“Bangkok 2014” - Thammasat · PDF filesubsidy and its welfare effects in the...

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Tenth Annual Conference

Asia-Pacific Economic Association

“Bangkok 2014” Thammasat University, Bangkok, Thailand, July 11-12, 2014

Executive Committee: Kar-yiu Wong, University of Washington, USA (co-chair)

Sakon Varanyuwatana, Thammasat University, Thailand (co-chair) Joshua Aizenman, University of Southern California, USA

Shin-ichi Fukuda, University of Tokyo, Japan Chung Mo Koo, Kangwon National University, Korea

Host: Faculty of Economics, Thammasat University, Thailand

Program Committee: Shin-ichi Fukuda, University of Tokyo, Japan (co-chair) Sakon Varanyuwatana, Thammasat University, Thailand (co-chair) Kenzo Abe, Osaka University, Japan DoHoon Kim, Korea Institute of Industrial Economics and Trade, Korea Nguyen Hiep, Danang University of Economics, Vietnam Tom Willett, Claremont Graduate University, USA Yuichi Fukuta, Osaka University, Japan

Selection Committee: Chung Mo Koo, Kangwon National University, Korea (chair)

Yuri Sasaki, Meiji Gakuin University, Japan Sponsors: Faculty of Economics, Thammasat University, Thailand

JSPS Core-to-Core Program (B. Asia-Africa Science Platforms), Japan Tokyo Center of Economic Research (TCER), Japan Institute of Statistical Research, Japan Center for International Research on the Japanese Economy (CIRJE),

University of Tokyo, Japan Korea Development Institute (KDI) Korea Institute for Health and Social Affairs (KIHASA)

Local Organizing Tatre Jantarakolica, Thammasat University, Thailand (chair) Committee: Duangmanee Laovakul, Thammasat University, Thailand

Supachai Srisuchart, Thammasat University, Thailand Anin Aroonruengsawat, Thammasat University, Thailand Peera Charoenporn, Thammasat University, Thailand

Submissions to Global Journal of Economics and China Economic Policy Review

Papers presented in the conference are invited to be submitted to two new journals for publication consideration: Global Journal of Economics (GJE) and China Economic Policy Review (CEPR). Please visit the publisher’s websites for more information about the journals:

http://www.worldscientific.com/worldscinet/gje; http://www.worldscientific.com/worldscinet/cepr

APEA 2014 Bangkok, Thailand, July 11-12, 2014

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For more information about this and previous APEA conferences, please visit: http://www.apeaweb.org/confer/index.htm



Program Day 0: Thursday, July 10, 2014

7:00 – 9:00 pm Cocktail/Reception Party, Sakura Room, The Imperial Queen's Park Hotel Day 1: Friday, July 11, 2014

8:30 – 9:00 am Registration 9:00 – 9:25 am Welcome Session 9:25 – 9:40 am Photo taking 9:40 – 10:15 am Keynote Speech I: Vinod Thomas, “Climate Change, Disaster Preparedness, and

Mitigation” 10:15 – 10:30 am Coffee/Tea Break 10:35 – 12:35 pm Sessions 1A – 1E

1A. Trade Issues and the Thai Economy 1B. Topics in Banking and Finance 1C. Economic Performance of the Chinese Economy 1D. Demographic Issues and Food Security 1E. Industrial Organization

12:35 – 1:55 pm Lunch 1:55 – 3:55 pm Sessions 2A – 2E

2A. International Trade and the Asian Economies 2B. Topics in Banking and Finance 2C. Financial Issues of the Chinese Economy 2D. Labor and Immigration 2E. Growth and Development

3:55 – 4:10 pm Coffee Break 4:10– 6:10 pm Sessions 3A – 3E

3A. Local and Foreign Investment 3B. Monetary Integration and Monetary System 3C. Microeconomic Issues 3D. Topics in Japan and World Economy 3E. Financial Issues in the ASEAN

