News & Events
10th Biennial Pacific Rim Conference
10th Biennial Pacific Rim Conference
March 14-17, 2013 | Tokyo, Japan
Hosted by Keio University, the Tokyo Center for Economic Research, and the Keio-Kyoto Joint Global COE Program
Pre-registration is now closed. You may register onsite beginning at 12:00 p.m., Thursday, March 14th, at Keio University, South School Building, Room 411.
Keio Household Panel Survey Seventh Wave
Keio Household Panel Survey (KHPS) data for the seventh year (2010) has been released.
Outline of the Keio Household Panel Survey (KHPS)
Empirical Investigations in Trade and Investment
Agenda[61KB]
Date:March 15-17, 2012
Venue:G-SEC Conference Room, The 6th floor, East Research Building, Mita Campus, Keio University
Governing the quality of goods in modern Asia
Program[24KB]
Governing the quality of goods in modern Asia
:Information, trust-building and the self-enforcement mechanism of the market
Date:February 25-26, 2012
Venue:East Research Building 5th Floor, Mita Campus, Keio University
Global Trade and Merchant Communities in Eurasia: Transitions from the 18th to 19th Centuries
The Workshop on "Global Trade and Merchant Communities in Eurasia: Transitions from the 18th to 19th Centuries" is to be held as follows.
Date:February 1-2, 2011
Venue:G-SEC Lab, East Research Building (6th Floor), Mita Campus, Keio University
Intensive Lecture: Credit Rationing: Causes and Solutions
October 2, 2010
Professor Uwe Vollmer of the University of Leipzig (Germany) held an intensive lecture “Credit Rationing: Causes and Solutions” at Keio University on October 2, 2010.
In his lecture, Professor Vollmer introduced the issue of loan credit rationing by banks from the standpoint of microeconomics. In particular, the lecture addressed, in detail, the issue of the information asymmetry which arises in financing between entrepreneurs and banks. When there is an information gap between the entrepreneur who needs funds to execute a project and the bank which is the lender, the bank cannot distinguish among different types of entrepreneurs. So if the project later fails, the bank cannot determine if the failure was due to negligence by the entrepreneur or despite the entrepreneur’s best efforts. To address this, Professor Vollmer simply explained the foundations of a mechanism whereby entrepreneurs would not be deemed negligent. The lecture was attended by over 30 students, and was followed by a lively question and answer session.
Asian Economic Panel Meeting
September 11-12, 2010
The Asian Economic Panel Meeting took place September 11-12, 2010 at the Keio University Mita Campus G-SEC Lab. This international conference is a venue for Japanese and foreign researchers from Asian universities and research organizations to deliberate economic policy and other aspects of Asian economics. The meeting had a total of 12 research presentations, including two luncheon keynote talks.
The presentations this year mostly addressed issues concerning the Chinese economy, with its outstanding development, with many global and regional level analyses on how the Chinese economy impacts the global economy. The research was discussed from diverse angles, based on reports and discussions by individuals responsible for implementing policy at the Asian Development Bank and the Korea Institute of International Economic Policy.
The reports began with a keynote address by our Joint Global COE Program Project Leader, Professor Naoyuki Yoshino, presenting economic analysis on Japan’s two decades of economic stagnation and policies for improvement. The meeting also featured the luncheon keynote talks “Financial Supervision and Regulation in Japan” by Financial Services Agency Planning and Coordination Bureau Councilor Chikahisa Sumi on the 11th and “Understanding the Fluctuations in Japan’s Stock Market and Bond Market” by Mr. Yoshio Okubo of the Japan Securities Association on the 12th, with frank debate regarding Japan’s financial markets among the participants.
The other papers at the conference presented analysis of economic cooperation between Taiwan and China; quantitative analysis of the informal economy and bribery in North Korea using questionnaire survey data; analysis of simulation results on the global impact of Chinese economic growth; quantitative analysis on the role of China as the key to Asian economic growth; analysis of China’s international balance of payments; analysis on Chinese economic growth and the impact of electricity pricing; analysis of the decisive factors for an East Asian free trade agreement; analysis on the effectiveness of fiscal policy in Vietnam; and a report on China’s export-led economic growth model, with lively exchanges of opinions among the participants.
