program of the 7th Annual Meeting of the
APTS is a network of researchers launched in 2005

Asia Pacific Trade Seminar can be found at thelargely by Jota Ishikawa (Hitotsubashi University) andfollowing website:

myself. Its aim is to promote exchange among

http://www.econ.hit-u.ac.jp/~trade/apts/

international trade scholars active mainly in the
Asia-Pacific region and – as a way to provide a push to

Hitotsubashi University Policy Forum“Recovering from the Tohoku Earthquake”
Yukinobu Kitamura
Program Sub-Leader / Leader, Micro Analysis (Households/Corporations) Group
Professor, Institute of Economic Research (IER), Hitotsubashi University

2

The Tohoku Earthquake (or “Great East Japan

concrete ideas on issues such as the need to

Earthquake” as it is referred to in Japan) on March 11,

strengthen the resistance of buildings to earthquakes

2011, whose epicenter was in Miyagi prefecture, wasand fires, for measures to deal with tsunamis, policies

the largest natural disaster in Japan after the Second

to provide support for the elderly in the disaster area,

World War. It caused major damage, mainly throughand measures to ensure the quick recovery of

the tsunami, leaving 15,555 dead and 5,344 still

functioning of cities (especially Tokyo as the capital)

missing (as of July 12, 2011). The earthquake andafter a disaster. Moreover, introducing the notion ofensuing tsunami, moreover, led to equipment failure at“recovery before a disaster has even occurred” by

the Fukushima Dai-ichi Nuclear Power Plant, ownedbuilding towns and cities that are resistant toand run by Tokyo Electric Power (TEPCO), resulting inearthquakes, he emphasized the importance ofa nuclear accident that further complicated recovery

measures dealing with the fact that earthquakes arefrom the earthquake. The government established abound to occur in the future. Concerning the response

20km exclusion zone around Fukushima Dai-ichi

to the Tohoku Earthquake, he pointed out that it was

Nuclear Power Plant, requiring residents to evacuate,

necessary to review the system for providing supportand it will still take considerable time until the situation

to earthquake victims, giving priority to providing aid toat the nuclear power station is completely underthe elderly and those with difficulties in rebuilding theircontrol.

lives.

Moreover,heargued

that

plans

for

At Hitotsubashi University, a substantial number ofreconstruction and the necessary securing of funds

scholars have been conducting research on policies toshould be handled in a cohesive manner and that, torespond to earthquakes, and on May 26, a Policy

this end, a framework should be set up that ensures

Forum was held at the TKP Otemachi Conference

that the reconstruction budget is transparent and there

Center to assess the economic impact of the Tohoku

is clear accountability regarding the way money is

Earthquake and consider measures for recovery andspent.

reconstruction. The panelists included Eiji Tajika

Prof. Oguro started his presentation by presenting(Professor, Department of Economics), Kazumasa

historical earthquake data that suggested that seismic

Oguro (Associate Professor, IER), Keiichiro Kobayashi

activity in Japan had increased. He then continued by(Professor,

IER),

describing the various approaches to dealing with

DepartmentofMotohiro

Economics),

Sato
and

(Professor,

MakotoSaito

earthquake risk, such as measures to minimize the(Professor, Department of Economics), with myself

damage(Yukinobu Kitamura, IER) as the coordinator.

standards, and managing the financial risks through,throughurbanplanning

andbuilding

Even though the event took place on a weekday

e.g., earthquake insurance. Furthermore, he argued

afternoon, it drew more than 170 participants. Eachthat instead of prioritizing measures to minimize thepanelist presented a passionate presentation and thenpotential damage from natural disasters such asprovided thoughtful answers to the many questions

earthquakes where such risks are concentrated, Japan

from the floor at the panel discussion that followed theshould instead decide on the degree and extent ofpresentations.

such measures from a financial risk management
perspective.
Next, Prof. Kobayashi discussed a wide range ofSummary of the Policy ForumThe Policy Forum was kicked off by Prof. Tajika, who

economic policy issues in the wake of the earthquake.

presented his views on how the recovery andHe set out by arguing that because the economy wasreconstruction process should proceed, providing

expected to follow a V-shaped recovery as a result of3

the boost provided by reconstruction demand, thepolicies to provide relief and support to disaster victims

impact of the earthquake on the economic growth rateshould be kept clearly separate; (3) aid and support for

overall would be relatively small. For this reason, andisaster victims should be kept separate from normal

expansionary fiscal policy during the recovery phase

livelihood protection through the social security

was not necessary and instead it was important for thesystem; (4) the self-reliance of victims that can standgovernment to stay the course on fiscal consolidation.

on their own feet should be supported; and (5) one

However, the electricity supply constraints were likely

should think about the rapid exit of declining industries

to act as a long-term growth constraint, and he argued

andthat a debate on an alternative energy strategy and theConcerning reconstruction funds, he argued that,use of nuclear power was necessary. He estimatedtaking present fiscal circumstances and politicalthat – provided that the government allows energy

constraints into account, the best way to secure suchcompanies to raise prices – electricity charges would

funds – in order of desirability – would be to issue newhave to go up by about 20%, although the exact

government bonds, followed by expenditure cuts andamount would depend on the amount of compensation

tax increases.

firms

and

subsequent

livelihood

support.