6:30 – 8:30 pm Dinner Day 2: Saturday, July 12, 2014

8:40 – 10:40 am Sessions 4A – 4D 4A. Trade Liberalization and Tourism 4B. Domestic and International Financial Markets in Japan 4C. China and the World 4D. Human Capital and Education

10:40 – 10:55 am Coffee Break 10:55 - 12:55 pm Sessions 5A – 5D

5A. Prevalent Topics in Open Economies 5B. Monetary Issues and Monetary Policies 5C. Public Goods 5D. Macroeconomics and Open Economies

12:55 – 2:15 pm Lunch 2:15 – 2:50 pm Keynote Speech II: Kunio Okina, “Unconventional monetary policy in Japan” 2:50 – 3:15 pm Coffee Break



3:15 – 5:15 pm Sessions 6A – 6D 6A. Taxation and Regulations 6B. Business Cycles and Financial Issues 6C. Currencies and Monetary Integration 6D. Energy and Environment

5:20 pm Closing Remarks



Program 7:00 – 9:00 pm Cocktail/Reception Party, Sakura Room All sessions will be held in The Imperial Queen's Park Hotel. Benjasiri rooms are for parallel sessions and Queen’s Park 3 is for the two keynote sessions. 8:30 – 9:00 am Registration, The Imperial Queen’s Park Hotel 9:00 – 9:25 am Welcome Session, Queen’s Park 3

Chair: Tatre Jantarakolica, Thammasat University, Thailand

Kar-yiu Wong, University of Washington, USA Sakon Varanyuwatana, Thammasat University, Thailand

9:25 – 9:40 am Photo taking 9:40 – 10:15 am Keynote Speech I (Queen’s Park 3)

Organizer: JSPS Core-to-Core Program (B. Asia-Africa Science Platforms), JP Chair: Bhanupong Nidhiprabha, Thammasat University, Thailand

Vinod Thomas, Asian Development Bank, “Climate Change, Disaster Preparedness, and Mitigation”

10:15 – 10:30 am Coffee/Tea Break 10:35 – 12:35 pm Sessions 1A – 1E

Session 1A. Trade Issues and the Thai Economy (Benjasiri 1) Organizer: Thomas Willet, Claremont Graduate University, US Chair: Chaleampong Kongcharoen, Thammasat University, TH

Edward Tower and Xiaolu Wang, Duke University, US, “Manufacturing Fetishism: The Neo-Mercantilist Preoccupation with Protecting Manufacturing”

Discussant: Tatsuyoshi Miyakoshi, Hosei Univeristy, JP Pasakorn Thammachote, Prince of Songkla University, US, “Adaptation to Climate Change of

Rubber Tree Production in Upper Southern of Thailand: Share Mental Model Approach” Discussant: Edward M Feasel, Soka University of America, US

Day 0: Thursday, July 10, 2014

Day 1: Friday, July 11, 2014



Chiratus Ratanamaneichat, Senee Suwandee, and Sakchai Rakkarn, Kasem Bundit University, TH, “Is Thai Traditional Trade Ready for AEC Market?”

Discussant: Peera Charoenporn, Thammasat University, TH

Session 1B. Topics in Banking and Finance (Benjasiri 2)

Chair: Naoyuki Yoshino, Asian Development Bank Institute, JP

Joshua Aizenman, University of Southern California, US, “Financial Globalization” Discussant: Roy Kouwenberg, Mahidol University, JP Ganeshan Wignaraja, ADBI, JP, "Finance, Exports, and SMEs” Discussant: Chayodom Sabhasri, Chulalongkorn University, TH Peter Morgan, ADBI, JP, “Financial Stability and Financial Inclusion” Discussant: Rajat Kathuria, Indian Council for Research on International Economic Relations, IN Naoyuki Yoshino, ADBI, JP, “SMEs, Credit Risks, and Financial Education” Discussant: Bhanupong Nidhiprabha, Thammasat University, TH

Session 1C. Economic Performance of the Chinese Economy (Benjasiri 4)

