Zombies on the Brink: Evidence from Japan on the Reversal of Monetary Policy Effectiveness PDF Download
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Author: Mr.Gee Hee Hong
Publisher: International Monetary Fund
ISBN: 151357003X
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
How does unconventional monetary policy affect corporate capital structure and investment decisions? We study the transmission channel of quantitative easing and its potential diminishing returns on investment from a corporate finance perspective. Using a rich bank-firm matched data of Japanese firms with information on corporate debt and investment, we study how firms adjust their capital structure in response to the changes in term premia. Investment responds positively to a reduction in the term premium on average. However, there is a significant degree of cross-sectional variation in firm response: healthier firms increase capital spending and cash holdings, while financially vulnerable firms take advantage of lower long-term yields to refinance without increasing investment.
Author: Mr.Gee Hee Hong
Publisher: International Monetary Fund
ISBN: 151357003X
Category : Business & Economics
Languages : en
Pages : 41
Get Book Here
Book Description
How does unconventional monetary policy affect corporate capital structure and investment decisions? We study the transmission channel of quantitative easing and its potential diminishing returns on investment from a corporate finance perspective. Using a rich bank-firm matched data of Japanese firms with information on corporate debt and investment, we study how firms adjust their capital structure in response to the changes in term premia. Investment responds positively to a reduction in the term premium on average. However, there is a significant degree of cross-sectional variation in firm response: healthier firms increase capital spending and cash holdings, while financially vulnerable firms take advantage of lower long-term yields to refinance without increasing investment.
Author: Barry W. Poulson
Publisher: Rowman & Littlefield
ISBN: 1666916617
Category : Business & Economics
Languages : en
Pages : 203
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Book Description
Slowing economic growth and debt fatigue continue to hamper fiscal policy in the United States. The question is whether there is an alternative path to the one projected in CBO long term forecasts, and if so, how citizens can choose this alternative path. The experiences of Germany, Sweden, and Switzerland reveal that an alternative path of sustainable debt is possible, and that citizens in a democratic society are capable of choosing that path. This book explores the potential impact of Swiss-style fiscal rules on the U.S. budget and the economy over the next three decades. The dynamic simulation analysis reveals that with these fiscal rules in place, it is possible for the U.S. to stabilize and reduce debt to sustainable levels over the forecast period. The government must preserve policy credibility by demonstrating a commitment to meet the challenges of economic shocks. The recent economic crises have provided a learning experience, and the rules-based macroeconomic framework required for this new era may differ significantly from that of the past. With new fiscal rules in place, the U.S. can restore long term economic growth. However, empirical analysis reveals how difficult this challenge will be, and why the U.S. is likely to continue to experience debt fatigue.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264586970
Category :
Languages : en
Pages : 126
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Book Description
Japan has navigated the dual shock of the pandemic and the energy crisis well. However, significant headwinds from weak global growth, geopolitical tensions and high inflation highlight the importance of enhancing the Japanese economy’s resilience to shocks. In a context of inflation, which has risen above target, and pressures from divergent monetary policy from peers, adjustments to monetary policy settings have commenced. Given high public debt, fiscal consolidation to rebuild fiscal buffers, underpinned by a credible medium-term fiscal framework to put the debt-to-GDP ratio on a clear downward path, is key. Longer-term sustainability also requires reducing greenhouse gas emissions in line with government targets, calling for green investment, innovation and carbon pricing. Reforms to improve the innovation framework and incentives for start-ups are key to boost productivity and address ageing pressures. Removing obstacles to the employment of women and older persons and making greater use of foreign workers are also essential to counter demographic headwinds. Strengthening the financial position of young people and policies to support families and children, such as improved parental leave, would help to reverse the downward trend in the fertility rate. SPECIAL FEATURE: ADDRESSING DEMOGRAPHIC HEADWINDS
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 99
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Book Description
Japan is navigating the recovery from the pandemic and the implications of the war in Ukraine. COVID-19 related restrictions have been gradually reduced since 2022, with border reopening last October. Headline inflation has recorded levels not seen in four decades.
Author: INTERNATIONAL MONETARY FUND.