TEPCO will have to pay. Regarding the funds

Prof. Saito, based partly on his experience ofnecessary for reconstruction, Prof. Kobayashi argued

working as volunteer in Ishinomaki City following thethat the government should temporarily increase theearthquake, spoke passionately about what needs toissuance of government bonds and, in the long-term,

be done, and what needs to be avoided, in therepay the funds through a permanent increase in taxes.

reconstruction and recovery effort. For example, heMoreover, he expressed the view that, following theemphasized that regional towns and cities in Japan are

earthquake,thatin a process of downsizing, that it was necessary tomonetary easing to counter the strong yen and its

adapt urban planning to this trend and set priorities

deflationary effects was necessary. Further, firms andwithin regions, and form a consensus among citizens

individuals in the disaster areas face a serious “double

on how new cities should be built. Further, he pointed

debt problem” – that is, they are obliged to repay loans

out that even though a lot of urban planning based on

taken out in the past for homes and businesses that

unrealistic reconstruction scenarios, requiring a lot of

have been destroyed, and now have to take out new

financial support, was being considered at the moment,

loans to rebuild. Prof. Kobayashi argued that to deal

the overall trend regarding the downsizing of regionalwith the situation, a debt reduction mechanism tocities remained unchanged, and that it was therefore

reduce existing debt should be established, while

important to avoid a situation where Japan ended up

preventing that this is used for the relief of bad debt

with unneeded facilities and a large amount of debt

unrelated to the earthquake, as happened with thetaken on to pay for them.

deflation

would

continueandearthquake bonds issued after the Great Kanto

In the panel discussion that formed the second part

Earthquake of 1923.

of the Policy Forum, panelists answered questions

Prof. Sato argued that, from the perspective of

from the floor and further elaborated on the issues

public finances, the following principles for theraised. For example, the panelists gave candid

recovery and reconstruction effort should be followed:

answers to questions regarding what the “New Japan”(1) the aim should not be to restore industries andafter the reconstruction effort would look like, whatfirms in their original form, but to reorganize andurban planning in the context of “regional downsizing”

strengthen the competitiveness of existing industries

should look like, whether a shift to a permanent tax

and firms and nurture new ones; (2) economic policies

increase was desirable, what sort of corporate tax

aimed at nurturing new industries and firms and social

system4

wasdesirable

for

the

future,how

compensation to individuals that have lost their home

the first installment consisting of a contribution byshould be handled, and various other issues that will

Kazumasa Oguro, while the second installment will be

inevitably arise as part of the reconstruction process.

by Makoto Saito. Finally, the Hitotsubashi University
magazine “HQ” will contain a special report collecting

Subsequent developments

information from the panelists of this Policy Forum,

In a special feature article published on June 11, theand the Forum also received the attention of various

Nikkei Shimbun, Japan’s largest business daily, carried

other media outlets.

policy and response proposals from various corners,

Videos of the event as well as presentation materials

including the proposals from this Policy Forum. Further,can be found on the Hitotsubashi University website by

on June 20, the government passed a basic law forfollowing the link below.

reconstruction of the areas devastated by the Tohoku
Earthquake, and the proposals of the Policy Forum are

Presentation materials and videos (in Japanese) of thelikely to have been taken into account in the

Policy Forum on “Recovering from the Tohoku

formulation of the subsequent supplementary budget

Earthquake”:

and concrete recovery programs. Moreover, Nippon

http://www.hit-u.ac.jp/function/outside/news/2011/0603

Hyoronsha, a publishing company, in the June/July.html

2011 issue of its “Keizai Seminar” magazine started a
new series on the earthquake and the economy, with

Report on the Cambodia 2011 Economic/Establishment Census
Akiko Nasuda
COE Young Researcher
Department of Economics, Hitotsubashi University
Cambodia in March. The dry season is coming to a

the east, Laos to the north, and Thailand to the west. It

close and it is getting very hot. Under a blue, cloudlessis a small country with an area about half of that ofsky, the first Economic/Establishment Census in

Japan, and a population of about a tenth. The survey

Cambodia’s history has started.

for the first Economic Census of the country was

Cambodia is a country in Southeast Asia on the

conducted between March 1 and 31, 2011, and I had

Indochinese peninsula. It is surrounded by Vietnam tothe opportunity to accompany this survey.

