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Author : Thomas Cargill
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Bank of Japan and the Federal Reserve written by Thomas Cargill and published by . This book was released on 1994 with total page 48 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 : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author : Richard Werner
Publisher : Routledge
ISBN 13 : 131746219X
Total Pages : 384 pages
Book Rating : 4.3/5 (174 download)
Download or read book Princes of the Yen written by Richard Werner and published by Routledge. This book was released on 2015-03-04 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Masaaki Shirakawa
Publisher : Yale University Press
ISBN 13 : 0300258976
Total Pages : 534 pages
Book Rating : 4.3/5 (2 download)
Download or read book Tumultuous Times written by Masaaki Shirakawa and published by Yale University Press. This book was released on 2021-01-01 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Tomohiro Kinoshita
Publisher :
ISBN 13 :
Total Pages : 186 pages
Book Rating : 4.:/5 (244 download)
Download or read book The Federal Reserve System and the Bank of Japan written by Tomohiro Kinoshita and published by . This book was released on 1990 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas F. Cargill
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (321 download)
Download or read book Monetary Policy and Political Economy written by Thomas F. Cargill and published by . This book was released on 1988 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Federal Reserve Bank of New York. Foreign Research Division
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.M/5 ( download)
Download or read book The Financial Position of China and Japan written by Federal Reserve Bank of New York. Foreign Research Division and published by . This book was released on 1946 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Matthias Reith
Publisher : GRIN Verlag
ISBN 13 : 364047404X
Total Pages : 111 pages
Book Rating : 4.6/5 (44 download)
Download or read book Unconventional Monetary Policy in Practice. A Comparison of 'Quantitative Easing' in Japan and the USA written by Matthias Reith and published by GRIN Verlag. This book was released on 2015-09-28 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2009 in the subject Economics - Finance, grade: 1, University of Vienna, language: English, abstract: In the current economic and financial crisis, many western central banks introduced “unconventional” monetary policy measures, commonly referred to as “Quantitative Easing (QE)”. However, the Bank of Japan (BoJ) already applied QE between 2001 and 2006. This lead many commentators to make oversimplifying comparisons between the BoJ’s QE approach (2001-2006) and current implementations of QE by other central banks. In particular, this diploma thesis tries to examine the differences between BoJ-type QE and Fedtype QE. It turns out that both approaches differ fundamentally from each other on various grounds: The primary aim of QE in Japan was fighting deflation, whereas the American central bank addresses mostly strains in the banking system. Concerning the concrete measures, one can say that QE by the BoJ consisted to a good deal of active QE in terms of outright purchases of Japanese government securities (JGBs), whereas the Fed currently follows a somewhat broader approach: Since interbank markets are not functioning as desired, it tries to engage with as many market participants as direct as possible. Therefore the Fed has introduced a much broader range of new instruments than its Japanese counterpart did between 2001 and 2006. As a result, the Fed’s balance sheet expansion was considerably larger than the one in Japan.
Author : William Tsutsui
Publisher : Routledge
ISBN 13 : 1136928405
Total Pages : 319 pages
Book Rating : 4.1/5 (369 download)
Download or read book Banking Policy in Japan written by William Tsutsui and published by Routledge. This book was released on 2010-11-01 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unique Japanese banking system has contributed greatly to Japan’s post-war economic advance by investing aggressively in industry and by supporting close government-business relations. The banking sector might not have come to assume such a significant role, however, had American efforts to reform Japanese finance during the Occupation (1945-52) been successful. How Japan’s banking system maintained continuity of development and avoided the occupiers’ attempts at "democratisation" and "Americanisation" is the subject of this book. It explores why the Americans were committed to reform, the reasons they failed and how important the maintenance of the financial status quo was to the subsequent development of Japan’s "miracle" economy.
