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Author : Reuven Glick
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)
Download or read book Monetary Policy, Intervention, and Exchange Rates in Japan written by Reuven Glick and published by . This book was released on 1993 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kenneth J. Singleton
Publisher : University of Chicago Press
ISBN 13 : 0226760685
Total Pages : 208 pages
Book Rating : 4.2/5 (267 download)
Download or read book Japanese Monetary Policy written by Kenneth J. Singleton and published by University of Chicago Press. This book was released on 2007-12-01 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Rasmus Fatum
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Is Foreign Exchange Market Intervention an Alternative to Monetary Policy? Evidence from Japan written by Rasmus Fatum and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japanese official intervention in the foreign exchange market is of by far the largest magnitude in the world, despite little or no evidence that it is effective in moving exchange rates. Up until recently, however, official data on intervention has not been available for Japan. This paper investigates the effectiveness of intervention using recently published official daily data and an event study methodology. The event study better fits the stochastic properties of intervention and exchange rate data, i.e. intense and sporadic bursts of intervention activity juxtaposed against a yen/dollar rate continuously changing, than standard time-series approaches. Focusing on daily Japanese and US official intervention operations, we identify separate intervention "episodes" and analyze the subsequent effect on the exchange rate. Using the non-parametric sign test and matched-sample test, we find strong evidence that sterilized intervention systemically affects the exchange rate in the short-run. This result holds even when intervention is not associated with (simultaneous) interest rate changes and regardless of whether or not intervention is "secret" (in the sense of no official reports or rumors of intervention reported over the newswires). To some extent intervention might be a useful policy instrument during the zero-interest rate policy period in Japan effectively depreciating the value of the yen exchange rate (the "foolproof" policy proposed by Svensson, 2001), but the effects are likely to be short-term in nature.
Author : Shinji Takagi
Publisher : OUP Oxford
ISBN 13 : 0191024066
Total Pages : 333 pages
Book Rating : 4.1/5 (91 download)
Download or read book Conquering the Fear of Freedom written by Shinji Takagi and published by OUP Oxford. This book was released on 2015-04-16 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conquering the Fear of Freedom presents an analytical review of Japanese exchange rate policy from the end of World War II to the present. It examines how authorities, starting with the imposition of draconian controls over all international financial flows, moved toward eliminating virtually all state interference regulating foreign exchange transactions, including official intervention in the foreign exchange market. It describes how policy and institutional frameworks evolved, explains their domestic and international contexts, and assesses the impacts and consequences of policy actions. Following successful exchange rate-based stabilization in the early 1950s, Japan entered the world trading system with an overvalued currency, which helped perpetuate exchange and capital controls. As the culture of administrative control became ingrained, Japan took a decidedly gradualist approach to establishing current and capital account convertibility. The protracted capital account liberalization, coupled with slow domestic financial liberalization, created large swings in the yen's exchange rate when it was floated in the 1970s. Politicization by major trading partners of Japan's large bilateral trade surplus pressured authorities to subordinate domestic stability to external objectives. The ultimate outcome was costly: from the late 1980s, Japan successively experienced asset price inflation, a banking crisis, and economic stagnation. The book concludes by arguing that the shrinking trade surplus against the background of profound structural changes, the rise of China that has diminished the political intensity of any remaining bilateral economic issues, and the world's sympathy over two decades of deflation have given Japan, at least for now, the freedom to use macroeconomic policies for domestic purposes.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1452716528
Total Pages : 115 pages
Book Rating : 4.4/5 (527 download)
Download or read book Japan written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-11-02 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sustained decline in fertility rates underlies a rapid aging and decline of Japan's population. This will have profound social and economic implications. The paper illustrates the difficult situation facing Japanese fiscal policy in the years ahead. The findings of this paper indicate that there may be a role for foreign exchange interventions in providing stimulus at the current conjuncture. Deposit insurance reform is a central element in the government strategy to strengthen the Japanese banking system. The unemployment-deflation puzzle in Japan has been explained.