5

In recent years, the number of establishments in

is remarkable, marking the transition from an economy

Cambodia has increased explosively. * However,heavily reliant on agriculture to a non-agricultural

because there is no need for a special application toeconomy. Especially in the suburbs of the capital,

open a new establishment, and the majority of such

Phnom Penh, this transition is proceeding at a rapid

establishments take the form of roadside or market

pace, and textile industry establishments proliferate. A

stalls, the government had no clear grasp of the exact

notable feature is that many young people, especiallynumber of establishments. This meant that statistical

women, now work in factories. Moreover, even indata were necessary in order to obtain a clearer

agricultural communities far from the capital, more andpicture of the current situation and for policy-making

more markets have sprung up in recent years,

purposes in the future. It is against this backgroundcrammed with farmers selling fruit and vegetables they

that, in collaboration with the Japan International

have grown as well as small general stores. As a result,

Cooperation Agency (JICA), the 2011 Economic

the number of establishments has been increasing at

Census was conducted.

quite some speed.
At the same time, though, it also seems extremely
doubtful that in only a short space of time the numberof establishments has increased to such an extent thatthe number of surveyors was no longer sufficient. In
the run-up to the 2011 Economic Census, careful
preparations were made starting a few years before incollaboration with JICA. Specifically, in 2009, anation-wide list of establishments and maps recording
the place and the overall number of establishments
were prepared. This information was constantly
updatedandwassupposedtoprovideacomprehensive overview. However, in practice, when
Having been given the opportunity to accompany thethe Economic Census survey commenced, it turned

survey, I visited four of Cambodia’s provinces, asking

out that the maps prepared at the preparatory stage

wherever I went: “Have there been any problems sincewere inaccurate and it became clear that there existed

the establishment survey commenced?” The reply

more establishments than at first anticipated.

invariably was: “The number of establishments has

There are two main reasons why this problem

increased since the time of the last preparatory survey

cropped up. The first is that there was no basic

and there are simply not enough surveyors.” This reply

information such as maps containing all towns andillustrates both the pace of Cambodia’s economic

villages like the ones one can easily use in developed

development and the difficulties involved in conducting

countries. In the preliminary survey, surveyors walked

official surveys in developing countries.

through the survey areas and prepared hand-drawn

Cambodia’s economic development in recent years

maps. Because surveyors, who until then had hardly
ever seen a map, visited the survey areas and drew*

It should be noted that establishments falling into thefollowing categories of the International Standard Industry
Classification (ISIC) were excluded from the survey:
agriculture, forestry and fishing; public administration anddefense; activities of extraterritorial organizations andbodies; and activities of households as employers.
Moreover, following the definition of the United Nations,establishments here are defined as “units conducting
economic activity under unified control from a fixed base.”

the maps by hand, mistakes and omissions naturally
occurred.
The second reason is that it was not completely
possible to prevent surveyors from cutting corners intheir work. Surveyors were paid a special wage for6their work during the survey preparation, but because

case

the amount they were paid did not depend on theextremely difficult to accurately gauge their earnings.

quality of their work, they faced an incentive to finish

In the case of small establishments, household income

their work in any manner possible, including by cutting

and expenditure and establishment sales are often notcorners. Because the salary of civil servants inseparately recorded, and proprietors themselves also

Cambodia is not very high, many public servants do

do not have a clear idea of last month’s income. In thispart-time work outside the civil service and therefore

kind of case, surveyors assiduously ask about thetry to decrease their workload as much as possible.

previous day’s purchases of merchandise and sales,

However, since it is impossible to constantly monitor

as well as the number of days in a month that awhether they are cutting corners, there are limits toparticular establishment was doing business, and thendealing with this through penalties. Anticipating thisuse this information to try to estimate the monthly

problem, Mr. Fumihiko Nishi ofincome.

JICA’sprojectofsmall,

family-run

establishments,

itis“Improving Official Statistics in Cambodia” tried toconvey to surveyors the significance of official surveys.
Specifically, he tried to convey that official surveys
have a large impact on policy decisions and that theyarecrucialfor

Cambodia’s

futureeconomicdevelopment. This example illustrates that, in order toobtain accurate survey data, providing education on,
and improving the institutional environment for,surveys is of key importance.

Anotherdifficulty

is

that

especiallylargeestablishments often refuse to provide answers. They
fear that, by reporting income accurately, they will be
required to pay more taxes and therefore are reluctant
to disclose information. In order to raise the response
rate, it is consequently necessary to gain the
respondents’ confidence that the Economic Census
will be used purely for statistical survey purposes. For
this reason, about one month before the survey
commenced, a comprehensive PR campaign was
launched, consisting of newspaper ads, TV and radio
commercials, and large banners and posters posted

Ms. Nasuda (left) and a surveyor (right)

nationwide. Moreover, during the survey period,
surveyors were required to wear a uniform.

