Contents

1. Introduction

Yasuyuki Fuchita (Nomura Institute of Capital Markets Research)
Robert E. Litan (Brookings Institution)

2. ETFs and REITs in Japan: Innovation and Steps for Future Growth

Yuta Seki (Nomura Institute of Capital Markets Research)

3. Securitization of Residential Mortgages: Can Japan Create a "Good" GSE?

Yasuyuki Fuchita (Nomura Institute of Capital Markets Research)

Comment on chapters 2 and 3

Posen (Peterson Institute for International Economics)

4. Gap Filling, Hedge Funds, and Financial Innovation

Frank Partnoy (University of San Diego Law School)
Randall Thomas (Vanderbilt University Law School)

5. The Rise of the U.S. Private Equity Market

Thomas Boulton (University of Pittsburgh)
Kenneth Lehn (University of Pittsburgh)
Steven Segal (Boston University)

Comment on chapters 4 and 5

Franklin R. Edwards (Columbia Business School)

6. Policy Issues Raised by Structured Products

Jennifer E. Bethel (Babson College)
Allen Ferrell (Harvard Law School)

7. The Development of Improved Exchanged-Traded Funds in the United States

Todd Broms and Gary L. Gastineau (Managed ETFs LLC)

Comment on chapters 6 and 7

Kenneth E. Scott (Stanford Law School)