Chair: Monthien Satimanon, Thammasat University, TH

Yaowu Yang, Jingjing Yan, and Chengyu Yang, Beijing Normal University, CN, “Housing wealth and consumption: New evidence from micro data of China and Eurosystem”

Discussant: Gregory Thwaites, Bank of England and London School of Economics, UK EunJung Lim and Shi Young Lee, Chung-Ang University, KR, and Qinglei Meng, South Central

University for Nationalities, CN, “Ethnic Diversity and Economic Performance in China” Discussant: Carneiro Alphonso Ablin, National College, IN Yintian Wang, Tsinghua University, CN, “Are Investors Irrational? A Study of the Chinese Warrant

Market” Discussant: Evan Lau, University Malaysia Sarawak/University of Cambridge, MY

Session 1D. Demographic Issues and Food Security (Benjasiri 5)

Chair: Nattapong Puttanapong, Thammasat University, TH

Alfa Farah, Diponegoro University, ID, “Demographic factors in Indonesia’s economic growth” Discussant: Piyawong Punjataewakupt, Thammasat University, TH Colin McKenzie, Keio University, JP and Kei Sakata, Ritsumeikan University, JP, “Does the

Expectation of Having to Look after Parents in the Future Affect Current Fertility?” Discussant: Sunwoo Cho, Erasmus University Rotterdam, NL Hiro Ogawa, Osaka University, JP, “Risk of Transitory Food Insecurity in Indonesia: Food Demand

Estimation and Assessment of Selected Scenarios” Discussant: Leo Feler, Johns Hopkins University, US

Session 1E. Industrial Organization (Benjasiri 3)

Chair: Pawin Siriprapanukul, Thammasat University, TH

Sangheon Lee and Minsoo Park, Sungkyunkwan University, KR, “The regulation on the handset subsidy and its welfare effects in the telecommunications market”



Discussant: Tuan Khai Vu, Meisei University, JP Richard Record, The World Bank, US, “Enterprise dispute resolution in an uncertain business

environment” Discussant: Guntur Sugiyarto, Asian Development Bank, PH Yuan Zhao, Xi’an Jiaotong University, CN, “Examining the Use Value of Electrical End Uses In

Residential Peak Demand Response” Discussant: Soundararajan Lakshmi, Ranganathan Engineering College, IN

12:35 – 1:55 pm Lunch 1:55 – 3:55 pm Sessions 2A – 2E

Session 2A. Trade Liberalization and Tourism (Benjasiri 1)

Chair: Sang Hoon Kang, Pusan National University, KR

Sachin Kumar Sharma, Indian Institute of Foreign Trade, IN, “Blue Box Support to Agriculture Sector under WTO regime: A Critical Analysis of Doha Development Round”

Discussant: Hayato Nakata, Meisei University, JP Shohei Yano and Mohamed Aslam, University of Malaya, MY, “Capital Market Integration in

Asia? Implication from Malaysian Bond Market Development” Discussant: Dilani Hirimuthugodage, Institute of Policy Studies of Sri Lanka, LK Patrick Watson, University of the West Indies, US, “Linking Tourism Flows and Biological

Biodiversity in Small Island Developing States: Evidence from Panel Data” Discussant: Murali Kallummal, Centre for WTO Studies, IIFT, IN Kien Trung Nguyen, Da Nang University, VN, “Trade and investment liberalization and the wage

skill premium: evidence from Vietnam” Discussant: Seung-Rok Park, Korea Economic Research Institute, KR

Session 2B. Topics in Banking and Finance (Benjasiri 2)

Chair: Eiji Ogawa, Hitotsubashi University, JP

Takeshi Osada, Bunri University of Hospitality, JP, “The Effects of Regulatory Capital Ratios on Banks’ Liquidity Demand”

Discussant: Chu-hua Wu, Yuan Ze University, TW Ichiro Uesugi, Hitotsubashi University, JP, “Measuring the Systemic Risk in Interfirm