That being said, in developing countries, there alsodifficulties in obtaining accurate information from

It is well known that official data of developing

survey respondents. The first of these is that in the

countries are often of questionable reliability. When I

7accompanied the Economic Census survey, I came toI hope that the efforts of the National Institute ofappreciate the problems involved in conducting such a

Statistics of Cambodia and JICA will result in bettersurvey in a developing country with all its differences

data becoming available and contribute to thefrom developed countries, and the difficulties involved

economic development of Cambodia.

in conducting an accurate survey. However, at thesame time, I was also able to appreciate the efforts by

Acknowledgements:

the various people involved to do as much as theyThis research trip to Cambodia was supported by a G-COE

could to increase the reliability of the data. In my

Overseas Research Grant. Moreover, during my stay inresearch, I am concerned with how the transition from

Cambodia, Mr. Fumihiko Nishi of the Statistical Researchan agricultural economy to a non-agricultural economy

and Training Institute, Ministry of Internal Affairs andtakes place. The information gathered through theCommunications, kindly allowed me to accompany the

Economic Census will be extremely important for mysurvey and provided invaluable insights. I would like tofuture research and presumably will also be very

express my deepest thanks here.

important for the economic development of Cambodia.

Global COE Hi-Stat Discussion Papers (February 2011－August 2011)
No. 166 (February 2011) Chang-Tai Hsieh and Ralph

No. 172 (March 2011) Daisuke Nagakura, “How Are

Ossa, “A Global View of Productivity Growth in

Shocks to Trend and Cycle Correlated? A Simple

China.”

Methodology

No. 167 (February 2011) Yoko Oguro, “The Sensitivity

forUnidentified

Unobserved

Components Models.”of Export Quantities to Exchange Rates in theNo. 173 (March 2011) Ryo Jinnai, “News Shocks,

Context of Intra-Industry Trade.”

Price Levels, and Monetary Policy.”

No. 168 (February 2011) Kyoji Fukao, Tomohiko Inui,No. 174 (March 2011) Julian di Giovanni and Akito

Keiko Ito, YoungGak Kim, and Tangjun Yuan, “AnMatsumoto, “The Value of Human Capital Wealth.”

International Comparison of the TFP Levels and the

No.

175

(March2011)

MakotoNakajima,“A

Productivity Convergence of Japanese, Korean,

Quantitative Analysis of Unemployment Benefit

Taiwanese, and Chinese Listed Firms” (Extended

Extensions.”

Version).
No.

169

No.
(February

2011)

Takashi

Kurosaki,

176(March2011)

Kenichi

Fukushima,“Quantifying the Welfare Gains from Flexible“Compilation of Agricultural Production Data in

Dynamic Income Tax Systems.”

Areas Currently in India, Pakistan, and Bangladesh

No. 177 (March 2011) Kyoji Fukao, Tsutomu Miyagawa,from 1901/02 to 2001/02.”

Hak K. Pyo, and Keun Hee Rhee, “Estimates of Total

No. 170 (February 2011) Ryota Yabe, “Limiting

Factor Productivity, the Contribution of ICT, andDistribution of the Score Statistic under Moderate

Resource Reallocation Effects in Japan and Korea.”

Deviation from a Unit Root in MA(1).”No. 178 (March 2011) Yoonseock Lee, “The Statistical

No. 171 (March 2011) Shigeru Iwata and Han Li, “Why

System of the Governor-General of Korea” (inAre Trend Cycle Decompositions of Alternative

Japanese).

Models So Different?”

No.

8

179

(March

2011)

Kiminori

Matsuyama,

“Institution-Induced Productivity Differences andAnalysis of the Vietnamese Motorcycle Industry.”

Patterns of International Capital Flows.”

No. 192 (May 2011) Eiji Kurozumi and Kohei Aono,

No. 180 (March 2011) Jota Ishikawa, Kazuharu Kiyono,“Estimationand Morihiro Yomogida, “Is Emission Trading

Regressions.”

Beneficial?”

andInferencein

Predictive

No. 193 (July 2011) Lixin He and Hiroshi Sato, “Income

No. 181 (March 2011) Shun-ichiro Bessho andRedistribution in Urban China by Social Security

Masayoshi Hayashi, “Should Japanese Tax System

System: An Empirical Analysis Based on Annual and

Be More Progressive?”

Lifetime Income.”

No. 182 (March 2011) Kazuhiro Kumo, “Tajik Labour

No. 194 (July 2011) Masakazu Hojo, “Education

Migrants and their Remittances: Is Tajik Migration

Production Function and Class-Size Effects in

Pro-Poor?”

Japanese Public Schools.”

No. 183 (March 2011) Hiroyuki Okamuro and Junichi

No. 195 (July 2011) Toshiaki Watanabe, “Quantile

Nishimura, “A Hidden Role of Public Subsidy in

Forecasts of Financial Returns Using Realized

University-Industry Research Collaborations.”

GARCH Models.”

No. 184 (March 2011) Daiji Kawaguchi and Tetsushi

No. 196 (July 2011) Jouchi Nakajima and Toshiaki

Murao, “Who Bears the Cost of the Business Cycle?

Watanabe, “Bayesian Analysis of Time-Varying

Labor-Market Institutions and Volatility of the YouthParameter Vector Autoregressive Model with the

Unemployment Rate.”