Author : Ralph C. Bryant
Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.:/5 (318 download)
Download or read book Model Representations of Japanese Monetary Policy written by Ralph C. Bryant and published by . This book was released on 1991 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas F. Cargill
Publisher : MIT Press
ISBN 13 : 9780262262071
Total Pages : 260 pages
Book Rating : 4.2/5 (62 download)
Download or read book The Political Economy of Japanese Monetary Policy written by Thomas F. Cargill and published by MIT Press. This book was released on 2003-01-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Yoshio Suzuki
Publisher :
ISBN 13 :
Total Pages : 360 pages
Book Rating : 4.3/5 (91 download)
Download or read book The Evolution of the International Monetary System written by Yoshio Suzuki and published by . This book was released on 1990 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alexis Stenfors
Publisher : Routledge
ISBN 13 : 0429627971
Total Pages : 184 pages
Book Rating : 4.4/5 (296 download)
Download or read book Unconventional Monetary Policy and Financial Stability written by Alexis Stenfors and published by Routledge. This book was released on 2020-07-15 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Mr.Jorge Iván Canales Kriljenko
Publisher : International Monetary Fund
ISBN 13 : 1451851847
Total Pages : 60 pages
Book Rating : 4.4/5 (518 download)
Download or read book Foreign Exchange Intervention in Developing and Transition Economies written by Mr.Jorge Iván Canales Kriljenko and published by International Monetary Fund. This book was released on 2003-05-01 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on evidence obtained from the IMF's 2001 Survey on Foreign Exchange Market Organization, the author argues that, for several reasons, some central banks in developing and transition economies may be able to conduct foreign exchange intervention more effectively than the central banks of developed countries issuing the major international currencies. First, these central banks do not always fully sterilize their foreign exchange interventions. In addition, they issue regulations and conduct their foreign exchange operations in a way that increases the central bank's information advantage and the size of their foreign exchange intervention relative to foreign exchange market turnover. Some of the central banks also use moral suasion to support their foreign exchange interventions.
Author : Keisuke Iida
Publisher : Springer Science & Business Media
ISBN 13 : 1461551439
Total Pages : 120 pages
Book Rating : 4.4/5 (615 download)
Download or read book International Monetary Cooperation Among the United States, Japan, and Germany written by Keisuke Iida and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Monetary Cooperation among the United States, Japan, and Germany offers a first - and overdue - book- length study of counterproductive cooperation. It takes to task the critical importance of conducting systematic theory-guided empirical research to examine the validity of arguments that international monetary cooperation could be highly counterproductive. This book combines various methods - formal, quantitative, and qualitative - to study the theories of counterproductive monetary cooperation by focusing on the cooperative episodes among the major industrial countries - the United States, Japan, and Germany. For the first time, this book presents all theories of counterproductive cooperation in one place, subjects them to systematic, empirical scrutiny in the light of the experience of G-3 (U.S., Germany, and Japanese) cooperation since the 1970s, and suggests policy recommendations in the light of the findings.
Author : Takatoshi Ito
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Intra-daily Exchange Rate Dynamics and Monetary Policies After the G5 Agreement written by Takatoshi Ito and published by . This book was released on 1986 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates determinants of yen appreciation from the G5 agreement of September 1985 to the end of May, 1986. During that period, four waves of appreciation separated by calm periods are identified. For each wave and calm period, the changes in the yen/dollar exchange rate are decomposed in those taken place in the Tokyo, Europe and New York markets. In addition, correlations among the yen, mark, and pound for each market for each wave are studied. The surprisingly strong effect of the G5 agreement on the exchange rate was due to the signaled U.S. policy change. The role of direct intervention by the Bank of Japan was rather limited at that point. The Bank of Japan, adopted the "high interest policy" in October 1985. By narrowing the interest rate gap between Japan and the United States, the Bank of Japan successfully led to another round of appreciation. A major cause of the third wave of yen appreciation starting January 24, 1986 was the decline in oil prices. After the third wave was over, the Bank of Japan started intervening the market in support of the dollar -- a reversal of direction. However, the effort was not successful to stop another round of yen appreciation. The fourth wave of appreciation in the middle of April was due to a mix of prospects of reducing the U.S. federal deficits and a further decline in oil prices. These findings are consistent with a view that the exchange rates respond mainly to news of fundamentals and that the exchange rates are not manageable by coordinated interventions alone.
Author : Reuven Glick
Publisher : Cambridge University Press
ISBN 13 : 0521461103
Total Pages : 382 pages
Book Rating : 4.5/5 (214 download)
Download or read book Exchange Rate Policy and Interdependence written by Reuven Glick and published by Cambridge University Press. This book was released on 1994-08-26 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the conduct of exchange rate and monetary policies in the Pacific Basin.
