5th Mitsui Life Symposium on Global Financial Markets: The Post-Bubble Japanese Economy and Prospects for East Asia


University of Michigan Business School
Ann Arbor, Michigan
November 7 & 8, 1997

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Junzo Tanaka, Senior Managing Director, Mitsui Mutual Life Insurance Company
Hitomi Tonomura, Director, UM Center for Japanese Studies

Plenary Session:
Chair:   E. Han Kim, Director
Mitsui Life Financial Research Center, University of Michigan

Keynote Speakers: 
Eisuke Sakakibara, Vice Minister Japan Ministry of Finance
“The Japanese Big Bang and Its Impact on East Asia”
Jeffrey Sachs, Director, Harvard Institute for International Development
and Galen L. Stone Professor of International Trade
“Is the East Asian Miracle Over?”

Session 1: The Bubble and Its Implications for Japan
Chair: Gary Saxonhouse, University of Michigan

Changing Corporate Governance in Japan
Jennifer Corbett, Oxford University
Discussants:  Hugh Patrick, Columbia University and Eric Rosengren, Federal Reserve Bank of Boston

The Japanese Big Bang: Financial Reforms and Market Implications
Robert Dekle, International Monetary Fund
Discussants:  Mark Ramseyer, University of Chicago and David Weinstein, University of Michigan

Dinner Speaker:  Kenneth Lieberthal, Arthur F. Thurnau Professor of Political Science and William Davidson Professor of Business Administration, University of Michigan

Session 2:  Prospects for East Asia
Chair: Hugh Patrick, Columbia University

The South East Asian Currency Crisis and the Channels of Contagion
Yung-Chul Park, President,  Korea Institute of Finance
Discussants:  Gunter Dufey, University of Michigan, and Linda Tesar, University of Michigan
Financial Reform and Macroeconomic Instability in China 
Barry Naughton, University of California at San Diego
Discussants: David Li, Hoover Institution, and Bernard Yeung, University of Michigan
Challenges to the East Asian Economies: The Case of Korea
Soogil Young, President, Korea Institute for International Economic Policy
Discussants: Sukchae Lee, East-West Center, and Linda Lim, University of Michigan

Session 3: Japanese Investment and Finance
Chair:   David Weinstein, University of Michigan

Business Fixed Investment and ‘Bubbles’: The Japanese Case   Robert Chirinko, Emory University, and Huntley Schaller, Carleton University
Discussants:  Robert Barsky, University of Michigan, and Anil Kashyap, University of Chicago
Collateral Damage: Effects of the Japanese Real Estate Collapse on Credit Availability and Real Activity in the United States
Joe Peek, Boston College, and Eric Rosengren, Federal Reserve Bank of Boston
Discussants: Dennis Capozza, University of Michigan, and Raghuram Rajan, University of Chicago
Competition and Financial Structure in Japanese Firms
Takeo Hoshi, Osaka University
Discussants: David Hirshleifer, University of Michigan, and Ronen Israel, University of Michigan