Transaction Networks” Discussant: Kun Haribowo, Gadjah Mada University, ID Yukie Sakuragawa, Atomi University, JP, "The Absence of Safe Assets and Fiscal Crisis" Discussant: Young-Jae Kim, Pusan National University, KR Mari Sakudo, Development Bank of Japan, JP, Toshi H. Arimura and Hajime Katayama, Waseda

University, JP, “Do Social Norms Matter to Energy Saving Behavior? Endogenous Social and Correlated Effects”

Discussant: Yasuyuki Sugiyama, Fukui Prefectural U/National Taichung U of Science and Tech, JP

Session 2C. Financial Issues of the Chinese Economy (Benjasiri 4)



Chair: Monthien Satimanon, Thammasat University, TH

Haiyue Liu and Ying Jiang, Sichuan University, CN, “RMB Equilibrium Exchange Rate Misalignment and Exchange Rate Regime Reform in China”

Discussant: Tony Cavoli, University of South Australia, AU Jingmin Zhao, Xuzhou Institute of Technology/University of Washington, CN/US, “The Impact

Channels of financial development on the foreign trade in China: Evidence from Chinese Manufacturing Industry”

Discussant: Françoise Nicolas, French Institute of International Relations, FR Jimmy Ran, Lingnan University, HK, “Financial Integration and Chinese Stock Markets” Discussant: Rui Liu, San Jose State University, US

Session 2D. Labor and Immigration (Benjasiri 5) Chair: Seung-Rok Park, Korea Economic Research Institute, KR

Dolly Sunny, University of Mumbai, IN, “Informal Workers in the Post Globalised Scenario” Discussant: Masashi Tanaka, Osaka University, JP Thitima Puttitanun, Kasetsart University, TH, “Immigration Enforcement, Child-Parent Separations

and Recidivism by Central American Deportees” Discussant: Andrew Griffen, University of Tokyo, JP Keiichi Kishi, Osaka University, JP, “Dynamic analysis of wage inequality and creative destruction” Discussant: Chris Sakellariou, Nanyang Technological University, SG Hideyuki Nakagawa, Akita International University, JP, “Long-Term Impact of the Asian Financial

Crisis on Labor Market Outcome for Market Entrants in Indonesia” Discussant: Nartie Sunaryati, UIN Sunan Kalijaga Yogyakarta, ID

Session 2E. Growth and Development (Benjasiri 3)

Chair: Nobue Suzuki, Komazawa University, JP

Dongyeol Lee and Hyunjoon Lim, Bank of Korea, KR, “Nonlinearity in Working Hours and Productivity”

Discussant: Mei-Ling T. Wang, University of the Sciences, US Baldev Singh Shergill, Punjabi University, IN, "Knowledge Economy, Inclusive Growth and

Economic Security of South Asia: Towards an Alternative Strategy” Discussant: Guoping Li, Xi’an Jiaotong University, CN Hyung-Gun Kim, Kangwon National University, KR, Haiqi Li, Hunan University, CN, and Sung Y.

Park, Chung-An University, KR, “The Role of Financial Speculation in the Energy Futures Markets: A Time Varying Coefficient Approach”

Discussant: Yonghoon Park, Pusan National University, KR Suppaleuk Sarpphaitoon, Akita International University, JP, “Economic Development in Japan - A

Prefectural Data Exploration” Discussant: Lili Chen, Southwestern University of Finance and Economics, CN

3:55 – 4:10 pm Coffee Break



4:10– 6:10 pm Sessions 3A – 3E

Session 3A. Local and Foreign Investment (Benjasiri 1) Chair: Yoonmin Kim, Claremont Graduate University, US

Lili Chen, Southwestern University of Finance and Economics, CN, “A Model for Firms’ Selections of FDI Entry Modes Determined by Their Heterogeneous Abilities”

