Why The Bank Of Japan Has Failed To Conquer Deflation In Japan
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Why The Bank Of Japan Has Failed To Conquer Deflation In Japan
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Author : Shigeyuki Hattori
language : en
Publisher: Springer Nature
Release Date : 2024-12-19
Why The Bank Of Japan Has Failed To Conquer Deflation In Japan written by Shigeyuki Hattori and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-19 with Business & Economics categories.
This book is published in English that fully reveals why the Bank of Japan (BOJ) under Governor Haruhiko Kuroda has failed to end deflation. The BOJ’s monetary policy was based on the theories of reflationist economists such as Kikuo Iwata. They argued that if the BOJ adopted an inflation target that had a deadline for meeting that goal, clarified the Bank’s responsibility, and supplied a large monetary base through a quantitative easing policy, inflation expectations would rise and deflation would be overcome. This book shows that there is no theoretical basis or evidence for this claim. Furthermore, the supply of a large monetary base itself became impossible and was abandoned in 2016. However, since publicly stating that overcoming deflation is impossible would incur embarrassment and a loss of confidence, the BOJ made it appear as if a former policy was still in place. The book also reveals that consumer prices in Japan changed in tandem with import prices; consequently, in 2022, consumer prices rose by 4% due to the surge in import prices. Since the 1990s, the BOJ has been the focus of intense attention from economists around the world interested in monetary policy. The explanation presented here, showing the BOJ’s historic fiasco under Gov. Kuroda in controlling deflation, provides valuable lessons for monetary policymakers and economists.
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.
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.
Japan S Bubble Deflation And Long Term Stagnation
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Author : Kōichi Hamada
language : en
Publisher: MIT Press
Release Date : 2011
Japan S Bubble Deflation And Long Term Stagnation written by Kōichi Hamada and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
New perspectives on Japan's "lost decade" viewed in the context of recent financial turmoil.
Minimum Wages Collective Bargaining And Economic Development In Asia And Europe
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Author : Maarten van Klaveren
language : en
Publisher: Springer
Release Date : 2015-06-09
Minimum Wages Collective Bargaining And Economic Development In Asia And Europe written by Maarten van Klaveren and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-09 with Business & Economics categories.
This book offers a labour perspective on wage-setting institutions, collective bargaining and economic development. Sixteen country chapters, eight on Asia and eight on Europe, focus in particular on the role and effectiveness of minimum wages in the context of national trends in income inequality, economic development, and social security.
The Case For People S Quantitative Easing
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Author : Frances Coppola
language : en
Publisher: John Wiley & Sons
Release Date : 2019-07-26
The Case For People S Quantitative Easing written by Frances Coppola and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-26 with Political Science categories.
In the wake of the 2008 financial crisis, central banks created trillions of dollars of new money, and poured it into financial markets. ‘Quantitative Easing’ (QE) was supposed to prevent deflation and restore economic growth. But the money didn’t go to ordinary people: it went to the rich, who didn’t need it. It went to big corporations and banks – the same banks whose reckless lending caused the crash. This led to a decade of stagnation, not recovery. QE failed. In this book, Frances Coppola makes the case for a ‘people’s QE’, in which the money goes directly to ordinary people and small businesses. She argues that it is the fairest and most effective way of restoring crisis-hit economies and helping to solve the long-term challenges of ageing populations, automation and climate change.
Governing Global Finance
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Author : Michele Fratianni
language : en
Publisher: Taylor & Francis
Release Date : 2024-11-01
Governing Global Finance written by Michele Fratianni and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-11-01 with Business & Economics categories.
This title was first published in 2002: As the twenty-first century began, it was easy to assume that the reforms to the international financial system undertaken in the last half of the 1990s were adequate to the core tasks of ensuring stability, sustained growth and broadly shared benefits in the world economy. That comfortable consensus has now been shattered. This volume critically assesses fundamental issues including: -the elements and adequacy of recent G7-led efforts at international financial reform -current causes of and prospects for growth in the new global economy -the challenges of crisis prevention -private sector participation and IFI responsibilities -the world’s monetary supply and sovereignty in the face of market forces. These key topics are examined by leading economists and scholars of political economy from both academic and policy communities in G7 countries, making it an essential addition to the collections of all those concerned with the challenges facing the world economy in the coming years.
Building A Win Win World
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Author : Hazel Henderson
language : en
Publisher: Berrett-Koehler Publishers
Release Date : 1997-10-09
Building A Win Win World written by Hazel Henderson and has been published by Berrett-Koehler Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-10-09 with Business & Economics categories.
“She finds paths from competition to cooperation . . . from global abuse to grassroots solutions—and thus from isolated despair to communal action.” —Gloria Steinem World-renowned futurist Hazel Henderson extends her twenty-five years of work in economics to examine the havoc the current economic system is creating at the global level. Markets are now spreading worldwide—a spread which is often equated with the hope of democracy spreading along with it. But markets still run on old textbook models that ignore social and environmental costs—leading to a new kind of warfare: global economic warfare. Building a Win-Win World examines how jobs, education, health care, human rights, democratic participation, socially responsible business, and environmental protection are all sacrificed to “global competitiveness.” Henderson shows many ways out of the dilemmas faced by all countries. She also describes a trend toward “grassroots globalism” —citizens movements that are addressing poverty, social inequities, pollution, resource-depletion, violence, and wars. Grassroots globalism, she says, is about thinking and acting—globally and locally. It is pragmatic problem-solving, implementing local solutions that keep the planet in mind. Such social innovations can raise the ethical floor under the global playing field so that the most ethical companies and countries can win. “At a time when conventional economics is tottering into senility, a handful of thinkers are forging imaginative alternatives. Hazel Henderson is among the most eloquent, original—and readable—of the econo-clasts.” —Scientific American “Hazel Henderson again challenges our fundamental economic systems, our musty ways, and our minds; she is a visionary who describes what should be our future.” —Joan Bavaria, President, Coalition for Environmentally Responsible Economies
Bank Of Japan Quarterly Bulletin
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Author :
language : en
Publisher:
Release Date : 2005
Bank Of Japan Quarterly Bulletin written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Japan categories.
Tumultuous Times
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Author : Masaaki Shirakawa
language : en
Publisher: Yale University Press
Release Date : 2021-01-01
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 2021-01-01 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.