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Growing Central Bank Challenges in the World and Japan

Author: Sayuri Shirai

Publisher: Asian Development Bank

Published: 2020-12-29

Total Pages: 204

ISBN-13: 9784899742234

Growing Central Bank Challenges in the World and Japan offers insights for central banks looking to tackle the most pressing challenges under the global spotlight, starting with low inflation and its related impacts on unconventional monetary policy and policy coordination, including fiscal stimulus. It also provides important insights into issues related to central bank money, private money, the emergence of crypto assets, and the prospect of central bank digital currency. Part I focuses on examining the persistently low inflation in advanced economies and reviews various unconventional monetary easing tools. It summarizes recent discussions on new monetary policy frameworks that could become alternatives to existing flexible inflation targeting, such as average inflation targeting and price-level targeting, as well as policy coordination, including helicopter money and modern monetary theory. Part II sheds light on issues related to money, crypto assets, and central bank digital currency in advanced and emerging economies. It highlights the global rise in cash in circulation and gives an overview of the recent movements in private money, including bank deposits and e-money payment tools. It also examines the latest developments in crypto assets, including various types of "stablecoins" and Facebook's Libra, reviews central bank digital currency proposals, and discusses the recent views expressed by regulatory authorities while incorporating new perspectives based on the coronavirus disease (COVID-19) outbreak.

Growing Central Bank Challenges in the World and Japan

Author: Sayuri Shirai

Publisher: Brookings Institution Press

Published: 2020-12-29

Total Pages: 0

ISBN-13: 489974224X

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Growing Central Bank Challenges in the World and Japan offers insights for central banks looking to tackle the most pressing challenges under the global spotlight, starting with low inflation and its related impacts on unconventional monetary policy and policy coordination, including fiscal stimulus. It also provides important insights into issues related to central bank money, private money, the emergence of crypto assets, and the prospect of central bank digital currency. Part I focuses on examining the persistently low inflation in advanced economies and reviews various unconventional monetary easing tools. It summarizes recent discussions on new monetary policy frameworks that could become alternatives to existing flexible inflation targeting, such as average inflation targeting and price-level targeting, as well as policy coordination, including helicopter money and modern monetary theory. Part II sheds light on issues related to money, crypto assets, and central bank digital currency in advanced and emerging economies. It highlights the global rise in cash in circulation and gives an overview of the recent movements in private money, including bank deposits and e-money payment tools. It also examines the latest developments in crypto assets, including various types of “stablecoins” and Facebook’s Libra, reviews central bank digital currency proposals, and discusses the recent views expressed by regulatory authorities while incorporating new perspectives based on the coronavirus disease (COVID-19) outbreak.

Tumultuous Times

Author: Masaaki Shirakawa

Publisher: Yale University Press

Published: 2021

Total Pages: 534

ISBN-13: 0300258976

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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.

Princes of the Yen

Author: Richard Werner

Publisher: M.E. Sharpe

Published: 2003-04-25

Total Pages: 388

ISBN-13: 9780765632906

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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.

Financial Policy and Central Banking in Japan

Author: Thomas F. Cargill

Publisher: MIT Press

Published: 2001-01-03

Total Pages: 205

ISBN-13: 026226210X

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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.

The Japanese Banking Crisis of the 1990's

Author: Mr.Akihiro Kanaya

Publisher: International Monetary Fund

Published: 2000-01-01

Total Pages: 48

ISBN-13: 1451842406

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For a large part of the past decade, Japan has witnessed a steady deterioration in the health of its banking system. This paper examines what went wrong and why it has taken so long for the system to recover. While the paper traces the roots of the crisis to accelerated deregulation and deepening of capital markets without an appropriate adjustment in the regulatory framework, it identifies weak corporate governance and regulatory forbearance as the two factors behind what might have been an unnecessary prolongation of the distress of the financial system.

Japanese Monetary Policy

Author: Kenneth J. Singleton

Publisher: University of Chicago Press

Published: 2007-12-01

Total Pages: 208

ISBN-13: 0226760685

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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.

Japan's Economic Revival

Author: Daniel A. Citrin

Publisher: INTERNATIONAL MONETARY FUND

Published: 2008-10-09

Total Pages: 304

ISBN-13:

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How should Japan cope with the challenges posed by a shrinking and ageing population and the quickening pace of globalization? Japan has largely overcome the legacies of the post-bubble economy of the 1990s, but ongoing demographic changes and greater financial and trade integration with the global economy call for policies that foster competitiveness, increase resilience to shocks, and safeguard growth prospects. This book brings together IMF economists to discuss the ongoing policy debate. The chapters provide a comprehensive overview of the unfinished policy issues and the unfinished agenda. For more information on how to purchase a copy of this title, please visit http://www.palgrave.com/economics/imf/index.asp.

The Federal Reserve System Purposes and Functions

Author: Board of Governors of the Federal Reserve System

Publisher:

Published: 2002

Total Pages: 0

ISBN-13: 9780894991967

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Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Modern Money Theory

Author: L. Randall Wray

Publisher: Springer

Published: 2015-09-22

Total Pages: 322

ISBN-13: 1137539925

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This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.