Author : Rasmus Fatum
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (129 download)
Download or read book Foreign Exchange Intervention and Monetary Policy in Japan, 2003-04 written by Rasmus Fatum and published by . This book was released on 2013 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the rationale behind the massive increase in Japanese foreign exchange market intervention operations in 2003-04, and evaluates its effectiveness both in limiting yen exchange rate appreciation and influencing the direction of monetary policy. The two main questions addressed in this study are: Was the intervention effective in slowing exchange rate appreciation compared to a counterfactual case with no intervention? And, has intervention on such a large scale authorized by the Ministry of Finance been able to directly influence liquidity creation or indirectly influence the stance of Bank of Japan policy?
Author : C. Randall Henning
Publisher : Peterson Institute
ISBN 13 : 9780881321272
Total Pages : 434 pages
Book Rating : 4.3/5 (212 download)
Download or read book Currencies and Politics in the United States, Germany, and Japan written by C. Randall Henning and published by Peterson Institute. This book was released on 1994 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currencies and Politics is the first comprehensive, in-depth comparison of the institutions and processes that formulate domestic and external monetary policy in the U.S., Germany, and Japan. It outlines the differences in policymaking among the three countries and the policy patterns they produced over the postwar period.
Author : Malte Vieth
Publisher : GRIN Verlag
ISBN 13 : 3656632537
Total Pages : 25 pages
Book Rating : 4.6/5 (566 download)
Download or read book How do alternative exchange rate regimes operate and how can they be identified? written by Malte Vieth and published by GRIN Verlag. This book was released on 2014-04-08 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Economics - Foreign Trade Theory, Trade Policy, grade: 1,7, Johannes Gutenberg University Mainz, course: Seminar International Economic Policy, language: English, abstract: The choice of the exchange rate regime is essentially for a country. According to the impossible trinity principle a country desires a fixed exchange rate, an autonomous monetary policy and full capital mobility simultaneously. Unfortunately only two features at the same time can be realized. A fixed exchange rate has two major benefits compared to a floating exchange rate. If stable it makes the trade of goods and assets between countries easier and less costly. Additionally a fixed exchange rate may improve monetary policy discipline as expansionary monetary policy is less available to maintain a fixed exchange rate. This may lead to a lower inflation rate in the long run. But the major disadvantage is that a fixed exchange rate regime removes the possibility to use monetary policy in a flexible way to deal with recessions (Abel, Bernanke and Croushore, 2011). Therefore many countries choose an exchange rate regime between both extreme cases (fixed or flexible exchange rate regime). In the second chapter I will give some important theoretical background concerning exchange rate regimes. In particular I will explain different types of exchange rate regimes and show the difference between ‘de jure’ and ‘de facto’ exchange rate regimes. In the last part of the second chapter I will illustrate the complex exchange rate regime of the European Union. In the third chapter I will show the toolbox of a central bank to influence its exchange rate. In the last part of the third chapter I will show briefly the different instruments using the example of Switzerland in the recent past. In my conclusion I will try to answer the question ‘how can different exchange rate regimes being identified’.
Author : Silke Fabian
Publisher : Springer Science & Business Media
ISBN 13 : 3642500293
Total Pages : 175 pages
Book Rating : 4.6/5 (425 download)
Download or read book Exchange Rate Management in Interdependent Economies written by Silke Fabian and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the breakdown of the Bretton Woods System and the begin of floating between the major currencies, central banks have been formally freed from their obligations to defend the fixed parities of bilateral exchange rates. Nev ertheless, since then there have been countless occasions on which monetary authorities have officially intervened in the foreign exchange market. More over, numerous studies indicate that exchange rates have been much more variable than originally anticipated - in real and in nominal, as well as in short run and longer run measures (see for example Hesse and Braasch [1989] and Marston [1988]). Through the experience of high real sector costs, the topic of optimal exchange rate management soon reentered policy discussions. The term exchange rate management encompasses both the choice of ex change rate regime as well as active intervention policies within the given 1 system. Much of the recent policy discussion has focussed on the first issue, in particular proposals of how to reform the present international monetary order. And new systems such as the European Monetary System (EMS) have emerged for subgroups of countries. However, the question of finding the optimal system has not yet been resolved.
