Financial Policy And Central Banking In Japan
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Financial Policy And Central Banking In Japan
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Author : Thomas F. Cargill
language : en
Publisher: MIT Press
Release Date : 2001-01-03
Financial Policy And Central Banking In Japan written by Thomas F. Cargill and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-03 with Business & Economics categories.
This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. Japan's financial institutions and policy underwent remarkable change in the past decade. The country began the 1990s with a heavily regulated financial system managed by an unchallenged Ministry of Finance and ended the decade with a Big Bang financial market reform, a complete restructuring of its regulatory financial institutions, and an independent central bank. These reforms have taken place amid recession and rising unemployment, collapsing asset prices, a looming banking crisis, and the lowest interest rates in the industrial world. This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. It documents the sources of the Japanese economic stagnation of the 1990s, the causes of the financial crisis, the slow and initially limited policy response to banking problems, and the reform program that followed. It also evaluates the new financial structure and reforms at the Bank of Japan in light of the challenges facing the Japanese economy. These challenges range from conducting monetary policy in a zero-interest rate environment characterized by a "liquidity trap" to managing consolidation in the Japanese banking sector against the backdrop of increasing international competition.
Monetary Policy And Central Banking In Contemporary Japan
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Author : Hugh T. Patrick
language : en
Publisher:
Release Date : 1962
Monetary Policy And Central Banking In Contemporary Japan written by Hugh T. Patrick and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1962 with Banks and banking categories.
The Political Economy Of Japanese Monetary Policy
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Author : Thomas F. Cargill
language : en
Publisher: MIT Press
Release Date : 2003-01-01
The Political Economy Of Japanese Monetary Policy written by Thomas F. Cargill and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-01 with Business & Economics categories.
The contributions in this book provide a unique view of its emergence and growth in a number of different national settings in an area of the Third World where the industry is most advanced. In The Political Economy of Japanese Monetary Policy, Cargill, Hutchison, and Ito investigate the formulation and execution of monetary and financial policies in Japan within a broad technical, political, and institutional context.Their emphasis is on the period since the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, and on the effects of policies and institutions in shaping the modern Japanese economy. The authors present basic themes and recent developments, as well as their own research findings.They also review and integrate the large literature in the area. They consider theoretical arguments and empirical evidence for each topic discussed. Topics covered include Japan's low inflation record (despite the central bank's lack of formal independence from the government); politically motivated business cycles and the timing of elections; exchange rate policy and international policy coordination; the historical development of central banking; Japan's "bubble economy" of the 1980s; and the causes, magnitude, and regulatory responses to Japan's banking and financial crisis of the 1990s.
The Japanese Central Banking System Compared With Its European And American Counterparts
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Author : Yoshiharu Oritani
language : en
Publisher: Springer
Release Date : 2019-07-09
The Japanese Central Banking System Compared With Its European And American Counterparts written by Yoshiharu Oritani and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-09 with Business & Economics categories.
This book uniquely explores the role and governance mechanism of central banks by applying new institutional economics (NIE). Simultaneously, the book tests the analytical viability of NIE when applied to an organization that has both public and private characteristics. Special attention is paid to the Bank of Japan (BOJ) based on the author’s 30 years of work experience and “participant observation” there, touching upon discussion of central bank independence. The book argues that central bank independence cannot be defended solely by law, and a mechanism to eliminate requests from politicians needs to be embedded within the governance structure. The book also provides a comparative analysis between the BOJ and central banks in Europe and the USA. In reviewing the global financial crisis of 2008–2009, it suggests possible measures based on behavioral economics and public choice theory. These theory-based analyses provide useful insights when considering matters such as whether a central bank should issue electronic money or the European system of central banks could be established in Asia.
Informality And Monetary Policy In Japan
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Author : Adrian van Rixtel
language : en
Publisher: Cambridge University Press
Release Date : 2002-10-31
Informality And Monetary Policy In Japan written by Adrian van Rixtel and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-10-31 with Business & Economics categories.
The success (and misfortunes) of the post-war Japanese economy has been one of the most debated points in modern economics. Many explanations focus on cultural and institutional factors, and in particular the role of 'Informality' (networks organizing business activity and government policy). Adrian van Rixtel, an economist at the European Central Bank, provides a quantitative and qualitative assessment of Informality in the formation of Japanese monetary policy. Having been based in Japan for three years, two years of which were spent at the Institute for Monetary and Economic Studies at the Bank of Japan and the Japanese Ministry of Finance, he is able to bring a unique 'insider-outsider' perspective to the subject.
Tumultuous Times
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Author : Masaaki Shirakawa
language : en
Publisher: Yale University Press
Release Date : 2021-08-10
Tumultuous Times written by Masaaki Shirakawa and has been published by Yale University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-10 with Business & Economics categories.
A rare insider’s account of the inner workings of the Japanese economy, and the Bank of Japan’s monetary policy, by a career central banker The Japanese economy, once the envy of the world for its dynamism and growth, lost its shine after a financial bubble burst in early 1990s and slumped further during the Global Financial Crisis in 2008. It suffered even more damage in 2011, when a severe earthquake set off the Fukushima Daiichi nuclear disaster. However, the Bank of Japan soldiered on to combat low inflation, low growth, and low interest rates, and in many ways it served as a laboratory for actions taken by central banks in other parts of the world. Masaaki Shirakawa, who led the bank as governor from 2008 to 2013, provides a rare insider’s account of the workings of Japanese economic and monetary policy during this period and how it challenged mainstream economic thinking.
Princes Of The Yen
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Author : Richard Werner
language : en
Publisher: Routledge
Release Date : 2015-03-04
Princes Of The Yen written by Richard Werner and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-04 with Business & Economics categories.
This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.
Unconventional Monetary Policy And Financial Stability
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Author : Alexis Stenfors
language : en
Publisher: Routledge
Release Date : 2020-07-15
Unconventional Monetary Policy And Financial Stability written by Alexis Stenfors and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-15 with Business & Economics categories.
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.
Towards More Effective Monetary Policy
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Author : Iwao Kuroda
language : en
Publisher: Springer
Release Date : 1997-04-12
Towards More Effective Monetary Policy written by Iwao Kuroda and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-04-12 with Business & Economics categories.
This volume contains papers prepared for the Bank of Japan's Seventh International Conference which explore the operational and institutional framework for effective monetary policy implementation against the background of recent developments in economics and central banking practice. Features important contributions from leading figures from academia, central banks, and international institutions. Essential reading for anyone interested in central banking or the conduct of monetary policy.
Central Banking In Japan
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Author : Akio Kuroda
language : en
Publisher:
Release Date : 1993
Central Banking In Japan written by Akio Kuroda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Banks and banking categories.