The Curious Case Of The Yen As A Safe Haven Currency

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The Curious Case of the Yen as a Safe Haven Currency

Mr.Dennis P. J. Botman,Mr.Irineu E. de Carvalho Filho,Mr.Waikei W. Lam
The Curious Case of the Yen as a Safe Haven Currency Book PDF

Author : Mr.Dennis P. J. Botman,Mr.Irineu E. de Carvalho Filho,Mr.Waikei W. Lam
Publisher : International Monetary Fund
Page : 21 pages
File Size : 55,5 Mb
Release : 2013-11-06
Category : Business & Economics
ISBN : 9781475513424

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The Curious Case of the Yen as a Safe Haven Currency by Mr.Dennis P. J. Botman,Mr.Irineu E. de Carvalho Filho,Mr.Waikei W. Lam Pdf

During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations. We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen’s safe haven behavior. In contrast, we find evidence that changes in market participants’ risk perceptions trigger derivatives trading, which in turn lead to changes in the spot exchange rate without capital flows. Specifically, we find that risk-off episodes coincide with forward hedging and reduced net short positions or a buildup of net long positions in yen. These empirical findings suggest that offshore and complex financial transactions should be part of spillover analyses and that the effectiveness of capital flow management measures or monetary policy coordination to address excessive exchange rate volatility might be limited in certain cases.

Anatomy of Sudden Yen Appreciations

Mr.Fei Han,Mr.Niklas J Westelius
Anatomy of Sudden Yen Appreciations Book PDF

Author : Mr.Fei Han,Mr.Niklas J Westelius
Publisher : International Monetary Fund
Page : 19 pages
File Size : 49,5 Mb
Release : 2019-07-01
Category : Business & Economics
ISBN : 9781498317344

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Anatomy of Sudden Yen Appreciations by Mr.Fei Han,Mr.Niklas J Westelius Pdf

The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices. On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan’s efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers.

Japan

International Monetary Fund. Asia and Pacific Dept
Japan Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 79 pages
File Size : 42,6 Mb
Release : 2018-11-27
Category : Business & Economics
ISBN : 9781484386804

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Japan by International Monetary Fund. Asia and Pacific Dept Pdf

This Selected Issues explores Japan’s experiences with past valued added tax (VAT) rate increases and discusses potential policy options to mitigate the economic impact of a third-rate increase. It assesses the impact on the Japanese economy and, where possible, provides some international context. Alongside possible mitigating policies, it also discusses the importance of policy commitment and credibility, and how they can influence the macroeconomic impact of tax rate changes. Carefully designing policy measures and communicating them clearly to the public are paramount to attenuate any negative outcomes in the short term. A simple, single-rate VAT would efficiently raise tax revenues and support the government’s objective of achieving fiscal consolidation in the medium term. Assuming underlying macroeconomic conditions are favorable, the October 2019 VAT rate increase could potentially have a smaller impact on the economy relative to that of 2014 for several reasons. In order to reduce policy uncertainty and alleviate any adverse impacts from the 2019 VAT rate increase, the authorities should clearly communicate the timing and content of associated mitigating measures.

Conquering the Fear of Freedom

Shinji Takagi
Conquering the Fear of Freedom Book PDF

Author : Shinji Takagi
Publisher : Oxford University Press, USA
Page : 333 pages
File Size : 50,8 Mb
Release : 2015
Category : Business & Economics
ISBN : 9780198714651

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Conquering the Fear of Freedom by Shinji Takagi Pdf

Conquering the Fear of Freedom presents an analytical review of Japanese exchange rate policy from the end of World War II to the present. It examines how authorities, starting with the imposition of draconian controls over all international financial flows, moved toward eliminating virtually all state interference regulating foreign exchange transactions, including official intervention in the foreign exchange market. It describes how policy and institutional frameworks evolved, explains their domestic and international contexts, and assesses the impacts and consequences of policy actions. Following successful exchange rate-based stabilization in the early 1950s, Japan entered the world trading system with an overvalued currency, which helped perpetuate exchange and capital controls. As the culture of administrative control became ingrained, Japan took a decidedly gradualist approach to establishing current and capital account convertibility. The protracted capital account liberalization, coupled with slow domestic financial liberalization, created large swings in the yen's exchange rate when it was floated in the 1970s. Politicization by major trading partners of Japan's large bilateral trade surplus pressured authorities to subordinate domestic stability to external objectives. The ultimate outcome was costly: from the late 1980s, Japan successively experienced asset price inflation, a banking crisis, and economic stagnation. The book concludes by arguing that the shrinking trade surplus against the background of profound structural changes, the rise of China that has diminished the political intensity of any remaining bilateral economic issues, and the world's sympathy over two decades of deflation have given Japan, at least for now, the freedom to use macroeconomic policies for domestic purposes.

Can Abenomics Succeed?

Dennis P. J. Botman,Mr. Stephan Danninger,Mr. Jerald Alan Schiff
Can Abenomics Succeed Book PDF

Author : Dennis P. J. Botman,Mr. Stephan Danninger,Mr. Jerald Alan Schiff
Publisher : International Monetary Fund
Page : 201 pages
File Size : 48,8 Mb
Release : 2015-04-06
Category : Business & Economics
ISBN : 9781498302333

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Can Abenomics Succeed? by Dennis P. J. Botman,Mr. Stephan Danninger,Mr. Jerald Alan Schiff Pdf

Japan’s revitalization plan, dubbed the “three arrows of Abenomics,” devises a three-pronged strategy—combining fiscal, monetary, and structural policies—to overcome that country's apparent inability to sustain economic recovery. This book is the first comprehensive assessment of Abenomics and the reforms needed to make it a success, including aggressive monetary easing, growth-friendly fiscal consolidation, and structural and financial sector reforms.

