Zombies On The Brink Evidence From Japan On The Reversal Of Monetary Policy Effectiveness
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Zombies On The Brink Evidence From Japan On The Reversal Of Monetary Policy Effectiveness
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Author : Mr.Gee Hee Hong
language : en
Publisher: International Monetary Fund
Release Date : 2021-02-19
Zombies On The Brink Evidence From Japan On The Reversal Of Monetary Policy Effectiveness written by Mr.Gee Hee Hong 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 2021-02-19 with Business & Economics categories.
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.
Restoring Sustainable Macroeconomic Policies In The United States
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Author : Barry Warren Poulson
language : en
Publisher: Rowman & Littlefield
Release Date : 2022
Restoring Sustainable Macroeconomic Policies In The United States written by Barry Warren Poulson and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Debts, Public categories.
By looking at the macroeconomic frameworks and experiences of countries such as Germany, Sweden, and Switzerland, Restoring Sustainable Macroeconomic Policies in the U.S. presents a way for the United States to normalize fiscal and monetary policy in order to achieve sustainable debt in the post-COVID-19 era.
Oecd Economic Surveys Japan 2024
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2024-01-11
Oecd Economic Surveys Japan 2024 written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-11 with categories.
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
Regional Economic Outlook October 2021 Middle East And Central Asia Trade Offs Today For Transformation Tomorrow
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Author : INTERNATIONAL MONETARY FUND.
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-19
Regional Economic Outlook October 2021 Middle East And Central Asia Trade Offs Today For Transformation Tomorrow written by INTERNATIONAL MONETARY FUND. 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 2021-10-19 with Business & Economics categories.
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.
Japan
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-30
Japan written by International Monetary Fund. Asia and Pacific Dept 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 2023-03-30 with Business & Economics categories.
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.
Tudes Conomiques De L Ocde Japon 2024 Version Abr G E
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Author : OECD
language : fr
Publisher: OECD Publishing
Release Date : 2024-04-17
Tudes Conomiques De L Ocde Japon 2024 Version Abr G E written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-04-17 with categories.
Le Japon a bien résisté au double choc provoqué par la pandémie et la crise énergétique. Cependant, d’importantes difficultés liées à la faiblesse de la croissance mondiale, aux tensions géopolitiques et à l’inflation élevée montrent bien l’importance de renforcer la résilience de l’économie japonaise aux chocs. Dans un contexte marqué par une inflation qui est aujourd’hui supérieure à son objectif et par les pressions causées par la divergence des politiques monétaires entre le Japon et les pays comparables, les autorités ont commencé à ajuster les paramètres de leur politique monétaire. Compte tenu du niveau élevé de la dette publique, il est essentiel d’assainir les finances publiques en vue de reconstituer des marges de manœuvre budgétaires, en s’appuyant sur un cadre budgétaire à moyen terme crédible propre à inscrire le ratio dette/PIB sur une trajectoire clairement descendante. Toujours dans une optique de viabilité à long terme, le Japon devra réduire ses émissions de gaz à effet de serre, conformément aux objectifs fixés par les autorités nationales, en combinant investissements verts, mesures d’innovation et tarification du carbone. Il est par ailleurs essentiel de mettre en œuvre des réformes destinées à améliorer le cadre de l’innovation et les incitations destinées aux start-ups pour stimuler la productivité et remédier aux tensions liées au vieillissement démographique. La suppression des obstacles à l’emploi des femmes et des seniors ainsi qu’un recours accru à la main-d’œuvre étrangère sont également indispensables pour contrer l’évolution défavorable de la situation démographique. Le renforcement de la situation financière des jeunes et des mesures de soutien aux familles et aux enfants, notamment l’amélioration du congé parental, contribuerait à inverser la tendance à la baisse du taux de fécondité. CHAPITRE THÉMATIQUE : FAIRE FACE AUX DIFFICULTÉS DÉMOGRAPHIQUES
Regional Economic Outlook October 2021 Middle East And Central Asia Trade Offs Today For Transformation Tomorrow
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Author : International Monetary
language : ru
Publisher: International Monetary Fund
Release Date : 2021-10-19
Regional Economic Outlook October 2021 Middle East And Central Asia Trade Offs Today For Transformation Tomorrow written by International Monetary 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 2021-10-19 with Business & Economics categories.
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.
Negative Monetary Policy Rates And Portfolio Rebalancing Evidence From Credit Register Data
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Author : Margherita Bottero
language : en
Publisher: International Monetary Fund
Release Date : 2019-02-28
Negative Monetary Policy Rates And Portfolio Rebalancing Evidence From Credit Register Data written by Margherita Bottero 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 2019-02-28 with Business & Economics categories.
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.
Distributional Effects Of Monetary Policy
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Author : Valentina Bonifacio
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-30
Distributional Effects Of Monetary Policy written by Valentina Bonifacio 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 2021-07-30 with Business & Economics categories.
As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels through which monetary policy easing affect income and wealth distribution, and presents some quantitative findings about their importance. Key takeaways are: (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes.
Together Apart
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Author : Jolanda Jetten
language : en
Publisher: SAGE
Release Date : 2020-07-13
Together Apart written by Jolanda Jetten and has been published by SAGE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-13 with Psychology categories.
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: LeadershipCommunicationRisk perceptionSocial isolationMental healthInequalityMisinformationPrejudice and racismBehaviour changeSocial 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.