Discussant: SeongHo Jun, The Academy of Korean Studies, KR Li Li, Shenyang Ligong University, CN, “An analysis of economic effect of human capital

investment” Discussant: Kien Trung Nguyen, Da Nang University, VN Rajeswari Senqupta, Indira Gandhi Institute of Development Research (IGIDR), IN, “International

Investors in Local Bond Markets: Indiscriminate Flows or Discriminating Tastes?” Discussant: Mariko Tanaka, Musashino University, JP Manfred Keil, Claremont McKenna College, US, “Interest Rate Interdependence in Asia” Discussant: Ho-Don Yan, Feng Chia University, TW

Session 3B. Monetary Integration and Monetary System (Benjasiri 2)

Chair: Naoyuki Yoshino, ADBI, JP

Yingfeng Xu, University of Alberta, CA, “Where does the current international monetary system fail? Evidence from deviations from purchasing power parity”

Discussant: Kentaro Kawasaki, Toyo University, JP Juan Carlos Martinez Oliva, Bank of Italy, IT, “Moving Towards Monetary Integration in East Asia

Achieving Economic Convergence in a Game-Theory Framework” Discussant: Yothin Jinjarak, ADBI, JP Chiratus Ratanamaneichat, Kasem Bundit University, TH and Samuel Schreyer, Fort Hays State

University, US “A PANEL VECTOR AUTOREGRESSION ANALYSIS OF SUDDEN STOPS AND BANKING CRISES”

Discussant: Masaya Sakuragawa, Keio University, JP

Session 3C. Microeconomic Issues (Benjasiri 4) Chair: Yuichi Fukuta, Osaka University, JP

Nurul Badriyah, University of Brawijaya Malang, ID, “Remittances Usage Phenomenon: Shifting Concept of Needs from Luxury Goods”

Discussant: Baldev Singh Shergill, Punjabi University, IN Mei-Ling T. Wang, University of the Sciences, US, “E-Health and the ‘Capital’ Gains” Discussant: Chen-Min Hsu, National Taiwan University, TW Chen-Min Hsu, National Taiwan University, TW and Wan-Chun Liu, Tamkang University, TW,

“Profit Performance of Financial Holding Companies: Evidence from Taiwan” Discussant: Junji Yamada, Toyama University, JP

Session 3D. Topics in Japan and World Economy (Benjasiri 5) Chair: Al Muizzuddin Fazaalloh, Brawijaya University, ID



Yuri Sasaki, Meiji Gakuin University, JP, “Exchange Rate Pass-through and Market Power: The Empirical analysis on automobile exports”

Discussant: Victor Pontines, ADBI, JP Eiji Ogawa, Hitotsubashi University, JP, “Japan’s Monetary and Financial Cooperation in East

Asia―From the Viewpoint of the Spillover Effects of Currency” Discussant: Ganeshan Wignaraja, ADBI, JP Satoshi Koibuchi, Chuo University, JP, “Long-run Indirect Impacts of Natural Disaster on

Population Declining and Aging Area” Discussant: Seung-Gyu Sim, University of Tokyo, JP Masayuki Otaki, University of Tokyo, JP, “Efficacy in Education and Intergenerational Affluence” Discussant: Dongyeol Lee, Bank of Korea, KR

Session 3E. Financial Issues in the ASEAN (Benjasiri 3) Chair: Kapil Thukra, Asian Development Bank

Atiwat Kitvanitphasu, Thammasat University, TH, “Nonparametric vs Parametric Conditional Value-at-Risk Estimations: An example of the Stock Exchange of Thailand”

Discussant: Nawaruek Meesiri, Thammasat University, TH Oranuch Wongpiyabovorn, Thammasat University, TH, “The Impact of Financial Development of

Economic Growth in Thailand, Malaysia, and the Philippines” Discussant: Joshua Aizenman, University of Southern California, US Navarat Chantathaweewat, Thammasat University, TH, “The Contagion Effect: A Case Study of

China and ASEAN Countries” Discussant: Atiwat Kitvanitphasu, Thammasat University, TH Nawaruek Meesiri, Thammasat University, TH, “Cost of Corporate Governance Recognition and