Program[41KB]
Intensive Lectures: "Bilateralism vs. Multilateralism in a Global Economy:The case of the EU (Professor Patrick Messerlin)," and "Current Developments in EU Taxation (Professor Gerhart Kraft)"
January 7 ・9, 2010
On January 7 and 9, 2010, intensive lectures were presented by Institut d’Etudes Potitiques de Paris (France) Professor of Economics Patrick Messerlin and Martin Luther University of Halle-Wittenberg (Germany) Faculty of Law and Economics Professor Gerhard Kraft at Keio University. Messerlin addressed the relation between financial policy and trade structure in the EU, and showed how while the introduction of the common currency eliminated exchange risk within the region and made trade more active, each country also lost its freedom to control monetary policy, and that has affected export capabilities. Kraft focused on tax systems and enterprise behavior in EU countries, and noted that the need to harmonize tax systems and other financial policies throughout the EU because firms will move their bases seeking the most advantageous conditions. Both of these stimulating lectures explained the European experience whereby currency integration had a huge impact on international financial and traded goods markets, and they provoked keen interest among the audience.
Double-degree agreements have been concluded between Institut d’Etudes Potitiques de Paris (“Science Po”) and the Keio University Graduate School of Economics, and between Martin Luther University of Halle-Wittenberg and Keio University.
The 8th APEF International Conference on "Economic Integration in Asia: Global Financial Crisis and Beyond"
November 28-29, 2009
The Eighth Asia Pacific Economic Forum (APEF) international conference took place November 28-29 at the Keio University Mita Campus. The conference was sponsored by the Keio University/Kyoto University Joint Global COE program, and Keio University Faculty of Economics Professor Fukunari Kimura served as the conference host. APEF is an international economics group formed in May 2001 for the purposes of academic exchange regarding development, growth, regional integration and international economic relations in the APEC countries, with a focus on East Asia, ASEAN, and Oceania.
At this year’s conference, scholars of various ages from South Korea, Australia, China, Iran and the United States presented their research findings on the theme “Economic Integration in Asia: Global Financial Crisis and Beyond.” From our Global COE International Development Department, Keio University Faculty of Business and Commerce Professor Mitsuyo Ando and Keio University Faculty of Economics Assistant Professor Ayako Obashi presented the following papers as empirical analytical findings on international production networks: Mitsuyo Ando and Fukunari Kimura: “International Production/Distribution Networks in East Asia and Domestic Operations: Evidence from Japanese Firms,” and Ayako Obashi: “Stability of International Production Networks: Is East Asia Special?” The main APEF members were among old friends, and in a relaxed atmosphere shared a meaningful meeting in thorough discussions of each other’s research finding.
International Workshop of PPP (Public Private Pertnership) in Tokyo
November 15, 2009
The International Workshop of Public Private Partnership (PPP) took place at the Keio University Mita Campus G-SEC Lab on November 15, 2009 with Keio University/Kyoto University Joint Global COE Project Leader Naoyuki Yoshino and Osaka University Associate Professor Nobuo Akai presiding. The workshop examined raising the market quality of public policy through the introduction of private-sector funds, with reports by six domestic and foreign experts and lively debate among approximately 45 participants.
University of California, Berkeley Department of Economics Professor John Quigley presented quantitative analyses of the economic effects of green office buildings in the United States. The analyses found that while making office buildings green increases rents, benefits are gained over the long term from the consequent reductions in electricity consumption and in the volume of CO2 emissions, and that therefore the construction of buildings with green equipment is being promoted in the U.S.
