The Dynamics of Japanese Government Bonds' Nominal Yields PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Dynamics of Japanese Government Bonds' Nominal Yields PDF full book. Access full book title The Dynamics of Japanese Government Bonds' Nominal Yields by Tanweer Akram. Download full books in PDF and EPUB format.
Author: Tanweer Akram
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 54
Get Book Here
Book Description
Author: Tanweer Akram
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 54
Get Book Here
Book Description
Author: Tanweer Akram
Publisher:
ISBN:
Category : Bond market
Languages : en
Pages : 52
Get Book Here
Book Description
This paper models the dynamics of Japanese government bond (JGB) nominal yields using daily data. Models of government bond yields based on daily data, such as those presented in this paper, can be useful not only to investors and market analysts, but also to central bankers and other policymakers for assessing financial conditions and macroeconomic developments in real time. The paper shows that long-term JGB nominal yields can be modeled using the short-term interest rate on Treasury bills, the equity index, the exchange rate, commodity price index, and other key financial variables.
Author: Tanweer Akram
Publisher:
ISBN:
Category : Government securities
Languages : en
Pages : 29
Get Book Here
Book Description
Author: Tanweer Akram
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
Get Book Here
Book Description
During the past two decades chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP in Japan. Nevertheless long-term Japanese government bonds' (JGBs) nominal yields initially declined and since then have stayed remarkably low and stable. This is contrary to the received wisdom of the existing literature which holds that higher government deficits and indebtedness shall exert upward pressures on nominal yields. This paper examines the relationship between JGBs' nominal yields and short-term interest rates and other factors, such as low inflation and persistent deflationary pressures and tepid growth. It is also argued that Japan has monetary sovereignty, which gives the Government of Japan the ability to service its debt and enables the Bank of Japan (BOJ) to keep JGBs' nominal yields low by ensuring that short-term interest rates are low and by using various other tools of monetary policy. The argument that short-term interest rates and monetary policy are the primarily drivers of long-term interest rates follows Keynes's (1930) insights.
Author: Tanweer Akram
Publisher:
ISBN:
Category : Government securities
Languages : en
Pages : 30
Get Book Here
Book Description
Author: Hongfang Zhang
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
Get Book Here
Book Description
This paper examines the dynamic patterns of international linkages of the Japanese government bond yields with government bond yields in the US, the UK and Germany during the period from January 1980 to December 2004. Applying the vector autoregression (VAR) model and the vector error correction (VEC) model to monthly observations of nominal bond yields and exchange rate-adjusted bond yields over the 25-year period, this paper provides consistent empirical evidence that the Japanese bond market is independent of other major national bond markets, but it exerts some influence in determining bond yields in bond markets in other major industrial countries. However, since the early 1990, evidence shows that the independence of the Japanese bond market has increased further, while its leading role in global bond markets has been eroded significantly.
Author: Nobuyuki Oda
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 28
Get Book Here
Book Description
Author: Nobuyuki Oda
Publisher:
ISBN:
Category :
Languages : en
Pages : 23
Get Book Here
Book Description
Author: Akio Kuroda
Publisher:
ISBN:
Category :
Languages : en
Pages : 124
Get Book Here
Book Description
Author: Alexis Stenfors
Publisher: Routledge
ISBN: 0429629613
Category : Business & Economics
Languages : en
Pages : 217
Get Book Here
Book Description
Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.