Implementation: The Study of Thai Listed Companies during 2009 to 2012” Discussant: Oranuch Wongpiyabovorn, Thammasat University, TH

6:30 – 8:30 pm Dinner 8:40 – 10:40 am Sessions 4A – 4D

Session 4A. International Trade and the Asian Economies (Benjasiri 1) Chair: Patrick Watson, University of the West Indies, US

Edward M Feasel, Soka University of America, US, “The role of exports in the East Asian Miracle” Discussant: Edward Tower, Duke University, US Dilani Hirimuthugodage, Institute of Policy Studies of Sri Lanka, LK, “The Trade Related

Intellectual Property Rights (TRIPs) Agreement and the Agriculture in South Asia: A Sri Lankan Perspective”

Discussant: Won Joong Kim, Konkuk University, KR

Day 2: Saturday, July 12, 2014



Murali Kallummal, Centre for WTO Studies, IIFT, IN, and Smitha Francis, Industrial Studies in

Industrial Development (ISID), IN, “Impact of Trade Liberalisation under the Information Technology Agreement (ITA-I) on Asian Electronics and Electrical Machinery Industries: A case study of India”

Discussant: Shohei Yano, University of Malaya, MY

Session 4B. Domestic and International Financial Markets in Japan (Benjasiri 2)

Organizer: JSPS Core-to-Core Program (B. Asia-Africa Science Platforms), JP Chair: Shin-ichi Fukuda, University of Tokyo, JP

Seung-Gyu Sim, University of Tokyo, JP and Seungjoon Oh, University of Michigan, “Economic Growth and Labor Market Institutions in East Asian Structural Transformation”

Discussant: Ayako Wakano, Osaka University, JP Andrew Griffen, University of Tokyo, JP, “Height and Calories in Early Childhood” Discussant: Colin McKenzie, Keio University, JP Junji Yamada, Toyama University, JP and Kensuke Miyazawa, Kyushu University, JP, “Abenomics

and Fiscal Consolidation” Discussant: Eiji Ogawa, Hitotsubashi University, JP Mariko Tanaka, Musashino University, JP, “Currency Exchange in a Random Search Model in an

Open Economy” Discussant: Yuri Sasaki, Meiji Gakuin University, JP

Session 4C. China and the World (Benjasiri 4) Chair: Xiaolu Wang, Duke University, US

Aditi Sawant, St. Xavier's College, IN, “The Journey of BRICs: Robust to Fragile” Discussant: Sachin Kumar Sharma, Indian Institute of Foreign Trade, IN Françoise Nicolas, French Institute of International Relations, FR, “Korea’s Trade with Greater

China: Changing Patterns, Trends and Policy Implications” Discussant: Tomoo Kikuchi, National University of Singapore, SG Carneiro Alphonso Ablin, National College, IN, and Dolly Sunny, University of Mumbai, IN,

“Synergy between Indian and Chinese Software Industry” Discussant: Aditi Sawant, St. Xavier's College, IN Seung-Rok Park, Korea Economic Research Institute, KR, “Trade Characteristics of Foreign Direct

Investment Inflows in China: Empirical Evidences from China” Discussant: Jimmy Ran, Lingnan University, HK

Session 4D. Human Capital and Education (Benjasiri 5)

Chair: Won Soon Kwon, Hankuk University of Foreign Studies, KR

Chris Sakellariou, Nanyang Technological University, SG, “Functional literacy, heterogeneity and the return to schooling: Multi-country evidence”

Discussant: Dolly Sunny, University of Mumbai, IN Masashi Tanaka, Osaka University, JP, “Human capital investment, Signalling, and Wage

differentials” Discussant: Thitima Puttitanun, Kasetsart University, TH



Nartie Sunaryati, UIN Sunan Kalijaga Yogyakarta, ID, “Child Labor in Indonesia: Education and Health Consequences”

