May 21, 2012
1:30 PM - 6:35 PM

Tensions in the Global Financial Regulatory Environment

Roppongi Academyhills (49th floor, 6-10-1 Roppongi, Minato-ku, Tokyo 106-6149 JAPAN)

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The Center on Japanese Economy and Business held its annual Tokyo conference on May 21, 2012

Summary report now available here.  Photos and videos are below.

Downloadable versions of the agenda are available in English and Japanese.

David E. Weinstein, Toyoo Gyohten, Motohisa Furukawa, Hugh Patrick

Edward Lincoln, Chris Mayer, Alicia Ogawa, Kay Shimizu, Hiroo Ichikawa, David E. Weinstein

1:30 - 1:45 Welcoming Remarks

Hugh Patrick
Director, Center on Japanese Economy and Business; R.D. Calkins Professor of International Business Emeritus, Columbia Business School

1:45 - 2:30 Keynote Speech: Global Finance in the 21st Century
Toyoo Gyohten, President, Institute for International Monetary Affairs

Moderated by:
Hugh Patrick

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2:30 - 3:45 Session 1: Mortgage Financing Institutions and Housing: United States and Japan

Moderator:
Kay Shimizu
, Assistant Professor of Political Science, Columbia University

Panelists:
Christopher Mayer, Paul Milstein Professor of Real Estate, Columbia Business School
Alicia Ogawa, Senior Advisor, Center on Japanese Economy and Business, Columbia Business School
Hiroo Ichikawa, Professor of Urban Policy; Dean, Professional Graduate School of Governance Studies, Meiji University

Materials:
Professor Mayer's Presentation
Professor Ogawa's Presentation
Professor Ichikawa's Presentation

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3:45 - 4:00 Coffee Break

4:00 - 5:15 Session 2: The Global Financial System

Moderator:

David E. Weinstein
Carl S. Shoup Professor of Japanese Economy, Columbia University; Associate Director for Research, Center on Japanese Economy and Business, Columbia Business School

Panelists:
Charles Calomiris
, Henry Kaufman Professor of Financial Institutions, Columbia Business School
Kazumasa Iwata, President, Japan Center for Economic Research
Frank Packer, Head of Financial Stability & Markets, Asia Representative Office, Bank for International Settlements
Adam S. Posen, External Member, The Monetary Policy Committee of the Bank of England

Materials:
Professor Calomiris's Presentation
Professor Calomiris's Relevant Publications: “How to Regulate Bank Capital,” “Why and How to Design a Contingent Convertible Debt Requirement,” and “Getting the Right Mix of Capital and Cash Requirements in Prudential Bank Regulation

Dr. Adam Posen's Relevant Publications: "A Proven Framework to End the US Banking Crisis Including Some Temporary Nationalizations," "Monetary Policy, Bubbles, and the Knowledge Problem," and "A Solution for Europe’s Banking Problem."

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5:15 - 6:30 Session 3: Japan Post Insurance and Bank Privatization Challenges

Moderator:
Alicia Ogawa


Panelists:
Edward Lincoln, Professorial Lecturer, George Washington University
Kay Shimizu
Heizo Takenaka, Professor and Director, Global Security Research Institute, Keio University

Material:
Professor Shimizu's Presentation

6:30 - 6:35 Closing Remarks

David E. Weinstein

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6:35 - 8:00 Reception

Welcome Toast by: Motohisa Furukawa, Minister of State for National Policy, Cabinet Office, Government of Japan

This conference is part of CJEB's program, "The New Global Financial Architecture."

This conference is co-sponsored by the Academyhills.

Biographies:

Charles W. Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, a Professor at Columbia’s School of International and Public Affairs, and a Research Associate of the National Bureau of Economic Research. He is a member of the Advisory Scientific Committee of the European Systemic Risk Board, the Shadow Financial Regulatory Committee, the Shadow Open Market Committee, and the Financial Economists Roundtable.

Professor Calomiris received a BA in economics from Yale in 1979 and a PhD. in economics from Stanford in 1985. His research and teaching span the areas of banking, corporate finance, financial history, and monetary economics. He is a member of numerous editorial boards, has authored many books and scholarly articles, and is the recipient of research grants from the National Science Foundation and others.

