Unconventional Monetary Policy and Financial Stability: The Case of Japan

ISBN-13: 9780367507251 / Angielski / Miękka / 2022 / 216 str.

Alexis Stenfors; Jan Toporowski

Opis

Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many unconventional monetary policies used during the global financial crisis of 2008-09. This book assesses measures taken by Japan and examines what they have meant for the practice of economic policy.

Spis treści

Preface.  Introduction  (1) The Japan Premium and the first stage of the monetary transmission mechanism  (2) The foreign currency swap market: A perspective from policymakers  (3) The effectiveness of unconventional monetary policy on Japanese bank lending  (4) Japanese banks in the international money markets  (5) The Japanese balance sheet recession 20 Years on: Abenomics – economic revival or corporate financialisation?  (6) An analysis of the impact of the Bank of Japan’s monetary policy on Japanese government bonds’ low nominal yields  (7) Unconventional monetary policy announcements and Japanese bank stocks  (8) Bank of Japan and the ETF market  (9) Quantitative and Qualitative Monetary Easing, negative interest rates and the stability of the financial system in Japan