Research and Development of Cutting-edge Global Financial Techonology

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This research project was dedicated to basic research and theoretical understanding of finance, as well as the exploration of experimental approaches and the international deployment of "Experimental Finance." The project was initially designed in response to recent changes in the field of finance : the rapid liberalization and globalization of financial capital markets, the introduction of new derivative instruments, the growth of trading volume, the proliferation of information technology, and the consequent sophistication of financial theories and knowledge.Given that financial technologies were ineffective in accounting for the uncertainties of financial asset prices, interest rates, and foreign exchange, we, in 1999, initiated an investigation into cutting-edge financial technologies of insurance risk security and derivatives. We also collected data on the securitization of insurance risk, in particular, catastrophe risk and insurance derivatives. Moreover, we conducted field rese … More arch on domestic and foreign markets, analyzed regulations affecting transactions within the stock markets in Tokyo, Shanghai, New York, and Singapore. This was done from a micro perspective. From there we started to construct a cyberspace simulation in which transactions can be performed on PCs.The year 2000 was dedicated to the international development of Experimental Finance. We invited Professor Yuji Ijiri (Carnegie Mellon University), Professor John O'Brien (Carnegie Mellon University), Professor Lim Kian-Guan (The National University of Singapore), Professor Sang-koo Nam (Korea University), Professor Wang Wei (Fudan University, China) and Professor Yu Shi Xintian(Northeastern University, China) to a workshop. As a result of their participation, Aoyama Gakuin University created an international depository of finance-related information. This depository was expected to generate a Virtual Asian Financial Market and form an international network where finance-related information and other intellectual assets can be shared by its participants.In 2001 we held a workshop with Professor Lim, Professor Nam, Professor Ijiri, and Professor Takahito Hiraki (International University, Japan) to work on an analysis of the liberalization and internationalization of Asian financial and capital markets. Also, we conducted a multi-national trading simulation in a virtual financial market using the Financial Analysis and Security Trading (FAST) program, and explored various experimental approaches. Carnegie Mellon University, Fudan University, Korea University, and the National University of Singapore participated in the simulation.Through these research activities we constructed an international network where different universities can share finance-related knowledge and an international information center for the Virtual Asian Financial Market. Less