Understanding The Costs Of Deflation In The Japanese Context
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Understanding The Costs Of Deflation In The Japanese Context
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Author : Mr.Taimur Baig
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-01
Understanding The Costs Of Deflation In The Japanese Context written by Mr.Taimur Baig and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-01 with Business & Economics categories.
This paper examines the cost of deflation in the context of Japan's ongoing deflationary episode. The impact of deflation owing to the zero interest rate bound on monetary policy, wage rigidity, redistribution of wealth from debtor to creditor, and inflexibilities in the financial sector are examined. It is seen that the generalized decline in the Japanese price level, however gradual or mild, has substantially exacerbated the economy's adjustment process under already difficult economic conditions.
Taming Japan S Deflation
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Author : Gene Park
language : en
Publisher: Cornell University Press
Release Date : 2018-11-15
Taming Japan S Deflation written by Gene Park and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-15 with Political Science categories.
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.
Naked Money A Revealing Look At Our Financial System
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Author : Charles Wheelan
language : en
Publisher: W. W. Norton & Company
Release Date : 2016-04-04
Naked Money A Revealing Look At Our Financial System written by Charles Wheelan and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-04 with Business & Economics categories.
Charles Wheelan’s wonderfully whimsical, best-selling Naked series tackles the weird, surprisingly colorful world of money and banking. Consider the $20 bill. It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth twenty dollars? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking. The search for an answer triggers countless other questions along the way: Why does paper money (“fiat currency” if you want to be fancy) even exist? And why do some nations, like Zimbabwe in the 1990s, print so much of it that it becomes more valuable as toilet paper than as currency? How do central banks use the power of money creation to stop financial crises? Why does most of Europe share a common currency, and why has that arrangement caused so much trouble? And will payment apps, bitcoin, or other new technologies render all of this moot? In Naked Money, Wheelan tackles all of the above and more, showing us how our banking and monetary systems should work in ideal situations and revealing the havoc and suffering caused in real situations by inflation, deflation, illiquidity, and other monetary effects. Throughout, Wheelan’s uniquely bright-eyed, whimsical style brings levity and clarity to a subject often devoid of both. With illuminating stories from Argentina, Zimbabwe, North Korea, America, China, and elsewhere around the globe, Wheelan demystifies the curious world behind the paper in our wallets and the digits in our bank accounts.
Japanese Monetary Policy
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Author : Kenneth J. Singleton
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Japanese Monetary Policy written by Kenneth J. Singleton and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.
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.
Economic Stagnation In Japan
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Author : Dongchul Cho
language : en
Publisher: Edward Elgar Publishing
Release Date :
Economic Stagnation In Japan written by Dongchul Cho and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Japan’s dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term ‘Japanization’ is often used by economists to describe long-term stagnation and deflation. Symptoms include high unemployment, weak economic activity, interest rates near zero, quantitative easing, and population aging. In the global context, what can governments do to mitigate the downward trends experienced by Japan? This judiciously timed book investigates in depth the causes of Japan’s ‘lost decades’ versus the real recovery achieved by the United States, and the lessons that can be learned.
The Global Recession Risk
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Author : C. Peláez
language : en
Publisher: Springer
Release Date : 2007-04-17
The Global Recession Risk written by C. Peláez and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-04-17 with Business & Economics categories.
A fire sale of US debt could cause a global recession through disorderly devaluation of the dollar, raising interest rates and crashing stock markets. The G7 doctrine of shared responsibility intends to coordinate regional efforts. This book analyzes the main issues and individual regions, including China, Japan, the EU and the USA.
International Financial Architecture
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Author : C. Peláez
language : en
Publisher: Springer
Release Date : 2005-11-01
International Financial Architecture written by C. Peláez and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-11-01 with Business & Economics categories.
The Group of Seven Industrialized Countries, G7 developed a new doctrine of international supervision and regulation of financial markets. The G7 instructed international financial institution such as the IMF, the Bank for International Settlements, the World Bank and the Multilateral Development Banks to tighten their supervision and regulation of international finance. This volume examines this doctrine sometimes known as the 'New Architecture of the International Financial System' or IFA. Strengthening of the international financial system never ends and there have been recurring vulnerabilities in international financial architecture. The book examines current practices and its consequences and how the IFA has evolved and its alternatives. The book draws upon academic knowledge, practitioner techniques in financial risk management and official doctrine to analyze how investors, creditors and debts function within the new architecture.
What Drives Global Capital Flows
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Author : B. Brown
language : en
Publisher: Springer
Release Date : 2006-07-12
What Drives Global Capital Flows written by B. Brown and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07-12 with Business & Economics categories.
Capital flows from Asia into the US challenge many assumptions of international financial analysis. This book presents a novel geography of these flows, revealing their driving forces and assessing the market mechanisms necessary for a smooth global flow of funds. It is essential for all those interested in international finance.
Fiscal And Monetary Policy In The Eurozone
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Author : Rosaria Rita Canale
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-05-13
Fiscal And Monetary Policy In The Eurozone written by Rosaria Rita Canale and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-13 with Business & Economics categories.
Fiscal and Monetary Policy in the Eurozone offers systematic analyses of the economic policy framework of the Eurozone and critiques current ideas about how to move forward, making it essential reading for postgraduate students of economics and of keen interest to researchers, policymakers, journalists, and financial strategists.
Mission Incomplete
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Author : Sayuri Shirai
language : en
Publisher:
Release Date : 2018-07-31
Mission Incomplete written by Sayuri Shirai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-31 with Economic development categories.
In April 2013 the Bank of Japan launched an unprecedented quantitative and qualitative monetary easing policy. It was thought that a 2% price stability target could be achieved within 2 years; 4 years on and we are still mission incomplete. Mission incomplete! This phrase neatly captures the progress made by the Bank of Japan (BOJ) in reflating the economy. In April 2013, the BOJ launched an unprecedented quantitative and qualitative monetary easing policy. The BOJ was certain that the 2% price stability target would be achieved within 2 years. About 4 years later, the BOJ lags behind other major central banks, with actual inflation and inflation expectations still well below 2%. What happened? And what should the BOJ do next? This former policy maker's account expertly traces and analyzes the policy's consequences.