By Kenneth J. Singleton
ISBN-10: 0226760669
ISBN-13: 9780226760667
ISBN-10: 0226760685
ISBN-13: 9780226760681
How has the financial institution of Japan (BOJ) contributed to shaping Japan's monetary progress up to now 20 years? This publication comprehensively explores the relatives among monetary marketplace liberalization and BOJ regulations and examines the ways that those guidelines promoted financial progress within the Nineteen Eighties. The authors argue that the constitution of Japan's monetary markets, fairly regulations on money-market transactions and the major position of industrial banks in financing company investments, allowed the BOJ to steer Japan's fiscal luck. the 1st chapters give you the so much in-depth English-language dialogue of the BOJ's working tactics and policymaker's perspectives approximately how BOJ activities impact the japanese enterprise cycle. bankruptcy 3 explores the influence of the BOJ's special window tips coverage on company funding, whereas bankruptcy 4 seems at how financial coverage impacts the time period constitution of rates of interest in Japan. the ultimate chapters study the general impression of financial coverage on genuine mixture financial task. This quantity will end up important not just to economists attracted to the technical working techniques of the BOJ, but additionally to these attracted to the japanese economic climate and within the operation and consequence of financial reform in most cases.
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Extra resources for Japanese Monetary Policy (National Bureau of Economic Research Project Report)
Example text
An Alternative View of Interest Rate Control An alternative explanation of interest rate control by the BOJ is that the BOJ determines the call rate at whatever rate it desires and sometimes forces market participants to take undesired positions. This view has been fairly strong among market participants (for example, Asami 1963) and academics (for example, Horiuchi and Kato 1989). Of course, direct pegging of the call rate by the BOJ would not be much different from the control mechanism explained in the previous section, if the BOJ accommodated all changes in the demand for high-powered money at the quoted call market rate.
Institute of Economic Research, Hitotsubashi University, March. , Kausa Hamdani, and Kathleen M. Camilli. 1986. Reserves Forecasting for Open Market Operations. Quarterly Review 11, no. 1 (Spring): 19-33. , and David H. Romer. 1990. New Evidence on the Monetary Transmission Mechanism. Brookings Papers on Economic Activity no. 1: 149-213. Roosa, Robert V. 1956. Federal Reserve Operations in the Money and Government Securities Markets. Federal Reserve Bank of New York. Royama, Shoichi. 1971. Wagakunino Kinyu Mekanizumu.
I5 But more research needs to be carried out on this point. To summarize the discussion so far, the call rate has been the target of BOJ policy for most of the postwar period. It has been much more stable than the federal funds rate. The major reason for the stability has been the extensive and accurate use of “defensive” operations by the BOJ. However, the heavily used practice of the BOJ’s directly quoting the call rate, together with moral suasions discouraging arbitrage between markets, might also have played a role.
Japanese Monetary Policy (National Bureau of Economic Research Project Report) by Kenneth J. Singleton
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