Motohisa Furukawa has served as the Minister of State for National Policy, Economic and Fiscal Policy, Science and Technology Policy and Space Policy for the Noda Cabinet since September 2011. A graduate of the Faculty of Law from the University of Tokyo, he joined the Ministry of Finance in 1988. Upon leaving the ministry in 1994, Minister Furukawa was elected to the House of Representatives in 1996 as part of the Democratic Party of Japan, representing Nagoya, Aichi prefecture. He is currently serving his fifth term in the house. In 2003, he became the Minister of Health, Labor and Welfare in the DPJ’s Next Cabinet. He served as the Deputy Chairman of the Policy Research Council for the DPJ in 2004. In 2009, he served as Secretary General of the National Policy Unit and Senior Vice-Minister of Cabinet Office for the Hatoyama cabinet. In 2010, he was appointed to Deputy Chief Cabinet Secretary for the Kan cabinet.

Toyoo Gyohten is President of the Institute for International Monetary Affairs. After he graduated from the University of Tokyo, Mr. Gyohten joined the Ministry of Finance (MOF) in 1955. Before he was appointed to be Vice Minister of Finance for International Affairs in 1986, he occupied various senior positions including Director-General of International Finance Bureau at the Ministry of Finance and also served at the IMF and the ADB on lease. After his retirement in 1989, he was a visiting professor at Harvard University, Princeton University, and the University of St. Gallen. In 1992 Mr. Gyohten became the Chairman of the Bank of Tokyo, Ltd (currently the Bank of Tokyo-Mitsubishi UFJ, Ltd.). Since 1995, he has been President of the IIMA and concurrently serves as Senior Advisor to the Bank of Tokyo-Mitsubishi UFJ, Ltd.

In addition, Mr. Gyohten also chaired the Working Party of the OECD (1988-90) and the Institute of International Finance (1994-97). He was appointed to be a special advisor to P.M. Obuchi in 1998 and more recently was an advisor to the Cabinet Secretariat (special envoy to the P.M.). He now serves as Special Advisor to the Minister of Finance.

Hiroo Ichikawa is the Dean and Professor of the Graduate School of Governance Studies at Meiji University. After earning a Bachelor of Architecture and a Master of Urban Planning from Waseda University, he studied under a Canadian government scholarship at the University of Waterloo, where he received a PhD in Urban and Regional Planning. He is qualified as a Japanese first-class registered architect. He worked for organizations including the International Development Center of Japan and the Fuji Research Institute Corporation before being appointed a professor of urban policy in the School of Political Science and Economics, Meiji University. He is currently Dean of the Professional Graduate School of Governance Studies, Meiji University. Dean Ichikawa serves on many national and local government policy committees such as Housing Policy Council of Tokyo Metropolitan Government and is also President of the Japan Telework Society and is President of the Japan Institute of Emergency Managers. Dean Ichikawa’s expertise includes urban policy, emergency management and futuristic vision making. He is the author of Urban Space as Culture and Learning from Tokyo (DVD), as well as a co-authoring Creating Japan’s Future, Lessons from Japan’s Disaster, and Global Power City Index.

Kazumasa Iwata is the President of the Japan Center for Economic Research. President Iwata graduated from the University of Tokyo’s Department of Regional Studies within the College of Arts and Sciences in 1970. President Iwata served as an Administrator at the Monetary and Fiscal Policy Division at the Department of Economics and Statistics at the OECD in Paris from 1976-79. He became a professor in 1996 at the University of Tokyo’s Department of Advanced Social and International Studies. He acted as Director General in charge of economic assessment and policy analysis in 2001-2003. From 2003-2008, President Iwata served as Deputy Governor of the Bank of Japan. He became Emeritus Professor at the University of Tokyo in 2007. He served as President of the Cabinet Office at the Economic and Social Research Institute in 2008. He was elected President of the Japan Center for Economic Research in 2010. In 2011, he served as a Member of the National Strategy Council.

Edward J. Lincoln is an adjunct professor at George Washington University, where he teaches about the East Asian economies. From 2006 to 2011, he was director of the Center for Japan-U.S. Business and Economic Studies and professor of Economics at the Stern School of Business, New York University.

Professor Lincoln’s research interests include contemporary structure and change in the Japanese economy, East Asian economic integration, and U.S. economic policy toward Japan and East Asia. He is the author of nine books and monographs, including Winners Without Losers: Why Americans Should Care More About Global Economic Policy (Cornell University Press, 2007), East Asian Economic Regionalism (The Council on Foreign Relations and the Brookings Institution, 2004), Arthritic Japan: The Slow Pace of Economic Reform (Brookings, 2001), and Troubled Times: U.S.-Japan Economic Relations in the 1990s (Brookings, 1998). An earlier book, Japan Facing Economic Maturity (Brookings, 1988) received the Masayoshi Ohira Award for outstanding books on the Asia-Pacific region.

