Growing Central Bank Challenges In The World And Japan

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Growing Central Bank Challenges in the World and Japan

Sayuri Shirai
Growing Central Bank Challenges in the World and Japan Book PDF

Author : Sayuri Shirai
Publisher : Asian Development Bank
Page : 204 pages
File Size : 45,8 Mb
Release : 2020-12-29
Category : Electronic
ISBN : 4899742231

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Growing Central Bank Challenges in the World and Japan by Sayuri Shirai Pdf

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

Sayuri Shirai
Growing Central Bank Challenges in the World and Japan Book PDF

Author : Sayuri Shirai
Publisher : Brookings Institution Press
Page : 0 pages
File Size : 44,7 Mb
Release : 2020-12-29
Category : Business & Economics
ISBN : 9784899742241

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Growing Central Bank Challenges in the World and Japan by Sayuri Shirai Pdf

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.

Princes of the Yen

Richard Werner
Princes of the Yen Book PDF

Author : Richard Werner
Publisher : M.E. Sharpe
Page : 388 pages
File Size : 48,7 Mb
Release : 2003-04-25
Category : Business & Economics
ISBN : 076563290X

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Princes of the Yen by Richard Werner Pdf

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.

Japan's Economic Revival

Daniel A. Citrin,Alessandro Zanello
Japan s Economic Revival Book PDF

Author : Daniel A. Citrin,Alessandro Zanello
Publisher : INTERNATIONAL MONETARY FUND
Page : 304 pages
File Size : 43,9 Mb
Release : 2008-10-09
Category : Business & Economics
ISBN : UCSC:32106019817938

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Japan's Economic Revival by Daniel A. Citrin,Alessandro Zanello Pdf

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.

Tumultuous Times

Masaaki Shirakawa
Tumultuous Times Book PDF

Author : Masaaki Shirakawa
Publisher : Yale University Press
Page : 534 pages
File Size : 50,7 Mb
Release : 2021
Category : Bankers
ISBN : 9780300258974

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Tumultuous Times by Masaaki Shirakawa Pdf

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.

Financial Policy and Central Banking in Japan

Thomas F. Cargill,Michael M. Hutchison,Takatoshi Ito
Financial Policy and Central Banking in Japan Book PDF

Author : Thomas F. Cargill,Michael M. Hutchison,Takatoshi Ito
Publisher : MIT Press
Page : 205 pages
File Size : 45,7 Mb
Release : 2001-01-03
Category : Business & Economics
ISBN : 9780262262101

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Financial Policy and Central Banking in Japan by Thomas F. Cargill,Michael M. Hutchison,Takatoshi Ito Pdf

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

Mr.Akihiro Kanaya,Mr.David Woo
The Japanese Banking Crisis of the 1990 s Book PDF

Author : Mr.Akihiro Kanaya,Mr.David Woo
Publisher : International Monetary Fund
Page : 48 pages
File Size : 54,6 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 9781451842401

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The Japanese Banking Crisis of the 1990's by Mr.Akihiro Kanaya,Mr.David Woo Pdf

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.

The Federal Reserve System Purposes and Functions

Board of Governors of the Federal Reserve System
The Federal Reserve System Purposes and Functions Book PDF

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 42,8 Mb
Release : 2002
Category : Banks and Banking
ISBN : 0894991965

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The Federal Reserve System Purposes and Functions by Board of Governors of the Federal Reserve System Pdf

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.

Global Trends 2040

National Intelligence Council
Global Trends 2040 Book PDF

Author : National Intelligence Council
Publisher : Cosimo Reports
Page : 158 pages
File Size : 47,7 Mb
Release : 2021-03
Category : Electronic
ISBN : 1646794974

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Global Trends 2040 by National Intelligence Council Pdf

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Japanese Monetary Policy

Kenneth J. Singleton
Japanese Monetary Policy Book PDF

Author : Kenneth J. Singleton
Publisher : University of Chicago Press
Page : 208 pages
File Size : 40,8 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226760681

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Japanese Monetary Policy by Kenneth J. Singleton Pdf

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.

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

Otaviano Canuto,Swati Ghosh
Dealing with the Challenges of Macro Financial Linkages in Emerging Markets Book PDF

Author : Otaviano Canuto,Swati Ghosh
Publisher : World Bank Publications
Page : 307 pages
File Size : 52,5 Mb
Release : 2013-10-29
Category : Business & Economics
ISBN : 9781464800030

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Dealing with the Challenges of Macro Financial Linkages in Emerging Markets by Otaviano Canuto,Swati Ghosh Pdf

This book deals with the challenges of macro financial linkages in the emerging markets.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 45,8 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates

Mr.Gee Hee Hong,John Kandrac
Pushed Past the Limit How Japanese Banks Reacted to Negative Interest Rates Book PDF

Author : Mr.Gee Hee Hong,John Kandrac
Publisher : International Monetary Fund
Page : 50 pages
File Size : 53,5 Mb
Release : 2018-06-13
Category : Business & Economics
ISBN : 9781484361610

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Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates by Mr.Gee Hee Hong,John Kandrac Pdf

In this paper, we investigate how negative interest rate policy (NIRP) introduced in January 2016 by the Bank of Japan (BoJ) affected Japanese banks' lending and risk taking behavior. The BoJ's announcement was an unexpected surprise to the market and was followed by a sharp drop in equity prices of Japanese financial firms. We exploit the cross-sectional variation in the change of share prices on the day of the announcement to measure banks' differential exposure to NIRP. We show that more exposed banks increased their credit and took on more risk compared to banks that were less exposed to negative rates.

Designing Central Bank Digital Currencies

Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Designing Central Bank Digital Currencies Book PDF

Author : Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 38 pages
File Size : 52,7 Mb
Release : 2019-11-18
Category : Business & Economics
ISBN : 9781513519883

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Designing Central Bank Digital Currencies by Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia Pdf

We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of their users. CBDC can be designed with attributes similar to cash or deposits, and can be interest-bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-like CBDC may lead to the disappearance of cash. Then, the optimal CBDC design trades off bank intermediation against the social value of maintaining diverse payment instruments. When network effects matter, an interest-bearing CBDC alleviates the central bank's tradeoff.

World Bank East Asia and Pacific Economic Update April 2016

World Bank
World Bank East Asia and Pacific Economic Update April 2016 Book PDF

Author : World Bank
Publisher : World Bank Publications
Page : 248 pages
File Size : 54,8 Mb
Release : 2016-04-11
Category : Business & Economics
ISBN : 9781464809064

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World Bank East Asia and Pacific Economic Update April 2016 by World Bank Pdf

In the past 6 months, developing East Asia and Pacific has faced a challenging external environment, but growth has generally remained resilient. Over the next 3 years, growth is expected to ease modestly. China will continue its gradual shift to a more sustainable growth path. Some economies will be affected by low commodity prices and weaker external demand. This outlook is subject to elevated risks. Countries should prioritize monetary and fiscal policies that reduce their exposure to risks and strengthen market confidence. In China, there is a need to reduce leverage. In several countries, action is required to enhance transparency, strengthen accountability, and redefine the role of the state. Efforts to reduce barriers to trade should be redoubled, with a particular focus on non-tariff measures and regulatory barriers, including to trade in services. The region must increase its readiness to benefit from the digital revolution, and in particular develop the essential “analog complements†? to digital technologies.