Ordering of Variables for the Japanese Economy

No. 185 (March 2011) Nuttapon Photchanaprasert,

and Monetary Policy.”“Innovation and Production Offshoring: Implications

No. 197 (August 2011)

on Welfare.”Kyoji Fukao and Toshihiro Okubo, “Why Has theNo. 186 (April 2011) Yasuhiro Shirata, “Formation of
Decentralized

Manufacturer-SupplierBorder Effect in the Japanese Machinery Sectors

Networked

Declined? The Role of Business Networks in East

Market.”Asian Machinery Trade.”

No. 187 (April 2011) Eiji Kurozumi and Khashbaatar
Dashtseren,“Statistical

Integrated/Cointegrated

Inference
Vectorin

No. 198 (August 2011)

Possibly

Keiya Eto, “Impact of Economic Development on

Autoregressions:

Provincial Relative Price of Agricultural Product toApplication to Testing for Structural Changes.”

Industrial Product in China: A Note for the Analysis

No. 188 (April 2011) Maki Michinaka, “Humanof Regional Income Differences by Provincial

Development Rankings Based on the Pareto

Economic Characteristics” (in Japanese).

Dominance: Illustrations Using Cross-Country Panel

No. 199 (August 2011)

Data 1980-2007.”

Ashish Arora, Lee G. Branstetter, and Matej Drev,

No. 189 (May 2011) Hiroyuki Okamuro and Junichi“Going Soft: How the Rise of Software BasedNishimura, “Impact of University Intellectual Property

Innovation Led to the Decline of Japan's IT Industry

Policy on the Performance of University-Industry

and the Resurgence of Silicon Valley.”

Research Collaboration.”

No. 200 (August 2011)

No. 190 (May 2011) Mitsuhiko Kimura, “Toward

Daisuke Nagakura and Toshiaki Watanabe, “A State

Normalization of Relations with Japan: The Strategy

Space Approach to Estimating the Integratedof North Korea, circa 1950 to 1961.”

Variance

No. 191 (May 2011) Tran Lam Anh Duong, “The

under

the

ExistenceofMarketMicrostructure Noise.”

Optimal Dynamic Infant Industry Protection in

No. 201 (August 2011)

Joining a Free Trade Agreement: A Numerical

Norifumi Yukutake, Shinichiro Iwata, and Takako

9

Idee, “Strategic Interaction between Inter Vivos Gifts

Global COE Hi-Stat Discussion Paper Series

and Housing Acquisition.”

http://gcoe.ier.hit-u.ac.jp/english/research/discussion/i
ndex.html

Seminars and Conferences (February 2011－August 2011)th

176 (February 8, 2011)
Industrial

Demand Model of Trade in Vertically Differentiated

Organization

and

Labor

Economics

Goods”st181 (February 19-20, 2011)

Workshopco-organized with the Center for Intergenerational

Macroeconometrics Conference

Studies and the Tokyo Center for Economic

jointly sponsored by the Ministry of Education,

Research (TCER) Seminar

Culture,Jae Nahm (Korea University), “Merger Simulation in

Grant-in-Aid

an Open Economy”“Econometric Analysis of Macroeconomic Policy

Sports,for

ScienceandScientific

Researchthunder the Financial Crisis”

thShigeru

177 (February 10, 2011)20 Global COE Research Workshop
ShinyaTanaka(Hitotsubashi

University),

FujitaPhiladelphia),

Technology’s(FederalReserve

Mototsugu

Fukushige

(A)

Bank

on

of

(Osaka“Investigating the Finite Sample Properties of

University),

Estimators for Approximate Factor Models When N

Wisconsin), Hirokuni Iiboshi (Tokyo Metropolitan

Is Small” (with Eiji Kurozumi)

University), Shigeru Iwata (University of Kansas),

Kenichi

Fukushima(Universityofth

Ryo Jinnai (Texas A&M University), Kazuhikost

21 Global COE Research Workshop

KakamuYoonseock Lee (Hitotsubashi University), “Empirical(International Monetary Fund), Toshihiko Mukoyama

Analysis of Re-Employment of the Elderly” (in(University of Virginia), Daisuke Nagakura (Waseda

Japanese)

University), Makoto Nakajima (Federal Reserve

178 (February 17, 2011)th

179 (February 18, 2011)(ChibaUniversity),

Akito

Matsumoto

Bank of Philadelphia), Shin-ichi Nishiyama (Cabinet

Economic Statistics Workshop

Office,Yohei Yamamoto (University of Alberta), “Estimating(National University of Singapore), Etsuro Shioji

and Testing Multiple Structural Changes in Linear(Hitotsubashi

Models by Band Spectral Regressions,”(Hitotsubashi University), and Yohei Yamamoto

Tatsushi Oka (National University of Singapore)(University of Alberta)“Nonparametric

Quantile

Regression

with

182

nd

GovernmentofJapan),

University),

Tatsushi

Toshiaki

Oka

Watanabe(February 21-23, 2011)

