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Author: Kazuo Ueda
Publisher:
ISBN:
Category :
Languages : en
Pages : 84
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Author: Kazuo Ueda
Publisher:
ISBN:
Category :
Languages : en
Pages : 84
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Author: Thomas F. Cargill
Publisher: Hoover Press
ISBN: 9780817987237
Category : Finance
Languages : en
Pages : 260
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Author:
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 68
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Author: Yoshiko Kojo
Publisher: Cornell University Press
ISBN: 1501728199
Category : Political Science
Languages : en
Pages : 361
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Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped. With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics—an economic agenda to reflate the economy—and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network. The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis of the politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network.
Author: Matthias Reith
Publisher: GRIN Verlag
ISBN: 364047404X
Category : Business & Economics
Languages : en
Pages : 111
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Diploma Thesis from the year 2009 in the subject Economics - Finance, grade: 1, University of Vienna, language: English, abstract: In the current economic and financial crisis, many western central banks introduced “unconventional” monetary policy measures, commonly referred to as “Quantitative Easing (QE)”. However, the Bank of Japan (BoJ) already applied QE between 2001 and 2006. This lead many commentators to make oversimplifying comparisons between the BoJ’s QE approach (2001-2006) and current implementations of QE by other central banks. In particular, this diploma thesis tries to examine the differences between BoJ-type QE and Fedtype QE. It turns out that both approaches differ fundamentally from each other on various grounds: The primary aim of QE in Japan was fighting deflation, whereas the American central bank addresses mostly strains in the banking system. Concerning the concrete measures, one can say that QE by the BoJ consisted to a good deal of active QE in terms of outright purchases of Japanese government securities (JGBs), whereas the Fed currently follows a somewhat broader approach: Since interbank markets are not functioning as desired, it tries to engage with as many market participants as direct as possible. Therefore the Fed has introduced a much broader range of new instruments than its Japanese counterpart did between 2001 and 2006. As a result, the Fed’s balance sheet expansion was considerably larger than the one in Japan.
Author: Mitsuaki Okabe
Publisher:
ISBN:
Category : Japan
Languages : en
Pages : 74
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Author: Kenneth J. Singleton
Publisher: University of Chicago Press
ISBN: 0226760685
Category : Business & Economics
Languages : en
Pages : 208
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How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
Author: Kōichi Hamada
Publisher:
ISBN:
Category : Japan
Languages : en
Pages : 44
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Author: Adrian van Rixtel
Publisher: Cambridge University Press
ISBN: 9780521039444
Category : Business & Economics
Languages : en
Pages : 0
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The success as well as the recent misfortunes of the post-war Japanese economy has been one of the most debated points in economics. Many explanations focus on cultural and institutional factors, and in particular the role of "Informality" in networks organizing business activity and government policy. This book provides the first quantitative and qualitative assessment of Informality in the formation of Japanese monetary policy. The author spent two years at the Institute for Monetary and Economic Studies at the Bank of Japan and the Japanese Ministry of Finance and offers a unique "insider-outsider" perspective.
Author:
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 70
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