Keio University Faculty of Economics Professor Naoyuki Yoshino reported that the need to introduce private-sector funds to upgrade infrastructure is a timely issue, and proposed PPP where some funds are invested by the government with the remainder covered by the private sector, and in particular the use of convertible bonds with an interest-rate floor, which are attractive to investors. Mitsubishi Global Strategic Studies Institute Project Engineering Department General Manager Toru Mihara explained the reasons for PPP, which include growing fiscal deficits as well as the need for efficiency improvements, project transparency, more efficient construction expenses and shorter construction periods. Mihara presented concrete examples from Japan, and introduced the advantages and disadvantages of PPP. Stanford University Collaboratory for Research on Global Projects (CRGP) Executive Director Ryan Orr explained the concept of PPP in the United States, giving specific examples in the three categories of (i) projects implemented by the government, (ii) projects implemented by the private sector, and (iii) projects jointly implemented by the government and the private sector. Ernst & Young Shinnihon LLC Senior Manager Toru Watanabe introduced the privatization process in Japan to date, including the lack of political leadership and other reasons why PPP has not been promoted in Japan. Monash University Faculty of Law Professor Graeme Hodge introduced the merits of PPP from a theoretical perspective, and reported case studies from Australia. He stressed the importance of PPP governance, strategy, efficiency, speed and follow-up evaluation.
Intensive Lecture: "International Banking and Liquidity Allocation: Cross-border Financial Services versus Multinational Banking"
October 3, 2009
On October 3, 2009 Professor Uwe Vollmer of University of Leipzig (Germany) presented a lecture entitled “International Banking and Liquidity Allocation: Cross-border Financial Services versus Multinational Banking” at the Keio University main campus.
Professor Vollmer’s lecture can be summarized as follows. Bank statutory capital requirements are presently becoming a major policy issue. In particular, the phenomenon of pro-cyclicality – whereby banks lend aggressively during business expansions because their share prices rise pushing up the value of their equity capital and conversely suddenly pull back on lending during contractions because the value of their equity capital drops – has been identified as a problem. Prof. Vollmer used case studies from Europe, and noted how capital requirements have different effects on banks advancing into foreign countries depending on whether they form joint ventures or establish holding companies for foreign market entry.
Over 30 students attended the lecture, which was followed by a lively question and answer session.
Comparative Analysis of Enterprise Data(CAED) 2009 Conference
October 2-4, 2009
The 2009 Comparative Analysis of Enterprise Data (CAED) conference was held Oct. 2-4, 2009 at Hitotsubashi Memorial Hall in Tokyo. The conference was hosted by the Hitotsubashi University Global COE program Research Unit for Statistical and Empirical Analysis in Social Sciences (Hi-Stat) and the Research Institute of Economy, Trade and Industry (RIETI). The Keio /Kyoto University Joint Global COE program participated as a co-sponsor.
CAED has been held every one or two years since 2003 as a global conference for research exchange on the empirical analysis of enterprise data. This was the fifth CAED conference, and the first one held in Asia. The event was a great success with about 350 participants (including about 150 from overseas), presentations of the latest global research findings and vibrant debate.
The Joint Global COE program is a major repository for enterprise data from Japan and elsewhere in Asia, and made a strong appeal at CAED for Japan as an important research base in this field. The International and Economic Development Department was actively involved from the conference planning stages, with Fukunari Kimura, Toshiyuki Matsuura, Kozo Kiyota and Kazunobu Hayakawa listed in the program as authors or co-authors of the following five papers: (1) Kiyota, Kozo and Okazaki, Tetsuji, “Industrial Policy Cuts Two Ways: Evidence from Cotton Spinning Firms in Japan, 1956-1964;” (2) Kimura, Fukunari, “The Nature and Characteristics of Production Networks in East Asia: Evidence from Micro/Panel Data Analysis;” (3) Kneller, Richard; Inui, Tomohiko; Matsuura, Toshiyuki; and McGowan, Danny, “The Role of Multinationals in Japanese Productivity Decline;” (4) Hayakawa, Kazunobu; Kimura, Fukunari; and Matsuura, Toshiyuki, “Gains from Fragmentation at the Firm Level: Evidence from Japanese Multinationals in East Asia;” and (5) Matsuura, Toshiyuki; Motohashi, Kazuyuki; and Hayakawa, Kazunobu, “How Does FDI Affect Performance at Home? An Activity-level Analysis for Japanese Electrical Machinery and Electronics Firms.” Fukunari Kimura, Toshiyuki Matsuura and Kozo Kiyota also led discussions in their roles as session chairs.