Global COE Economic Statistics Intensive Seminar

Discontinuities”th

180 (February 18, 2011)

Hirokuni

Workshop on International Trade and FDI

University), ”Bayesian Econometrics and Markov

co-organized with the TCER and the Center for

Chain

Research on Contemporary Economic Systems

Empirical Analysis Using WinBUGS” (in Japanese)

Megumi

Nishimura(UniversityofColorado

Iiboshi
Monte

Carlo

(Tokyo(MCMC):

Metropolitan
Applicationtord

183 (February 28, 2011)at

3rd General Meeting for the Global COE Hi-Stat

Boulder), “Love of Quantity and Quality: A Non-Unit

10

Program

Data Models When Both N and T Are Large”thth

184 (March 2, 2011)

190 (April 28, 2011)nd

Project Research Seminar “Studies on Income Tax”

22 Global COE Research Workshop

co-organized with the Joint Usage/Research Center,

Tetsushi Murao (Hitotsubashi University), “Entry andInstitute

Productivity Growth: Evidence from Estimated Firmof

EconomicResearch,

Hitotsubashi

Dynamics Model” (with Makoto Nirei)

Universityst

191 (May 10, 2011)

Shigeki Kunieda (Hitotsubashi University), Takeshi
Miyazaki (Meikai University), Hiroyuki Yashio (Kyoto

Industrial

SangyoWorkshop

University),

Shun-ichiro

BesshoOrganization

and

Labor

Economics(Hitotsubashi University), and Yukinobu Kitamura

co-organized with the TCER Seminar(Hitotsubashi University)

Michiru Sawada (Nihon University), “Interbank

thNetworks

thImplications” (with Tetsuji Okazaki)

185 (March 3, 2011)18 Global COE Research Workshop

Industrial

Nonstationary VAR Models”

Workshopth186 (March 10, 2011)
WorkshoponJapan:

Structureandnd“Inference for Multiple Structural Changes in

3

Prewar192 (May 17, 2011)

Dashtseren Khashbaatar (Hitotsubashi University),rdin

Organization

and

Labor

Economics

co-organized with the TCER Seminar
AsianHistorical

Statistics

WorawatMargsiri(Fordham

University),“The(ASHSTAT)

Impact of Holdup Problems in Early Supplier

Mihoko Daigo (Hitotsubashi University), “Long-Term

Involvement

Population Estimation of the Philippines: 1551-2051”

Preference”

on

New

Product

Developmentrd

193 (May 24, 2011)(in Japanese)th

187 (March 30, 2011)

Macroeconomics and Finance Workshop

Workshop on International Trade and FDI

co-organized with the TCER Seminarco-organized with the Center for Research on

Yasuyuki Sawada (University of Tokyo), ”How Is

Contemporary Economic Systems and the TCER

Consumption Smoothed against Income and Asset

SeminarShocks Induced by an Earthquake? The Case of the

Yumiko Taba (Waseda University), “A Bargaining

Chuetsu Earthquake” (with Hidehiko Ichimura andModel of Free Trade Agreements in Special Interest

Satoshi Shimizutani)th

194 (May 26, 2011)

Politics” (with Hideki Konishi)th

188 (April 19, 2011)
Industrial

Organization

Open
and

Labor

Economics

Forum:“Recovering

from

the

TohokuEarthquake”

Workshopco-organized with the Hitotsubashi University Policy

co-organized with the Workshop on International

Forum

Trade and FDI and the TCER Seminar

Eiji Tajika (Hitotsubashi University), Kazumasa

Tetsuya Saito (State University of New York at

Oguro

Buffalo), “Urbanization Increases the Velocity of

Kobayashi (Hitotsubashi University), Motohiro Sato

Money: A Money-Search Model and Evidence”(Hitotsubashith

189 (April 27, 2011)(Hitotsubashi

University),

University),

MakotoKeiichiro
Saito(Hitotsubashi University), and Yukinobu Kitamura

Economic Statistics Workshop(Hitotsubashi University)th

195 (May 30, 2011)

Ryo Okui (Institute of Economic Research, Kyoto

Economic Development Workshop

University), “Asymptotic Efficiency in Dynamic Panel11co-organized

with

the

Centerfor

TakeshiEconomic

Nath

University,

Singh
India),

Yadava(Banaras

University),“Proceduretond202 (June 18, 2011)

Hindu

Conference on “Early Formation of Human Capital

EstimateandFecundability of Migrant Couples”th

196 (May 31, 2011)
Industrial(Hitotsubashi“Energy-Saving Technological Changes in Japan”

Institutions
Kedar

NiizekiOrganization

Inter-generational

TransmissionofSocioeconomic Status”
and

Labor

Economics

co-organized with the TCER and Tokyo Labor

Workshop

Economics Workshop

co-organized with the TCER Seminar and theMasakazu

Hojo(Niigata

International Exchange Seminar

Akabayashi(Keio

University),

Marcus Asplund (Royal Institute of Technology,(Hitotsubashi

Stockholm, Sweden), “Did the Swedish Tobacco(University of Tokyo), Takehisa Shinozaki (Waseda

Monopoly Set Monopoly Prices?”

