Did Quantitative Easing By The Bank Of Japan Work

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Japanese Monetary Policy

Author : Kenneth J. Singleton
Publisher : University of Chicago Press
ISBN 13 : 0226760685
Total Pages : 208 pages
Book Rating : 4.2/5 (267 download)

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Book Synopsis Japanese Monetary Policy by : Kenneth J. Singleton

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.

Mission Incomplete

Author : Sayuri Shirai
Publisher :
ISBN 13 : 9784899740971
Total Pages : 242 pages
Book Rating : 4.7/5 (49 download)

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Book Synopsis Mission Incomplete by : Sayuri Shirai

Download or read book Mission Incomplete written by Sayuri Shirai and published by . This book was released on 2018-07-31 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Princes of the Yen

Author : Richard Werner
Publisher : Routledge
ISBN 13 : 131746219X
Total Pages : 384 pages
Book Rating : 4.3/5 (174 download)

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Book Synopsis Princes of the Yen by : Richard Werner

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.

A Tea Reader

Author : Katrina Avila Munichiello
Publisher : Tuttle Publishing
ISBN 13 : 9780804848992
Total Pages : 256 pages
Book Rating : 4.8/5 (489 download)

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Book Synopsis A Tea Reader by : Katrina Avila Munichiello

Download or read book A Tea Reader written by Katrina Avila Munichiello and published by Tuttle Publishing. This book was released on 2017-03-21 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Tea Reader contains a selection of stories that cover the spectrum of life. This anthology shares the ways that tea has changed lives through personal, intimate stories. Read of deep family moments, conquered heartbreak, and peace found in the face of loss. A Tea Reader includes stories from all types of tea people: people brought up in the tea tradition, those newly discovering it, classic writings from long-ago tea lovers and those making tea a career. Together these tales create a new image of a tea drinker. They show that tea is not simply something you drink, but it also provides quiet moments for making important decisions, a catalyst for conversation, and the energy we sometimes need to operate in our lives. The stories found in A Tea Reader cover the spectrum of life, such as the development of new friendships, beginning new careers, taking dream journeys, and essentially sharing the deep moments of life with friends and families. Whether you are a tea lover or not, here you will discover stories that speak to you and inspire you. Sit down, grab a cup, and read on.

The Federal Reserve System Purposes and Functions

Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)

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Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System

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.

Unconventional Monetary Policy and Financial Stability

Author : Alexis Stenfors
Publisher : Routledge
ISBN 13 : 0429627971
Total Pages : 194 pages
Book Rating : 4.4/5 (296 download)

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Book Synopsis Unconventional Monetary Policy and Financial Stability by : Alexis Stenfors

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 194 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.

Central Bankers at the End of Their Rope?

Author : Jack Rasmus
Publisher : SCB Distributors
ISBN 13 : 0997287039
Total Pages : 495 pages
Book Rating : 4.9/5 (972 download)

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Book Synopsis Central Bankers at the End of Their Rope? by : Jack Rasmus

Download or read book Central Bankers at the End of Their Rope? written by Jack Rasmus and published by SCB Distributors. This book was released on 2017-08-17 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: An historically unprecedented state subsidization of the US financial system has been implemented since 2010 via the Federal Reserve, the US central bank. Oiginally designed to serve as lender of last resort during banking crises, central banking globally has been transformed into the subsidization of the private banking system. Today that system is addicted to, and increasingly dependent on, continuing central bank infusions of significant amounts of liquidity. Rescinding this artificial subsidization would almost certainly lead to a financial and real collapse of the global economy. Central banks will not be able any time soon to retreat from their massive liquidity injections. Nor will they find it possible to raise their interest rates much beyond brief token adjustments. Truly, central bankers are at the end of their rope. This book provides a comprehensive analysis of this urgent dilemma and proposes how to revolutionize central banking in the public interest.