Additionally, the International and Economic Development Section arranged for the presentation of papers by Chin Hee Hahn (South Korea), Dionisius Narjoko (Indonesia) and Archanun Kohpaiboon (Thailand) through liaison with the Economic Research Institute for ASEAN and East Asia (ERIA), an international organization based in Jakarta where Fukunari Kimura serves as Chief Economist, contributing to the further internationalization of CAED, which has seen little participation from developing Asia.
URL：http://gcoe.ier.hit-u.ac.jp/CAED/program.html
Mini Workshop on Micro-data Study on Labialization of International Trade and Investment
October 1, 2009
A mini-workshop on the liberalization of international trade and investment featuring invited researchers from South Korea, Thailand and Indonesia was held October 1, 2009 at the Keio University Mita Campus, with sponsorship from the Economic Research Institute for ASEAN and East Asia (ERIA).
At the workshop participants discussed how changes in trade and investment systems, which have a great impact on market quality in developing countries, influence foreign direct investment and export behavior. The three invited researchers presented reports concerning their respective countries, with Dionisius Narjoko of ERIA addressing Indonesia, Associate Professor Archanun Kohpaiboon (Thammasat University) speaking about Thailand, and Chin Hee Hahn of the Korea Development Institute examining South Korea.
The research reports on Indonesia and Thailand both examined technology transfer from multinationals to local companies, with implications for the incentive policies developing countries may pursue to lure multinationals. The report on South Korea examined whether or not export access to overseas markets boosts productivity, and suggested that the likelihood of successful technology acquisition may be higher at factories with high concentrations of skilled labor. Dr. Hahn’s paper on South Korea was also stimulating because it made use of propensity score matching, which is a relatively new analytical method in the field of international economics.
The papers presented at the mini-workshop all used enterprise and business establishment level data analysis to indentify how globalization improves economic welfare, bringing renewed awareness of the great potential for research based on micro-level data.
International conference: "Asian Economic Panel Meeting"
September 6-7, 2009
The Asian Economic Panel Meeting took place September 6-7, 2009 at the Keio University Mita Campus. This international conference is a venue for deliberations on Asian policy, centered on Asian studies researchers and research organisations. The meeting had a total of 13 presentations, including three special reports.
The presentations included discussions from various angles on responses to the subprime financial crisis, which had a severe impact worldwide from fiscal 2008, considering economic theory and the opinions of the policy authorities engaged in actual implementation. In particular, the presentations by Takehiko Nakao of the Ministry of Finance International Bureau and Yosuke Kawakami of the Deposit Insurance Corporation of Japan clarified Japan’s actual response to the subprime financial crisis as well as the current conditions in Asia.
The Asian presenters and panel members included former Thailand’s Minister of Finance Chalongphob Sussangkarn, Indonesia Stock Exchange Chairman (and former Bank Indonesia Deputy Governor) Anwar Nasution, Bank of Japan Deputy Governor Kiyohiko Nishimura, Australian National University Professor Warwick McKibbin and other policymakers and economists from each country, who engaged in lively discussions.
From the Keio University/Kyoto University Joint Global COE program, Keio University Professor Naoyuki Yoshino presented research on an economic model which explains the linkage between public policy and the issuance of government bonds, especially under Liberal Democratic Party administrations, and Kyoto University Institute of Economic Research Professor Makoto Yano spoke on the topic of “Avoiding Another Subprime-type Crisis in Financial Markets.” These presentations elicited vibrant debate concerning the prior related research on market quality.
Other papers examined the subprime debacle which became a global financial crisis, the influence on tax revenues from piracy and infringements in the Asian region, foreign direct investment and the independence of bilateral trade within Asia, technology development and employment in China, a new composite index to measure economic integration in the Asia-Pacific region, how big shopping malls affect poverty reduction in India, and an experimental economics approach to trade negotiations, with lively exchanges of opinions among the participants.