University), Takashi Oshio (Hitotsubashi University),th

197 (June 7, 2011)
Industrial

Organization

University),

University),

Hideo

Yuki

OnozukaNobuyoshi

KikuchiAtsushi Yoshida (Tsukuba University), and Daiji
and

Labor

Economics

Kawaguchi (Hitotsubashi University)rd203 (June 21, 2011)

Workshopco-organized with the Workshop on International

Industrial

Trade and FDI and the TCER SeminarWorkshop

Naoto Jinji (Kyoto University), “Does the Structure ofco-organized with the TCER Seminar

Multinational Enterprises' Activity Affect Technology

Ryo Nakajima (Yokohama National University),

Spillovers?” (with Xingyuan Zhang and Shoji“Localized

Knowledge

Haruna)Citations:Ath

198 (June 7, 2011)

Organization

and

Labor

Spillovers

Distance-based

Economics

andPatentApproach”(withYasusada Murata, Ryosuke Okamoto, and Ryuichi

Macroeconomics and Finance Workshop

Tamura)th204 (June 21, 2011)

co-organized with the TCER Seminar
Ryo Horii (Tohoku University), ”Natural Disasters in

Macroeconomics and Finance Workshop

a Two-Sector Model of Endogenous Growth: An

co-organized with the TCER Seminar

Extension to Non-Insurable Risks” (with Masako

Noriyuki Yanagawa (University of Tokyo) and

Ikefuji)Tomohiro Hirano (University of Tokyo), “Assetth199 (June 9-10, 2011)

Bubbles,Global COE Hi-Stat LectureandFinancialth205 (June 23, 2011)th

24 Global COE Research Workshop“Methods of Empirical Industrial Organization”th

200 (June 14, 2011)
Organization

Growth,Frictions”

Marcus Asplund (Royal Institute of Technology),

Industrial

Endogenous

Eiji Sato (Hitotsubashi University), “Rigid Water
and

Labor

Economics

Rights and Technical Inefficiency: Japanese Water

Workshop

Utilities”th

206 (June 30 - July 1, 2011)

co-organized with the TCER Seminarth

Annual Meeting of the Asia Pacific Trade

Iichiro Uesugi (Hitotsubashi University), ”Effects of a7

Mega Bank Merger on Borrowing Costs and

Seminars (APTS)

Firm-Bank Relationships” (with Taisuke Uchino)held at the University of Hawaii at Manoastth

201 (June 16, 2011)

207 (July 5, 2011)rd

23 Global COE Research Workshop

Industrial

12

Organization

and

Labor

Economics

Workshop

FIEGARCH and EGARCH Models”th

214 (July 21, 2011)

co-organized with the TCER Seminar
KentaroNakajima(Tohoku

Global COE Seminar

University),
Agglomeration

co-organized with the Center for Research on

Economies: Buyer-Seller Matching in the JapaneseContemporary Economic Systems and the TCER

Manufacturing Industry”

Seminar“TransactionsasaSourceofth

208 (July 5, 2011)

Richard Baldwin (Graduate Institute of International

Macroeconomics and Finance Workshop

andco-organized with the TCER Seminar

Estimating the Gravity Model When Trade in Parts Is

Robert Dekle (University of Southern California), “A

Important”

Quantitative

AnalysisofChina'sDevelopment

Studies),“Gravity

Chains:th215 (July 22, 2011)

Structural

Global COE Lecture

Transformation” (with Guillaume Vandenbroucke)thco-organized with the Center for Research onthContemporary Economic Systems

209 (July 7, 2011)25 Global COE Research Workshop
Mieko

Fujisawa

Experimenton(Hitotsubashi

University),

the

of

Influence“An

Richard Baldwin (Graduate Institute of International

Information

andDisclosure in the Used Housing Market” (inDevelopment

Studies),“21stCentury

Regionalism”th

216 (July 27, 2011)

Japanese)th210 (July 12, 2011)

The First Asia KLEMS Conference on Productivity

Workshop on International Trade and FDI

Growth in Asia

co-organized with the Center for Research on

co-organizedContemporary Economic Systems and the TCER

Economy, Trade and Industry (RIETI) and the Asian

Yoichi Sugita (Stockholm School of Economics),

Development Bank Institute (ADBI)

with

the

Research

Instituteofth

217 (July 28, 2011)“Matching, Quality, and Comparative Advantage: A

28th Global COE Research Workshop

Unified Theory of Heterogeneous Firm Trade”th211 (July 14, 2011)

Yoko

th

Sakamoto(Hitotsubashi

University),

26 Global COE Research Workshop“Self-Enforcing

Hiroshi Morita (Hitotsubashi University), “The Effects

Agreements among Asymmetric Countries andof Anticipated Fiscal Policy in Japan: Identification