Before joining NYU, Professor Lincoln was a senior fellow at the Council on Foreign Relations, and earlier a senior fellow at the Brookings Institution. In the mid-1990s, he served as Special Economic Advisor to Ambassador Walter Mondale at the American Embassy in Tokyo. He has also been a professorial lecturer at the Johns Hopkins University School of Advanced International Studies.

Professor Lincoln received his BA from Amherst College, his MA in both economics and East Asian Studies at Yale University, and his PhD in economics also at Yale University.

Christopher Mayer is Paul Milstein Professor of Real Estate and Finance and Economics at Columbia Business School. His research explores a variety of topics in real estate and financial markets, including housing cycles, mortgage markets, debt securitization, and commercial real estate valuation. Professor Mayer serves as a Visiting Scholar at the Federal Reserve Bank of New York, a Research Associate at the National Bureau of Economic Research, and a member of the Academic Advisory Board for Standard and Poor’s and the World Economic Forum Real Estate Council. He has received funding from the National Science Foundation and Pew Charitable Trusts.
Professor Mayer has been active in advising policymakers on the financial crisis, testifying six times before committees of the U.S. Senate and House of Representatives, writing on the causes of the housing and credit bubbles for the Financial Crisis Inquiry Commission, and authoring numerous op-ed articles on housing and credit markets. He frequently appears in the media, including regular appearances on National Public Radio, Bloomberg, the Washington Post, and ABC News and commentary in the Wall Street Journal and the New York Times. Professor Mayer previously served as Senior Vice Dean at Columbia Business School and held positions at the Wharton School, the University of Michigan, Harvard Business School, and the Federal Reserve Bank of Boston. He holds a BA in Math and Economics from the University of Rochester with highest honors and a PhD in Economics from MIT.

Alicia Ogawa is Senior Advisor at the Center on Japanese Economy and Business at Columbia Business School. Until 2006 she was Managing Director at Lehman Brothers, where she was responsible for managing the firm’s global equity research. She is also an Adjunct Associate Professor at Columbia University’s School of International and Public Affairs.

Prior to joining Lehman Brothers, Professor Ogawa spent fifteen years in Tokyo, where she was a top-rated bank analyst and Director of Research for Nikko Salomon Smith Barney, having managed the original Salomon Brothers Research Department through three mergers. She is a member of the board of directors of the Maureen and Mike Mansfield Foundation and is a member of the President’s Circle of the All Stars Project, a development program for poor and minority young people. She graduated from Barnard College and earned a master’s degree in international affairs at Columbia University’s School of International and Public Affairs. 

Frank Packer is head of Financial Stability and Markets at the Representative Office for Asia and the Pacific of the Bank for International Settlements (BIS). Previously, he was head of Financial Markets in the Monetary and Economics Department at the BIS head office in Basel, Switzerland, and editor of the Bank’s Quarterly Review of International Banking and Financial Market Developments. Prior to joining the BIS in 2003, Dr. Packer worked for the Federal Reserve Bank of New York and Nikko Citigroup in Tokyo. He received his PhD in finance and economics from Columbia University, an MBA from the University of Chicago, and a BA from Harvard.

Dr. Packer’s current responsibilities include the organisation of meetings of central bankers in the Asia-Pacific region, monitoring regional financial market conditions, and the oversight of BIS financial research of relevance to regional central banks. He has published extensively on banking and finance related issues such as the credit rating industry, loan loss provisioning, and the pricing of sovereign and financial institution risk.

Hugh Patrick
is Director of the Center on Japanese Economy and Business at Columbia Business School, Co-Director of Columbia's APEC Study Center, and R.D. Calkins Professor of International Business Emeritus. He joined the Columbia faculty in 1984 after some years as Professor of Economics and Director of the Economic Growth Center at Yale University. He completed his B.A. at Yale University in 1951, earned M.A. degrees in Japanese studies (1955) and economics (1957) and his Ph.D. in economics at the University of Michigan (1960). He has been a visiting professor at Hitotsubashi University, University of Tokyo, and University of Bombay. Professor Patrick has been awarded Guggenheim and Fulbright fellowships and the Ohira Prize.