Publisher: International Monetary Fund
ISBN: 1513592777
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
A fragile recovery continues in the Middle East and Central Asia region. The region has made good progress since the beginning of the year, but new challenges have emerged. They include a pandemic wave in countries with weak vaccination progress and rising inflation, which has contributed to declining monetary policy space, adding to the difficulties posed by limited fiscal policy space. Additionally, divergent recoveries and concerns about economic scarring persist. Inequities are also on the rise, and countries will need to tackle the pandemic’s impact on debt, labor markets, and the corporate sector. Countries will face difficult tradeoffs amid this challenging environment as they continue to manage the current crisis. Ramping up vaccine acquisition and distribution remains the most urgent short-term priority. Additional support should be well targeted, and central banks may need to raise interest rates if inflation expectations start to increase. Improving policy frameworks will be important to reduce policy tradeoffs. Preparing for a new chapter by investing in a transformational recovery will be vital to the region’s future. Important priorities include reorienting the role of the state toward health, education, and social safety nets; leveraging global trends like digitalization; and investing in climate-resilient technology.
Author: Margherita Bottero
Publisher: International Monetary Fund
ISBN: 1498300855
Category : Business & Economics
Languages : en
Pages : 59
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Book Description
We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.
Author: Chris Harman
Publisher: Haymarket Books
ISBN: 1608461041
Category : Business & Economics
Languages : en
Pages : 426
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Book Description
We've been told for years that the capitalist free market is a self-correcting perpetual growth machine in which sellers always find buyers, precluding any major crisis in the system. Then the credit crunch of August 2007 turned into the great crash of September–October 2008, leading one apologist for the system, Willem Buiter, to write of "the end of capitalism as we knew it." As the crisis unfolded, the world witnessed the way in which the runaway speculation of the "shadow" banking system wreaked havoc on world markets, leaving real human devastation in its wake. Faced with the financial crisis, some economic commentators began to talk of "zombie banks"–financial institutions that were in an "undead state" and incapable of fulfilling any positive function but a threat to everything else. What they do not realize is that twenty-first century capitalism as a whole is a zombie system, seemingly dead when it comes to achieving human goals.
Author: Jolanda Jetten
Publisher: SAGE
ISBN: 1529751705
Category : Psychology
Languages : en
Pages : 172
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Book Description
Written by leading social psychologists with expertise in leadership, health and emergency behaviour – who have also played an important role in advising governments on COVID-19 – this book provides a broad but integrated analysis of the psychology of COVID-19 It explores the response to COVID-19 through the lens of social identity theory, drawing from insights provided by four decades of research. Starting from the premise that an effective response to the pandemic depends upon people coming together and supporting each other as members of a common community, the book helps us to understand emerging processes related to social (dis)connectedness, collective behaviour and the societal effects of COVID-19. In this it shows how psychological theory can help us better understand, and respond to, the events shaping the world in 2020. Considering key topics such as: Leadership Communication Risk perception Social isolation Mental health Inequality Misinformation Prejudice and racism Behaviour change Social Disorder This book offers the foundation on which future analysis, intervention and policy can be built. We are proud to support the research into Covid-19 and are delighted to offer the finalised eBook for free. All Royalties from this book will be donated to charity.
Author: Roy Porter
Publisher: Cambridge University Press
ISBN: 0521864267
Category : Medical
Languages : en
Pages : 11
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Book Description
Against the backdrop of unprecedented concern for the future of health care, 'The Cambridge History of Medicine' surveys the rise of medicine in the West from classical times to the present. Covering both the social and scientific history of medicine, this volume traces the chronology of key developments and events.
Author: Claude Henry
Publisher: Edward Elgar Publishing
ISBN: 1800371780
Category : Business & Economics
Languages : en
Pages : 496
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Book Description
The world has witnessed extraordinary economic growth, poverty reduction and increased life expectancy and population since the end of WWII, but it has occurred at the expense of undermining life support systems on Earth and subjecting future generations to the real risk of destabilising the planet. This timely book exposes and explores this colossal environmental cost and the dangerous position the world is now in. Standing up for a Sustainable World is written by and about key individuals who have not only understood the threats to our planet, but also become witness to them and confronted them.