The 4th Intensive lecture: "Introduction to Asset Pricing: Theory and Empirical Applications"
August 6-7, 2009
University of Iowa Department of Finance Professor. Paul A. Weller presented an intensive lecture “Introduction to Asset Pricing: Theory and Empirical Applications” at the Keio University Mita Campus on August 6 and 7, 2009. In the lecture, Prof. Weller elucidated from both the theoretical and empirical perspectives the fundamentals of financial market quality problems and related asset pricing theory, which have become a subject of market quality theory applied analysis.
Specifically, on the first day Prof. Weller presented the theoretical development of the Consumption-based Capital Asset Pricing Model (CCAPM), which is constructed based on conditions whereby economic agents optimize their consumption and savings behavior, as well as problems with the CCAPM which come to light through empirical analysis. On the second day, Prof. Weller considered asset pricing theory based on arbitrage, whereby economic agents attempt to gain profits taking advantage of differentials in asset prices, with a particular focus on the relation with the efficiency of financial markets.
Prof. Weller also presented his own research applying the most recent theoretical findings in behavioral finance. This research examines whether or not asset prices determined by the market are always appropriate when there is human perceptual bias, focusing on the excess profits gained when investment strategies are based on a given mechanical rule. The research concludes that short-term excess profits can be gained under a rule-based investment strategy, implying that market asset prices are not always correct. The event also afforded an opportunity for Prof. Weller to discuss the present conditions at the University of Iowa, and to provide valuable advice to the young researchers who participated regarding research and education methodologies.
Third Keio/Kyoto International Conference on Market Quality Economics
April 3-4, 2009
The Third “Keio/Kyoto International Conference on Market Quality Economics” was held April 3-4, 2009 at the Institute of Economic Research, Kyoto University. At the conference, the eminent international trade theory scholar, Professor Ronald W. Jones (University of Rochester) and other leading researchers addressed the theme of the international economy and market quality.
The speakers presented research reports covering the relation between foreign direct investment and production market competition, dynamic efficiency of Cournot equilibria in a duopolistic model with R&D investment, the relation between trade patterns and wage differentials in a monopolistic competition model, empirical analyses on corporate internationalization models using Japanese enterprise data, international monetary crisis mechanisms under an information structure oriented model, capital accumulation stability under a financially integrated global economy, how public intermediate goods influence international trade in an overlapping generations model, aid for trade and global economic growth, the relation between real wages and non-traded goods, and research developments in international trade theory and in the dynamic equilibrium theory developed at the University of Rochester.
International Workshop "Exchange Rate Systems and Currency Markets in Asia"
March 24, 2009
Global COE had held the joint Keio University /ADBI Workshop on Exchange Rate Systems and Currency Markets in Asia on March 24, 2009. The workshop is hosted by Prof. Naoyuki Yoshino at Asian Development Bank Institute, Tokyo. The morning session starts with the work of Prof. Eiji Oawa from Hitotsubashi University discussing about recent movements of the currency basket of ASEAN+3 currencies (Asian Monetary Unit: AMU) and deviations of the East Asian currencies from the AMU (AMU Deviation Indicators). This is followed by the discussion over Renminbi from Ulrich Volz (German Develop Institute) and Guonan Ma and Robert McCauley (Bank of International Settlements). In the afternoon, the presentation on Renminbi continued by Yin-Wong Cheung from Unversity of California, Santa Cruz. Later on, Cho-hoi Hui from Hong Kong Monetary Authority had talked about the analysis of the impact of the global credit crisis on the FX swap market and discusses its potential implications. Following by the presentation from Naoyuki Yoshino (Keio University) and Tamon Asonuma (Boston University) about dynamic adjustment toward stable Basket-Peg regime under two-country general equilibrium model. Lastly the workshop ended with the work from Hyunsoo Joo, Fang Cai and Zhiwei Zhang from Hong Kong Monetary Authority who presented macroeconomics news and emerging market currencies in East Asia at real time.