His professional publications include sixteen books and some sixty articles and essays. Professor Patrick is actively involved in professional and public service. He served as one of the four American members of the binational Japan-United States Economic Relations Group appointed by President Carter and Prime Minister Ohira, 1979-1981.

He was a member of the Board of Directors of the Japan Society for seven three-year terms. In November 1994, the Government of Japan awarded him the Order of the Sacred Treasure, Gold and Silver Star (Kunnito Zuihosho). He was awarded an honorary doctorate of Social Sciences by Lingnan University in Hong Kong in 2000. He also received an Eagle on the World award from the Japan Chamber of Commerce and Industry of New York in 2010.

Adam Posen is an external member of the Monetary Policy Committee of the Bank of England and a senior fellow at the Peterson Institute for International Economics. His research focuses on macroeconomic policy, European and Japanese political economy, central banking issues, and the resolution of financial crises. Dr. Posen is the author of Restoring Japan’s Economic Growth (1998), as well as of numerous research articles in monetary economics, the co-author with Ben Bernanke, et al, of Inflation Targeting: Lessons from the International Experience (1999), and is the editor and part-author of four collected volumes including The Euro at 10: The Next Global Currency? (2009). His research has been supported by major grants from the European Commission, the Ford Foundation, the German Marshall Fund, and the Sloan Foundation. Dr. Posen is in his second term as a member of the Panel of Economic Advisors to the US Congressional Budget Office, was previously a visiting scholar at central banks worldwide, and has been a consultant to several G-7 governments at the cabinet and sub-cabinet levels on global economic and foreign policy issues. He received his PhD and his AB from Harvard University, where he was a National Science Foundation Graduate Fellow.

Kay Shimizu is an assistant professor in the Department of Political Science at Columbia University. Her research and classes examine the political economy of East Asia with a focus on Japan and Greater China. Her most recent research topics include central-local relations, fiscal redistribution and decentralization, and financial reform. Her book manuscript, “Private Money as Public Funds: The Politics of Japan’s Recessionary Economy” examines the role of private financial institutions in Japan’s political struggles to adjust to a changing economic and demographic landscape. Her recent publications include Postwar Japanese Politics: An Overview (Brookings Institution Press, 2009). She has been fellow at the Weatherhead Center for International Affairs Program on U.S.-Japan Relations at Harvard University.
Professor Shimizu received her PhD from Stanford University and joined Columbia University's faculty in 2008.

Heizo Takenaka is a professor in the Faculty of Policy Management and Director of the Global Security Research Institute at Keio University and was formerly Minister for Internal Affairs and Communications (2005-2006), and Minister for Economic and Fiscal Policy (2001-2005). In his capacity as an economist and as part of his social activities, he also serves on several advisory boards and committees including: Senior Research Fellow, Japan Center for Economic Research (JCER); Director, Academyhills; and Chairman, Pasona Group Inc. He was named to the Foundation Board of the World Economic Forum in 2007.

Professor Takenaka received his BA in economics from Hitotsubashi University and his PhD in economics from Osaka University. He is also author of numerous books on economics and policy, the most recent being The True Story of Japan’s Structural Reform (2006).

David E. Weinstein is Carl S. Shoup Professor of the Japanese Economy. He is also the Associate Director for Research at the Center on Japanese Economy and Business at Columbia Business School; the Director of the Program for Economic Research at Columbia University; Research Associate and Director of the Japan Project at the National Bureau of Economic Research; and a Member of the Council on Foreign Relations. Previously, Professor Weinstein was a Senior Economist and a consultant at the Federal Reserve Bank of New York, the Federal Reserve Bank of San Francisco and the Federal Reserve Board of Governors. Prior to joining the Columbia faculty, Professor Weinstein was a professor at the University of Michigan and Harvard University. He also served on the Council of Economic Advisors from 1989 to 1990.

His teaching and research interests include international economics, macroeconomics, corporate finance, the Japanese economy, and industrial policy. Professor Weinstein earned his B.A. at Yale University and his M.A. and Ph.D. in economics from the University of Michigan. He is the recipient of numerous grants and awards including five National Science Foundation grants, and Institute for New Economic Thinking grant, a Google Research Award, an Abe Fellowship, and a Japan Foundation Fellowship.

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For more information please e-mail Emiko Mizumura.