Inflation Expectations

Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)

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Book Synopsis Inflation Expectations by : Peter J. N. Sinclair

Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

The Great Inflation

Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Great Inflation by : Michael D. Bordo

Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

The Oxford Handbook of Japanese Politics

Author : Robert J. Pekkanen
Publisher : Oxford University Press
ISBN 13 : 0190050993
Total Pages : 1001 pages
Book Rating : 4.1/5 (9 download)

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Book Synopsis The Oxford Handbook of Japanese Politics by : Robert J. Pekkanen

Download or read book The Oxford Handbook of Japanese Politics written by Robert J. Pekkanen and published by Oxford University Press. This book was released on 2021-10-25 with total page 1001 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Book Abstract and Keywords: The study of Japanese politics has flourished over the past several decades. This Handbook provides a state-of-the-field overview for students and researchers of Japanese. The volume also serves to introduce Japanese politics to readers less familiar with Japan. In addition, the volume has a theme of "evaluating Japan's democracy." Taken as a whole, the volume provides a positive evaluation of the state of Japan's democracy. The volume is divided into two parts, roughly corresponding to domestic Japanese politics and Japan's international politics. Within the domestic politics part, there are four distinct sections: "Domestic Political Actors and Institutions," covering the Japanese Constitution, electoral systems, prime minister, Diet, bureaucracy, judiciary, and local government; "Political Parties and Coalitions," covering the Liberal Democratic Party, coalition government, Kōmeitō, and the political opposition; "Policymaking and the Public," covering the policymaking process, public opinion, civil society, and populism; and, "Political Economy and Social Policy," covering industrial, energy, social welfare, agricultural, monetary, and immigration policies, as well as social inequality. In the international relations part, there are four sections: "International Relations Frameworks," covering grand strategy, international organizations, and international status; "International Political Economy," covering trade, finance, foreign direct investment, the environment, economic regionalism, and the linkage between security and economics; "International Security," covering remilitarization, global and regional security multilateralism, nuclear nonproliferation, naval power, space security, and cybersecurity; and, "Foreign Relations" covering Japan's relations with the United States, China, South Korea, ASEAN, India, the European Union, and Russia. Keywords: international relations, comparative politics, democracy, international order, alliances, space security, elections, Liberal Democratic Party, multilateralism, remilitarization, international organizations, populism, civil society, coalitions, political parties, trade, finance monetary policy, foreign direct investment, cybersecurity"--

The Escape from Balance Sheet Recession and the QE Trap

Author : Richard C. Koo
Publisher : John Wiley & Sons
ISBN 13 : 1119028124
Total Pages : 353 pages
Book Rating : 4.1/5 (19 download)

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Book Synopsis The Escape from Balance Sheet Recession and the QE Trap by : Richard C. Koo

Download or read book The Escape from Balance Sheet Recession and the QE Trap written by Richard C. Koo and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compare global experiences during the balance sheet recession and find out what is needed for a full recovery The Escape from Balance Sheet Recession and the QE Trap details the many hidden dangers remaining as the world slowly recovers from the balance sheet recession of 2008. Author and leading economist Richard Koo explains the unique political and economic pitfalls that stand in the way of recovery from this rare type of recession that was largely overlooked by economists. Koo anticipated the current predicament in the West long before others and issued warnings in his previous books: Balance Sheet Recession and The Holy Grail of Macroeconomics. This new book illustrates how history is repeating itself in Europe while the United States, which learnt from the Japanese experience, is doing better by avoiding the fiscal cliff. However, because of the liberal dosage of quantitative easing already implemented, the United States, the United Kingdom, and Japan may face a treacherous path to normalcy in what Koo calls the QE Trap. He argues that it is necessary to understand balance sheet recession in order to resolve the Eurozone crisis, particularly the competitiveness problems. Koo issues warnings against those who are too ready to argue for structural reforms when the problems are actually with balance sheets. He re-examines Japan's two decades of experiences with this rare recession and offers an insider view on the Abenomics. On China, readers will gain a very different historical perspective as Koo argues that western commentators have forgotten their own history when they talk about the re-balancing of the Chinese economy. Learn from Japan which experienced the same predicament afflicting the West fifteen years earlier Discover how unwinding of quantitative easing will affect the United States, the United Kingdom, Japan, as well as the emerging world Examine solutions to the Eurozone problems caused by two balance sheet recessions eight years apart Gain insight into China's problems from the West's own experiences with urbanisation Koo, who developed the concept of balance sheet recession based on Japan's experience, took the revolution in macroeconomics started by John Maynard Keynes in 1936 to a new height. The Escape from Balance Sheet Recession and the QE Trap offers the world cure for balance sheet recession.