Empirical Investigations in Trade and Investment (EITI)
March 19-21, 2009
The Forum for Research in Empirical International Trade (FREIT) third annual “Empirical Investigations in Trade and Investment (EITI)” international conference took place at the Keio University Mita Campus March 19-21, 2009. The event was sponsored by the Keio University/Kyoto University Joint Global COE Program, and jointly organized by Professor Fukunari Kimura (Faculty of Economics, Keio University) and Dr. Jon Haveman (Founding Partner, Beacon Economics).
The EITI conference is held each year as a forum where young Western and Asian scholars pursuing empirical research on international trade can exchange information, and report on the latest research findings. The conference format allowed the participants to devote ample time to detailed investigations and deep discussions on one another’s research. There was also an active exchange of constructive comments regarding future research development possibilities.
Intensive Lecture: "Appraising Competitive International Trade Theory"
March 16, 2009
Professor Ronald W. Jones (University of Rochester) presented a lecture entitled “Appraising Competitive International Trade Theory” at Keio University on March 16, 2009. In international trade theory, the issue of whether the factors of production used by a given manufacturing sector can be utilized by other sectors has been discussed for many years. To begin with, Prof. Jones explained how sector-specific factors of production, that is factors of production that can be used in one sector but cannot be used in others, have been approached in traditional international trade theory. He then discussed the Heckscher-Ohlin model, which holds that all factors of production are transferable to other sectors, along with the significance of this model. Prof. Jones concluded his lecture by considering how these two opposing ways of thought can be reconciled in a single theoretical framework.
Changes of Local Market Institutions in the Age of Global Trade Expansion: Asia and North America in the 19th and 20th Centuries
March 15-16, 2009
The international workshop “Changes of Local Market Institutions in the Age of Global Trade Expansion: Asia and North America in the 19th and 20th Centuries” was held at the Keio University Mita Campus March 15-16, 2009. Participants engaged in vibrant discussions on the factors (customs, legal systems, etc.) that prompted transformations in commercial trading arrangements and organizations and on other institutions changes which enabled the globalization of the Asian and U.S. economies during the 19th century and first half of the 20th century. The workshop provided an opportunity for researchers in the historical analysis department to share their findings to date with domestic and foreign researchers.
The three reports in first session “Onto the World Stage: Asian Foreign Trade in the Nineteenth Century” addressed the structural changes in East Asia’s international trade in the 19th century. The reports considered the region’s ties to global trade though tea and other international commodities. They also examined the existing trade structure within East Asia and the reinforcement of that structure, which was closely linked to the Chinese Market through which it functioned.
In the second session, “Global Trade and Its Interaction with the Local Economy,” reports were presented by Associate Professor Sayako Kanda and Lecturer Tomoko Yagyu of the Historical Analysis Department. Both reports clarified the relations between local economies and the expansion of global trade. Prof. Kanda explained how economic and social changes in eastern India (particularly competition in the salt market) led to growth in the trade of English salt, while Lecturer Yagyu examined the society and economy of the antebellum U.S. south (particularly the slave trade) and the growth of the cotton trade.
Reports in the third session “Political Changes and Its Effects on Trade” adopted the Ottoman Empire, colonial India and the Qing dynasty as examples to discuss how the expansion of Western political and military presence influenced changes in regional trade systems and market order through trade treaties and colonial control.
Historical Analysis of Market Order and Institutions in China: Market Order in China Reconsidered
March 14-15, 2009
The international workshop “Historical Analysis of Market Order and Institutions in China: Market Order in China Reconsidered” was held at the Keio University Mita Campus March 14-15, 2009. The workshop was co-sponsored by the Keio University/Kyoto University Joint Global COE Program and the Takahashi Industrial and Economic Research Foundation. The workshop sought to clarify the types of order that formed the Chinese market, by examining developments from the Song dynasty through to the Republic of China era.
