Center for Advanced Research in Finance
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Message from the Director

The Center for Advanced Research in Finance (CARF) aims to play a central role in financial research in the Asia Pacific region. Our mission is to contribute to the sound development of the economies of Asia and the world through the promotion of theoretical and practical financial research. In order to achieve this objective, CARF endeavors to be an open international research center that is accessible to society.

Asia is currently undergoing a momentous transformation that has demonstrated the rising importance of the economies and enterprises of Asia to the world economy. As Japan continues to grasp for an appropriate role in the 21st century, it must foster an affluent and esteemed socio-economy without ceasing efforts at renewal. The financial and capital markets of Tokyo must perform a positive role in this process. In order to sufficiently function as a financial center that supplies the development funds to the economies and industries of the Asian region, which have already achieved a high level of growth, the Tokyo market must be an efficient and innovative one. Using financial theory to suggest design and policy for such a financial system and to develop techniques for innovative investment, CARF places importance on the themes of procurements and risk management. Another important role of the Center is to conduct multifaceted research -- both micro and macro; theoretical and empirical -- on the various aspects of the successes and failures of the Japanese financial system's past model in order to promote balanced future growth of Asian economies.

CARF plans to promote this kind of research on the basis of three policies. First of all, the Center will support cutting-edge theoretical and empirical research by hosting the world's leading scholars. In order to do this, CARF plans to develop close relationships with notable universities and research institutions around the world. Secondly, CARF will promote research projects developed in cooperation with industry and policymakers. By combining the knowledge, experience and practical awareness of professionals regarding business, markets and the economy with academic theory and thought, we hope to design policies for the proper functioning of the financial system and develop techniques for innovative financing, investment and risk management. Finally, CARF will establish an essential database for the promotion of research. We plan to advance empirical research by gathering world-class researchers at the Center and giving them access to extensive micro and macro financial data covering the world's financial markets, with special emphasis on databases for Asian financial and capital markets. The results of research conducted at CARF will be disseminated worldwide using various means, including research theses, book publications, our homepage, workshops and international conferences.

Kazuo Ueda
Center for Advanced Research in Finance

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