Discussant: Keiichi Kishi, Osaka University, JP 10:40 – 10:55 am Coffee Break 10:55 - 12:55 pm Sessions 5A – 5D

Session 5A. Prevalent Topics in Open Economies (Benjasiri 1) Organizer: Eiji Okano, Chiba Keizai University, JP Chair: Kazunobu Hayakawa, Japan External Trade Organization, JP

Shigeto Kitano, Kobe University, JP, “External Debt and Taylor Rules in a Small Open economy” Discussant: Eiji Okano, Chiba Keizai University, JP Taiyo Yoshimi, Nanzan University, JP, “FTA in International Finance: Impacts of Exchange Rates

on FTA Utilization” Disccussant: Shigeto Kitano, Kobe University, JP Eiji Okano, Chiba Keizai University, JP, “Inflation Stabilization and Default Risk in a Currency

Union” Discussant: Takeshi Hoshikawa, Kinki University, JP

Session 5B. Monetary Issues and Monetary Policies (Benjasiri 2)

Chair: Chen-Min Hsu, National Taiwan University, TW

Young-Jae Kim, Eun-Yub Park, and In-Ji Jeong, Pusan National University, KR, “The Effects of Monetary Policy Shock using SVAR with Block Exogeneity in a Small Open Economy”

Discussant: Yingfeng Xu, University of Alberta, CA Gregory Thwaites, Bank of England and London School of Economics, UK, “Pushing on a string:

US monetary policy is less powerful in recessions” Discussant: Samuel Schreyer, Fort Hays State University, US Chu-hua Wu, Yuan Ze University, TW, “Government Ownership of Bank and Financial Stability” Discussant: Ichiro Uesugi, Hitotsubashi University, JP

Session 5C. Public Goods (Benjasiri 4)

Chair: Tatre Jantarakolica, Thammasat University, TH

Tatsuyoshi Miyakoshi, Hosei Univeristy, JP, “ODA and Public Good Input: Indochinese Peninsula” Discussant: Nurul Badriyah, University of Brawijaya Malang, ID Tomoo Kikuchi, National University of Singapore, SG, “Global public goods and the hegemonic

structure” Discussant: Alfa Farah, Diponegoro University, ID Nobue Suzuki, Komazawa University, JP, “Symmetric Equilibria in Voluntarily Separable Repeated

Public Good Provision” Discussant: Yaowu Yang, Beijing Normal University, CN Kun Haribowo, Gadjah Mada University, ID, “Principal Agent Model for the Fiscal Decentrali-

zation in Indonesia”



Discussant: Hiro Ogawa, Osaka University, JP

Session 5D. Macroeconomics and Open Economies (Benjasiri 5) Organizer: Thomas Willet, Claremont Graduate University, US Chair: Supachai Srisuchart, Thammasat University, TH

Leo Feler, Johns Hopkins University, US, “Local Economic Effects of Bank Privatization” Discussant: EunJung Lim, Chung-Ang University, KR Yoonmin Kim, Claremont Graduate University, US, “News and the Behavior of the Korean Stock

market during the Global Financial Crisis” Discussant: Sang Hoon Kang, Pusan National University, KR Tony Cavoli, University of South Australia, AU, “Capital Inflows and the Interest Premium

Problem: On the Effects of Monetary Sterilisation in Asia” Discussant: Takeshi Osada, Bunri University of Hospitality, JP

12:55 – 2:15 pm Lunch 2:15 – 2:50 pm Keynote Speech II (Queen’s Park 3)

Organizer: JSPS Core-to-Core Program (B. Asia-Africa Science Platforms), JP Chair: Shin-ichi Fukuda, University of Tokyo, JP

Kunio Okina, Kyoto University, “Unconventional monetary policy in Japan”

2:50 – 3:15 pm Coffee Break 3:15 – 5:15 pm Sessions 6A – 6D

Session 6A. Taxation and Regulations (Benjasiri 1) Chair: Chung Mo Koo, Kangwon National University, KR

