The Global Classroom and the Virtual Financial Market

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The financial circles, the world over, are undergoing an extensive change under the pressure of liberalization and globalization. We are also witnessing a fast technological progress along with many innovative financial products such as derivatives constantly being developed and introduced in the market.Under these new developments, a realization for the needs to jointly explore the frontier in financial knowledge has been shared among our colleague institutions beyond the national border. Especially, the awareness of the great opportunity of harnessing the recent advancement in information technology prompted us to envision an international joint research and educational project in Finance. Such a joint project is to be supported by forming a network of institutions diversely located in the Pacific Asian countries. The network would allow us to share valuable and unique resources in developing some innovative programs such as a virtual financial market in the Internet space.Graduate S … More chool of International Politics, Economics and Business (GSIPEB), Aoyama Gakuin University, has been taking the initiative to promote the international joint class of "Financial Analysis and Security Trading (FAST)" with the Graduate School of Industrial Administration (GSIA). Carnegie Mellon University. In this undertaking, the two distant class rooms in Aoyama and Carnegie campuses were united via tele-conferencing system and the computer systems in the two campuses were also connected to perform experiments in the virtual financial market.Professor Sang-Koo Nam, Graduate School of Business Administration, Korea University and Professor Lim Kian-Guan, Graduate School of Business, National University of Singapore, have been the two important members in this project and played a significant part in advancing our joint research programs. The both scholars share with us the recognition of the great opportunity for cooperative programs in Finance among Asian institutions. Such a cooperative effort will facilitate an accelerated development of the emerging economies and markets in the region. Less