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Download or read book Quantitative Easing and Japanese Bank Equity Values written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Serkan Arslanalp
Publisher : International Monetary Fund
ISBN 13 : 1513557599
Total Pages : 22 pages
Book Rating : 4.5/5 (135 download)
Download or read book Portfolio Rebalancing in Japan written by Mr.Serkan Arslanalp and published by International Monetary Fund. This book was released on 2015-08-03 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic rebalancing scenario, which suggests that the BoJ may need to taper its JGB purchases in 2017 or 2018, given collateral needs of banks, asset-liability management constraints of insurers, and announced asset allocation targets of major pension funds. Nonetheless, the BoJ could deliver continued monetary stimulus by extending the maturity of its JGB purchases or by scaling up private asset purchases. We quantify the impact of rebalancing on capital outflows and discuss JGB market signals that can be indicative of limits being within reach.
Author : Mr.Fei Han
Publisher : International Monetary Fund
ISBN 13 : 1484353676
Total Pages : 43 pages
Book Rating : 4.4/5 (843 download)
Download or read book Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market written by Mr.Fei Han and published by International Monetary Fund. This book was released on 2018-05-09 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank’s holdings of certain securities leads to a scarcity of those securities and hence higher search costs in the market. Using security-level data from the Japanese government bond (JGB) market, this paper finds evidence of the scarcity (flow) effects of the Bank of Japan (BOJ)’s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity effects could dominate other effects when the share of the BOJ’s holdings exceeds certain thresholds, suggesting that the flow effects may also depend on the stock.
Author : Ben Charoenwong
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (119 download)
Download or read book Bank of Japan Equity Purchases written by Ben Charoenwong and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: From January 2011 through March 2018, the Bank of Japan purchased equity index ETFs worth about 3.5% of GDP. Identification of the effect of central bank ETF purchases on stock valuations and corporate responses is via differently-weighted and changing stock indices. BOJ purchases lift valuations, increase share issuances, and increase total assets. On average, the latter increase is due to cash and short-term securities rather than capital investment. However, firms with worse corporate governance do increase capital investment. These findings suggest central bank equity purchases are a problematic tool for stimulating economic growth through high broad-based private-sector corporate investment.
Author : Mr.Waikei W. Lam
Publisher : International Monetary Fund
ISBN 13 : 1463924631
Total Pages : 20 pages
Book Rating : 4.4/5 (639 download)
Download or read book Bank of Japan'S Monetary Easing Measures written by Mr.Waikei W. Lam and published by International Monetary Fund. This book was released on 2011-11-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: With policy rates near the zero bound, the Bank of Japan (BoJ) has introduced a series of unconventional monetary easing measures since late 2009 in response to lingering deflation and a weakening economy. These measures culminated in a new Asset Purchase Program under the Comprehensive Monetary Easing (CME) which differs from typical quantitative easing in other central banks by including purchases of risky asset in an effort to reduce term and risk premia. This note assesses the impact of monetary easing measures on financial markets using an event study approach. It finds that the BoJ's monetary easing measures has had a statistically significant impact on lowering bond yields and improving equity prices, but no notable impact on inflation expectations.
Author : Mr.Ugo Fasano-Filho
Publisher : International Monetary Fund
ISBN 13 : 1475502478
Total Pages : 17 pages
Book Rating : 4.4/5 (755 download)
Download or read book Bank of Japan's Quantitative and Credit Easing written by Mr.Ugo Fasano-Filho and published by International Monetary Fund. This book was released on 2012-01-01 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper asks whether the BoJ's recent experience with unconventional monetary easing has been effective in supporting economic activity and inflation. Using a structural VAR model, the paper finds some evidence that BoJ's monetary policy measures during 1998-2010 have had an impact on economic activity but less so on inflation. These results are stronger than those in earlier studies looking at the quantitative easing period up to 2006 and may reflect more effective credit channel as a result of improvements in the banking and corporate sectors. Nevertheless, the relative contribution of monetary policy measures to the variation in output and inflation is rather small.
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 : Ben Charoenwong
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (122 download)
Download or read book Bank of Japan Equity Purchases : The Final Frontier in Extreme Quantitative Easing written by Ben Charoenwong and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eiji Fukasawa
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Misunderstandings and Illusions about Quantitative Easing written by Eiji Fukasawa and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert Zielinski
Publisher : Kodansha America
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.:/5 (318 download)
Download or read book Unequal Equities written by Robert Zielinski and published by Kodansha America. This book was released on 1991 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the Japanese stock market, its insular policies, and its role in the world economy and international economic relations.
Author : Woon Gyu Choi
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)
Download or read book Stock Market Liquidity and the Macroeconomy written by Woon Gyu Choi and published by . This book was released on 2005 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Serkan Arslanalp
Publisher :
ISBN 13 : 9781513511528
Total Pages : pages
Book Rating : 4.5/5 (115 download)
Download or read book Portfolio Rebalancing in Japan written by Serkan Arslanalp and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Spiegel
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (215 download)
Download or read book The Impact of Japan's Financial Stabilization Laws on Bank Equity Values written by Mark Spiegel and published by . This book was released on 2001 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Gee Hee Hong
Publisher : International Monetary Fund
ISBN 13 : 148436161X
Total Pages : 50 pages
Book Rating : 4.4/5 (843 download)
Download or read book Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates written by Mr.Gee Hee Hong and published by International Monetary Fund. This book was released on 2018-06-13 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we investigate how negative interest rate policy (NIRP) introduced in January 2016 by the Bank of Japan (BoJ) affected Japanese banks' lending and risk taking behavior. The BoJ's announcement was an unexpected surprise to the market and was followed by a sharp drop in equity prices of Japanese financial firms. We exploit the cross-sectional variation in the change of share prices on the day of the announcement to measure banks' differential exposure to NIRP. We show that more exposed banks increased their credit and took on more risk compared to banks that were less exposed to negative rates.
Author : Kentaro Iwatsubo
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (962 download)
Download or read book Quantitative Easing and Liquidity in the Japanese Government Bond Market written by Kentaro Iwatsubo and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sayuri Shirai
Publisher :
ISBN 13 : 9784899740971
Total Pages : 242 pages
Book Rating : 4.7/5 (49 download)
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.