Under classical economic theory, the contemporary Chinese market – with its strong emphasis on personal and human relations – was not really considered to be a “modern market.” In recent years, however, investigations of market order have placed greater emphasis on private governance and on information asymmetry and incomplete information. Accordingly, by analyzing market order in China, this line of research attempts to fuse economic history with economic theory. The findings will be reported by the COE at the 15th World Economic History Congress this August.
The workshop featured 11 reports by invited researchers from Japan, Taiwan and Hong Kong, broken down into five sessions. The first session began with a conference proposal by conference organizer Prof. Kazuko Furuta, followed by presentations of research reports on the legal system and goods distribution. The second session was a presentation entitled “Market Quality” by Prof. Makoto Yano of the Theory Development Department, with lively discussions among market history experts. The third session addressed the flows of information and currency, with theoretical research reports concerning Chinese market structure. The fourth session used disputes among China, Japan and the West as the axis for research reports focusing on trademarks, investments and contracts. The fifth session was an overall summary of the conference, with a great many comments and animated debate on points of dispute.
Second Keio/Kyoto International Conference on Market Quality Economics
March 14-15, 2009
The Second “Keio/Kyoto International Conference on Market Quality Economics” was held March 14-15, 2009 at the Sheraton Miyako Hotel Tokyo, with invited speaker Professor Ronald W. Jones of the University of Rochester. With such themes as market quality theory and technological innovation, international trade theory, and issues in the division of labor, the conference aimed at deepening understanding of dynamism and policies to realize improved market quality through research reports concerning the static and dynamic decision-making of economic bodies and the types of market changes that can be realized. The participants included young research scholars from throughout Japan, who engaged in lively discussions.
The speakers presented research reports covering the relation between financial market integration timing and economic gaps among nations, the impact of changes in the operating costs at overseas operations on the economic disparities between North and South, empirical analysis on whether the rate of return on assets is a determining factor in capital flows, reasons for offshore production when there are differences in work quality under the North-South divide, the roles of financial institutions and the distribution of wealth under an environment with productivity differentials among industries, middlemen in competitive markets with indivisible commodities, the influence of product quality and production process innovations on production cycles, consumption externalities and neoclassical model analysis incorporating impatience in a small open economy, a monopolistic competition model considering vertical specialization and wage inequality, and how the distribution of the factors of production among industries affects product prices.
"First Keio/Kyoto International Conference on Market Quality Economics"
November 8-9, 2008
“The First Keio/Kyoto International Conference on Market Quality Economics” was held November 8-9, 2008 in commemoration of the opening of the Kyoto University Institute of Economic Research, Advanced Economics Education and Research Center, Keio/Kyoto Global COE Mita Office. The participants included invited research scholars from throughout Japan as well as an invited speaker from the U.S., Professor Eric Bond of Vanderbilt University. Research findings were presented on such topics as “Market Competition in International Trade and Tariff Decision Making,” “The Relationship Between Labor Quality and Trade Patterns,” “Corporate Price-setting Behavior,” “The Correlation between Intergenerational Income Transfer and Skills,” “Bureaucratic Corruption under Market Entry Restrictions,” and “The Influence of Health Insurance Systems on Economic Welfare.” Based on these reports, participants engaged in lively discussions regarding the process of achieving higher quality markets, and on the direction of research for more detailed analyses on this theme.
Intensive Lecture: "Comparative Advantage, Factor Accumulation, and Trade"
November 7, 2008
Professor Eric Bond, Vanderbilt University was invited to present a lecture entitled “Comparative Advantage, Factor Accumulation and Trade” at Keio University on November 7, 2008. The lecture was attended by a large number of students and research scholars. Under the traditional international trade model, when nations with the same production technologies conduct trade, their comparative advantages and patterns of trade are determined by the quantities (reserves) of the factors of production in each nation. Professor Bond's lecture applied this trade theory to a dynamic framework for theoretical analyses of trade patterns as the quantities of the factors of production change over time, and of the factors of production accumulation process. As an extension of these analyses, the lecture also discussed long-term economic disparities in trade and among nations, and noted the possibility that economic disparities among nations may actually wind up being maintained for a long period of time because of international trade.