Unconventional Monetary Policy and Financial Stability: The Case of Japan, 1st Edition (Hardback) book cover

Unconventional Monetary Policy and Financial Stability

The Case of Japan, 1st Edition

Edited by Alexis Stenfors, Jan Toporowski

Routledge

224 pages | 68 B/W Illus.

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Hardback: 9780367145958
pub: 2020-07-14
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Description

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.

Table of Contents

Preface

CHARLES A. E. GOODHART

Introduction

ALEXIS STENFORS AND JAN TOPOROWSKI

1) The Japan Premium and the first stage of the monetary transmission mechanism

ALEXIS STENFORS

2) The foreign currency swap market: A perspective from policymakers

MASAAKI SHIRAKAWA

3) The effectiveness of unconventional monetary policy on Japanese bank lending

HEATHER MONTGOMERY AND ULRICH VOLTZ

4) Japanese banks in the international money markets

MIMOZA SHABANI, ALEXIS STENFORS AND JAN TOPOROWSKI

5) The Japanese balance sheet recession 20 Years on: Abenomics – economic revival or corporate financialisation?

KONSTANTIN BIKAS, EWA KARWOWSKI AND MIMOZA SHABANI

6) An analysis of the impact of the Bank of Japan’s monetary policy on Japanese government bonds’ low nominal yields

TANWEER AKRAM AND HUIQING LI

7) Unconventional monetary policy announcements and Japanese bank stocks

AYHAN NADIRI

8) Bank of Japan and the ETF market

MASAYUKI SUSAI AND HO YAN KAREN WONG

9) Quantitative and Qualitative Monetary Easing, negative interest rates and the stability of the financial system in Japan

ETSUKO KATSU

About the Editors

Alexis Stenfors is Senior Lecturer in Economics and Finance at the University of Portsmouth, UK.

Jan Toporowski is Professor of Economics and Finance at SOAS University of London, UK.

About the Series

Routledge Critical Studies in Finance and Stability

The 2007-8 Banking Crash has induced a major and wide-ranging discussion on the subject of financial (in)stability and a need to revaluate theory and policy. The response of policy-makers to the crisis has been to refocus fiscal and monetary policy on financial stabilisation and reconstruction. However, this has been done with only vague ideas of bank recapitalisation and ‘Keynesian’ reflation aroused by the exigencies of the crisis, rather than the application of any systematic theory or theories of financial instability.

Routledge Critical Studies in Finance and Stability, edited by Jan Toporowski from SOAS, University of London covers a range of issues in the area of finance including instability, systemic failure, financial macroeconomics in the vein of Hyman P. Minsky, Ben Bernanke and Mark Gertler, central bank operations, financial regulation, developing countries and financial crises, new portfolio theory and New International Monetary and Financial Architecture.

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
BUS004000
BUSINESS & ECONOMICS / Banks & Banking
BUS069000
BUSINESS & ECONOMICS / Economics / General