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| Author | : Hugh T. Patrick |
| Publisher | : |
| Total Pages | : 242 |
| Release | : 1962 |
| Genre | : Banks and banking |
| ISBN | : |
| Author | : Thomas F. Cargill |
| Publisher | : MIT Press |
| Total Pages | : 205 |
| Release | : 2001-01-03 |
| Genre | : Business & Economics |
| ISBN | : 026226210X |
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 |
| Total Pages | : 327 |
| Release | : 2019-07-09 |
| Genre | : Business & Economics |
| ISBN | : 9811390010 |
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.
| Author | : Thomas F. Cargill |
| Publisher | : MIT Press |
| Total Pages | : 260 |
| Release | : 2003-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9780262262071 |
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 | : Matthias Reith |
| Publisher | : GRIN Verlag |
| Total Pages | : 111 |
| Release | : 2015-09-28 |
| Genre | : Business & Economics |
| ISBN | : 364047404X |
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 | : Thomas F. Cargill |
| Publisher | : Mit Press |
| Total Pages | : 196 |
| Release | : 2000 |
| Genre | : Business & Economics |
| ISBN | : 9780262032858 |
This book analyzes how the bank-dominated financial system—a key element ofthe oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweepingreforms.
| Author | : Kenneth J. Singleton |
| Publisher | : University of Chicago Press |
| Total Pages | : 208 |
| Release | : 2007-12-01 |
| Genre | : Business & Economics |
| ISBN | : 0226760685 |
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 | : Adrian van Rixtel |
| Publisher | : Cambridge University Press |
| Total Pages | : 418 |
| Release | : 2002-10-31 |
| Genre | : Business & Economics |
| ISBN | : 1139437488 |
The success (and misfortunes) of the post-war Japanese economy has been one of the most debated points in modern economics. Many explanations focus on cultural and institutional factors, and in particular the role of 'Informality' (networks organizing business activity and government policy). Adrian van Rixtel, an economist at the European Central Bank, provides a quantitative and qualitative assessment of Informality in the formation of Japanese monetary policy. Having been based in Japan for three years, two years of which were spent at the Institute for Monetary and Economic Studies at the Bank of Japan and the Japanese Ministry of Finance, he is able to bring a unique 'insider-outsider' perspective to the subject.
| Author | : Richard Werner |
| Publisher | : Routledge |
| Total Pages | : 384 |
| Release | : 2015-03-04 |
| Genre | : Business & Economics |
| ISBN | : 1317462203 |
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 |
| Total Pages | : 534 |
| Release | : 2021-08-10 |
| Genre | : Business & Economics |
| ISBN | : 0300263007 |
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.