The Case For People's Quantitative Easing

Author : Frances Coppola
Publisher : John Wiley & Sons
ISBN 13 : 1509531327
Total Pages : 61 pages
Book Rating : 4.5/5 (95 download)

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Book Synopsis The Case For People's Quantitative Easing by : Frances Coppola

Download or read book The Case For People's Quantitative Easing written by Frances Coppola and published by John Wiley & Sons. This book was released on 2019-07-26 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Do Central Banks Serve the People?

Author : Peter Dietsch
Publisher : John Wiley & Sons
ISBN 13 : 1509525807
Total Pages : 78 pages
Book Rating : 4.5/5 (95 download)

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Book Synopsis Do Central Banks Serve the People? by : Peter Dietsch

Download or read book Do Central Banks Serve the People? written by Peter Dietsch and published by John Wiley & Sons. This book was released on 2018-08-16 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks have become the go-to institution of modern economies. In the wake of the 2007 financial crisis, they injected trillions of dollars of liquidity – through a process known as quantitative easing – first to prevent financial meltdown and later to stimulate the economy. The untold story behind these measures, and behind the changing roles of central banks generally, is that they have come at a considerable cost. Central banks argue we had no choice. This book offers a powerfully original examination of why this claim is false. Using examples from Europe and the US, the authors present and analyse three specific concerns about the way central banks in developed economies operate today. Firstly, they show how unconventional monetary policies have created significant unintended negative consequences in terms of inequalities in income and wealth. They go on to argue that central banks may have become independent of governments, but have instead become worryingly dependent on financial markets. They then proceed to analyse how central bankers, despite being the undisputed experts on monetary policy, can still err and suffer from multiple forms of bias. This book is a sobering and urgent wake-up call for policy-makers and anyone interested in how our monetary and financial system really works.

Monetary Policy Alternatives at the Zero Bound

Author : Ben S. Bernanke
Publisher : www.bnpublishing.com
ISBN 13 : 9781607961055
Total Pages : 0 pages
Book Rating : 4.9/5 (61 download)

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Book Synopsis Monetary Policy Alternatives at the Zero Bound by : Ben S. Bernanke

Download or read book Monetary Policy Alternatives at the Zero Bound written by Ben S. Bernanke and published by www.bnpublishing.com. This book was released on 2009-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news and estimate "noarbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset.

Japan

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1484313437
Total Pages : 109 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Japan by : International Monetary Fund. Monetary and Capital Markets Department

Download or read book Japan written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-07-31 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the stability of the financial system in Japan. Although the financial system has remained stable, the low profitability environment is creating new risks, and pressures are likely to persist. The search for yield among banks has led some to expand their overseas activities, and more generally to a growth in real estate lending and foreign securities investments. Efforts to increase risk-based lending to small-and medium-sized enterprises are welcome, but many banks still need to develop commensurate credit assessment capacities. Stress tests suggest that the banking sector remains broadly sound, although market risks are increasing, and there are some vulnerabilities among regional banks.

The Japanese Banking Crisis

Author : Ryozo Himino
Publisher : Springer Nature
ISBN 13 : 9811595984
Total Pages : 127 pages
Book Rating : 4.8/5 (115 download)

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Book Synopsis The Japanese Banking Crisis by : Ryozo Himino

Download or read book The Japanese Banking Crisis written by Ryozo Himino and published by Springer Nature. This book was released on 2021-01-07 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book provides a readable narrative of the bubbles and the banking crisis Japan experienced during the two decades between the late 1980s and the early 2000s. Japan, which was a leading competitor in the world’s manufacturing sector, tried to transform itself into an economy with domestic demand-led mature growth, but the ensuing bubbles and crisis instead made the country suffer from chronicle deflation and stagnation. The book analyses why the Japanese authorities could not avoid making choices that led to this outcome. The chapters are based on the lectures to regulators from emerging economies delivered at the Global Financial Partnership Center of the Financial Services Agency of Japan.

Quantitative Easing

Author : Jonathan Ashworth
Publisher :
ISBN 13 : 9781788212229
Total Pages : 192 pages
Book Rating : 4.2/5 (122 download)

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Book Synopsis Quantitative Easing by : Jonathan Ashworth

Download or read book Quantitative Easing written by Jonathan Ashworth and published by . This book was released on 2020-06-30 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a thorough and perspicacious analysis of quantitative easing, which has become a recovery method of last resort. While it was successful in stimulating growth, this strategy remains controversial and continues to promote widespread debate in economics, financial, and political economy circless.