Welfare”

International

Environmentalth

218 (July 30, 2011)

by Using Excess Stock Returns” (in Japanese)th

212 (July 19, 2011)

Empirical Applied Economics Workshop

Macroeconomics and Finance Workshop

co-organized with Nihon University College ofco-organized with the TCER Seminar

Economics and the Joint Global COE Program by

Tsutomu

Miyagawa(Gakushuin

University),

Keio University and the Institute of Economic“Product Switching and Firm Performance in Japan:

Research, Kyoto University (KIER) "Raising Market

Empirical Evidence in the Japanese Manufacturing

Quality-Integrated Design of ‘Market Infrastructure’"th219 (July 31 - August 2, 2011)

Sector”th

The 1st Summer School on Analytical Politicalth

27 Global COE Research Workshop

Economy: Equality and Welfare

Asuka Takeuchi-Nogimori (Hitotsubashi University),

co-organized with the Center for Research on“An Empirical Analysis of Volatility Clustering andContemporary Economic Systems

213 (July 21, 2011)

AsymmetryinCommonStock

Pricesth

220 (August 6, 2011)

Using

13

Summer Workshop on Economic Theory (SWET)

Past Seminars

held at Hokkaido University

http://gcoe.ier.hit-u.ac.jp/english/events/past_seminars/index.html

Awards
2011 Order of the Sacred Treasure, Gold Rays withThe Distinguished Achievement Award in Political

Neck Ribbon

Economy for the Twenty-First Century

Professor Emeritus Konosuke Odaka and Professor

Professor Naoki Yoshihara, Program Member of theEmeritus

Hitotsubashi

Global COE Hi-Stat Program, won the Distinguished

University, Visiting Fellows of the Global COE Hi-Stat

Achievement Award in Political Economy for the

Program, received the Spring 2011 Medal with theTwenty-First Century at the 6th Forum of the World

Order of the Sacred Treasure, Gold Rays with Neck

Association for Political Economy held on May 27-29,

Ribbon, from the Cabinet Office of the Japanese

2011 at the University of Massachusetts Amherst.

Toshiyuki

Mizoguchi

ofGovernment for their outstanding work in economic
history and economic policy analysis.

Ph.D. Conferments (Economics, Hitotsubashi University)
Underlined Chief Supervisors are G-COE Hi-Stat Program Members.

The original title of dissertations in Japanese is given italics. Titles in

Researcher)square brackets are provisional translations by the editorial team of

Dissertation Title: “London ni okeru gaikoku-kawase-

the Global COE Hi-Stat Newsletter.

shijo no taito teichaku to sono kino, 1925-1931”[Development of the London Foreign Exchange Market

FY2010 (July 2010－March 2011)

and Its Functions, 1925-1931]

Keita Owari (FY2009 COE Young Researcher,

Date of Award: July 2010

FY2010 COE Researcher)

Chief Supervisor: Tamotsu Nishizawa

Dissertation Title: “Robust Utility Maximization with
Random Endowment and Valuation of Contingent

Junichiro

Claims under Model Uncertainty”

Researcher)

Date of Award: July 2010

Dissertation Title: “Optimal Social Security System

Chief Supervisor: Naoyuki Ishimura

under Endogenous Fertility”

Takahata(FY2009

Date of Award: September 2010
Hidenao

Takahashi(FY2009

COE

Chief Supervisor: Shinji Yamashige

Young

14

COE

Young

Taisuke

Uchino(FY2009-2010

COE

Masataka Suzuki (FY2009 COE Young Researcher)Young

Researcher)

Dissertation Title: “Information Uncertainty and Asset

Dissertation Title: “Kakei kigyo kinyu-kikan no shisanPrices”

sentaku to kakaku settei: nihon no micro oyobi sangyo

Date of Award: March 2011

level data wo mochiita jissho-bunseki” [Households’,

Chief Supervisor: Hajime Takahashi

Firms’, and Financial Institutions’ Asset Choice andPrice Setting: An Empirical Analysis Using Japanese

Junichi Nishimura

Micro- and Industry-level Data]

Dissertation

Title:

Date of Award: March 2011

Government

Collaboration

Chief Supervisor: Etsuro Shioji

Technology”

“On

the

Industry-Universityand

Markets

Date of Award: March 2011
Chief Supervisor: Yosuke Okada

Global COE Hi-Stat Newsletter No. 6 (August 2011)
Issued by Hitotsubashi University Global COE Program
Research Unit for Statistical and Empirical Analysis in Social Sciences
c/o Institute of Economic Research, Hitotsubashi University
2-1 Naka, Kunitachi, Tokyo 186-8603 Japan
Tel: +81-42-580-8386
Fax: +81-42-580-8333
E-mail: GCOE-info@ier.hit-u.ac.jp
URL: http://gcoe.ier.hit-u.ac.jp/english/

15

for