Wenbin Zhang, Xi'an Jiaotong University, CN, “Analysis on the Fluctuation Mechanism of Local Government Environmental Regulation”

Discussant: Hyung-Gun Kim, Kangwon National University, KR Guntur Sugiyarto, Asian Development Bank, PH, “Optimal Commodity Taxation in the Second Best

Situation” Discussant: Masayuki Otaki, University of Tokyo, JP Ayako Wakano, Osaka University, JP, “Does the heterogeneity of project implementers affect the

program participation of beneficiaries? Evidence from rural Cambodia” Discussant: Shi Young Lee, Chung-Ang University, KR

Session 6B. Business Cycles and Financial Issues (Benjasiri 2)

Chair: Yuan Zhao, Xi’an Jiaotong University, CN

Won Joong Kim, Konkuk University, KR, “A Factor-augmented VAR Analysis of Business Cycle and Inflation Synchronizations in the GCC Member Countries: GCC Currency Union May Be Closer than You Think”

Discussant: Satoshi Koibuchi, Chuo University, JP



Rui Liu, San Jose State University, US, “The Effects of Global and Regional Shocks on Asian

Business Cycle Synchronization” Discussant: Rajeswari Senqupta, Indira Gandhi Institute of Development Research (IGIDR), IN Masaya Sakuragawa, Keio University, JP, “Saving Glut, Biased Holding of Bubbles, and the Boom-

bust Cycle” Discussant: Navarat Chantathaweewat, Thammasat University, TH Al Muizzuddin Fazaalloh, Brawijaya University, ID, “The Bank Lending Channel and Foreign

Banks in Indonesia” Discussant: Taiyo Yoshimi, Nanzan University, JP

Session 6C. Currencies and Monetary Integration (Benjasiri 4) Chair: Li Li, Shenyang Ligong University, CN

Kentaro Kawasaki, Toyo University, JP, “Is Economic Integration promoting Monetary Regionalization in East Asia”

Discussant: Tsutomu Doita, University of Tokyo, JP Ho-Don Yan and Li-Ju Chen, Feng Chia University, TW, and Yi-Heng Tseng, “Factors Driving

Currency Misalignment in Emerging Market Countries” Discussant: Manfred Keil, Claremont McKenna College, US Evan Lau, University Malaysia Sarawak/University of Cambridge, MY, “External Debt and

Macroeconomics Indicators In Malaysia” Discussant: Mari Sakudo, Development Bank of Japan, JP Tuan Khai Vu and Hayato Nakata, Meisei University, JP, “The macroeconomic effects of oil price

fluctuations in ASEAN countries: Analysis using a VAR with block exogeneity” Discussant: Juan Carlos Martinez Oliva, Bank of Italy, IT

Session 6D. Energy and Environment (Benjasiri 5) Chair: Kenzo Abe, Osaka University, JP

Yonghoon Park, Pusan National University, KR and Sunwoo Cho, Erasmus University Rotterdam, NL, “According to the Phase of constant Changes in Estimates for the Inconsistency Analysis on Stock prices of Renewable energy”

Discussant: Haiyue Liu, Sichuan University, CN Patcharin Koonsed, Osaka University, JP and Yasuyuki Sugiyama, Fukui Prefectural U/National

Taichung U of Science and Tech, JP, “Recycling and environmental policies in the presence of green consumers”

Discussant: Paramasivam Sivakumar, Ranganathan Engineering College, IN Jomit C P, Central University of Kerala, IN, “A Panel Data Analysis of Environmental Goods Export

of India: A Gravity Model Approach” Discussant: Richard Record, The World Bank, US Soundararajan Lakshmipriya and Paramasivam Sivakumar, Ranganathan Engineering College,

IN, “Bio Fuel Scenario in India and impact of petroleum price hike in India” Discussant: Pasakorn Thammachote, Prince of Songkla University, US

5:20 pm Closing Remarks



Shin-ichi Fukuda, University of Tokyo, Japan Tatre Jantarakolica, Thammasat University, Thailand

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