Author : Masaaki Shirakawa
Publisher : Yale University Press
ISBN 13 : 0300263007
Total Pages : 534 pages
Book Rating : 4.3/5 (2 download)
Download or read book Tumultuous Times written by Masaaki Shirakawa and published by Yale University Press. This book was released on 2021-08-10 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Peter Rose
Publisher : Praeger
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 (321 download)
Download or read book Japanese Banking and Investment in the United States written by Peter Rose and published by Praeger. This book was released on 1991-10-30 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines in detail the timely area of Japanese banking and investment activities in the United States, and offers a clear picture of both the causes of the recent growth of foreign investment activity and the consequences of this trend for American companies, households, and government agencies. Peter S. Rose argues that multiple factors have shaped the growing roles played by Japanese banks in the U.S. financial system and by Japanese investors in the U.S. economy, but remains optimistic that this is not necessarily a cause for alarm. Rose provides a detailed look at nearly every aspect of Japan's involvement in the U.S. financial sector, as well as offering a useful overview of the banking and financial system of Japan. Among the causes of Japanese expansion that Rose discusses are the rapid appreciation of the Japanese yen in international markets, Japan's large trade surpluses with the U.S., the high personal savings rate of the Japanese, periodically depressed U.S. stock prices, and the low barriers to entry into most U.S. markets. Also fully detailed are the consequences of possible reductions in Japanese financial activity, which could be felt in the U.S. through higher domestic interest rates, a reduction in the creation of new jobs, rising unemployment, reduced availability of long-term capital, and a slackening in the growth of U.S. output. This unique work will be an important reference tool for professionals in the banking, finance, and securities industries, for public policy makers and bank regulatory agencies, and for students and researchers of international banking and finance.
Author : Michael Frenkel
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Bank of Japan and Federal Reserve Interventions in the Yen/ U.S. Dollar Market written by Michael Frenkel and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses recently released official data on the foreign exchange market interventions of the Bank of Japan (BoJ) in the yen/U.S. dollar market during the period 1991-2001 in order to examine the motivation for the intervention policy of the BoJ. We also compare the intervention policy of the BoJ and the Federal Reserve. Our results suggest that the BoJ regularly responded to deviations of the yen/U.S. dollar exchange rate from a short-term and a long-term exchange rate target. By contrast, the Fed intervened only occasionally and seemed to have merely reinforced BoJ interventions.
Author : Ryōichi Mikitani
Publisher : Peterson Institute for International Economics
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.:/5 (318 download)
Download or read book Japan's Financial Crisis and Its Parallels to U.S. Experience written by Ryōichi Mikitani and published by Peterson Institute for International Economics. This book was released on 2000 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan is only one of many industrialized economies to suffer a financial crisis in the past 15 years, but it has suffered the most from its crisis--as measured in lost output and investment opportunities, and in the direct costs of clean-up. Comparing the response of Japanese policy in the 1990s to that of US monetary and financial policy to the American Savings and Loan Crisis of the late 1980s sheds light on the reasons for this outcome. This volume was created by bringing together several leading academics from the United States and Japan--plus former senior policymakers from both countries--to discuss the challenges to Japanese financial and monetary policy in the 1990s. The papers address in turn both the monetary and financial aspects of the crisis, and the discussants bring together broad themes across the two countries' experiences. As the papers in this Special Report demonstrate, while the Japanese government's policy response to its banking crisis in the 1990s was slow in comparison to that of the US government a decade earlier, the underlying dynamics were similar. A combination of mismanaged partial deregulation and regulatory forebearance gave rise to the crisis and allowed it to deepen, and only the closure of some banks and injection of new capital into others began the resolution. The Bank of Japan's monetary policy from the late 1980s onward, however, was increasingly out of step with US or other developed country norms. In particular, the Bank of Japan's limited response to deflation after being granted independence in 1998 stands out as a dangerous and unusual stance.
Author : Hal S. Scott
Publisher : MIT Press
ISBN 13 : 0262034379
Total Pages : 439 pages
Book Rating : 4.2/5 (62 download)
Download or read book Connectedness and Contagion written by Hal S. Scott and published by MIT Press. This book was released on 2016-05-13 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively. The Dodd–Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd–Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis—that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion.
Author : Thomas F. Cargill
Publisher : MIT Press
ISBN 13 : 026226210X
Total Pages : 205 pages
Book Rating : 4.2/5 (622 download)
Download or read book Financial Policy and Central Banking in Japan written by Thomas F. Cargill and published by MIT Press. This book was released on 2001-01-03 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Yoshiharu Oritani
Publisher : Springer
ISBN 13 : 9811390010
Total Pages : 327 pages
Book Rating : 4.8/5 (113 download)
Download or read book The Japanese Central Banking System Compared with Its European and American Counterparts written by Yoshiharu Oritani and published by Springer. This book was released on 2019-07-09 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