Managing Complexity

Tanim Bayoumi,Stephen Pickford,Paola Subacchi
Managing Complexity Book PDF

Author : Tanim Bayoumi,Stephen Pickford,Paola Subacchi
Publisher : Brookings Institution Press
Page : 291 pages
File Size : 41,9 Mb
Release : 2016-01-05
Category : Business & Economics
ISBN : 9780815727163

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Managing Complexity by Tanim Bayoumi,Stephen Pickford,Paola Subacchi Pdf

A critical look at the challenges facing international policy cooperation in the new postcrisis environment. The global financial crisis of 2007–09 highlighted the economic interdependencies between all major countries, raising the issues of international cooperation. Managing Complexity: Economic Policy Cooperation after the Crisis looks at how, following the global financial crisis, countries have changed the way they cooperate with each other on matters of economic policy. In this volume, the result of a joint research project of Chatham House and the International Monetary Fund, researchers and policymakers who were directly involved in the crisis take a critical look at the challenges facing international policy cooperation in the new postcrisis environment and at how the theory and practice of cooperation have evolved as a result of the crisis.

Peak Japan

Brad Glosserman
Peak Japan Book PDF

Author : Brad Glosserman
Publisher : Georgetown University Press
Page : 272 pages
File Size : 43,5 Mb
Release : 2019-04-01
Category : Political Science
ISBN : 9781626166684

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Peak Japan by Brad Glosserman Pdf

The post-Cold War era has been difficult for Japan. A country once heralded for evolving a superior form of capitalism and seemingly ready to surpass the United States as the world’s largest economy lost its way in the early 1990s. The bursting of the bubble in 1991 ushered in a period of political and economic uncertainty that has lasted for over two decades. There were hopes that the triple catastrophe of March 11, 2011—a massive earthquake, tsunami, and accident at the Fukushima Daiichi nuclear power plant—would break Japan out of its torpor and spur the country to embrace change that would restart the growth and optimism of the go-go years. But several years later, Japan is still waiting for needed transformation, and Brad Glosserman concludes that the fact that even disaster has not spurred radical enough reform reveals something about Japan's political system and Japanese society. Glosserman explains why Japan has not and will not change, concluding that Japanese horizons are shrinking and that the Japanese public has given up the bold ambitions of previous generations and its current leadership. This is a critical insight into contemporary Japan and one that should shape our thinking about this vital country.

2013 Spillover Report - Analytical Underpinnings and Other Background

International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Fiscal Affairs Dept.
2013 Spillover Report Analytical Underpinnings and Other Background Book PDF

Author : International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 171 pages
File Size : 45,8 Mb
Release : 2013-07-03
Category : Business & Economics
ISBN : 9781498341547

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2013 Spillover Report - Analytical Underpinnings and Other Background by International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Fiscal Affairs Dept. Pdf

High uncertainty in general, and high policy uncertainty more specifically, can have important impact on global investment and output growth. Much of the recent policy uncertainty emanated from the United States and Europe—the world’s two largest economies. Spillovers from policy uncertainty can occur through several channels. Trade can be affected if increased policy uncertainty adversely affects economic activity and import demand in the United States and Europe. Policy uncertainty could also raise global risk aversion, resulting in sharp corrections in financial markets and capital outflows from emerging markets. This background note attempts to quantify the impact of U.S. and European policy uncertainty on other regions. Specifically, it addresses the following questions: What do we mean by policy uncertainty? How well can we measure it? How has policy uncertainty in the United States and Europe evolved during the past several decades? And how large are the spillovers to economic activity in other regions? The analysis suggests that sharp increases in U.S. and European policy uncertainty in the past have temporarily lowered investment and output in other regions to varying degrees. It also suggests that a marked decrease in policy uncertainty in the United States and Europe in the near term could help boost global investment and output.

Trauma To Triumph: Rising From The Ashes Of The Asian Financial Crisis

Hoe Ee Khor,Diwa C Guinigundo,Masahiro Kawai
Trauma To Triumph Rising From The Ashes Of The Asian Financial Crisis Book PDF

Author : Hoe Ee Khor,Diwa C Guinigundo,Masahiro Kawai
Publisher : World Scientific
Page : 950 pages
File Size : 54,7 Mb
Release : 2022-05-12
Category : Business & Economics
ISBN : 9789811253577

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Trauma To Triumph: Rising From The Ashes Of The Asian Financial Crisis by Hoe Ee Khor,Diwa C Guinigundo,Masahiro Kawai Pdf

This book takes stock of and analyzes the events during the Asian financial crisis (AFC) and subsequent developments, including the global financial crisis (GFC), that led to the development of the ASEAN+3 regional financial cooperation framework and the establishment of the ASEAN+3 Macroeconomic Research Office. The book is the first of its kind to compile comprehensive recollections of the major players during the AFC and the GFC, including country-level narratives on the causes and developments of the crises, and measures to overcome them. The book not only presents an analytical and deeper examination of country experiences during both crises, but also assesses the two crises and covers the lessons learnt from the crises, particularly with a focus on the development of regional financial cooperation. The book concludes with regional financial cooperation in retrospect, aiming to catalyze further discussions on the direction of the region's financial cooperation.

International Capital Flow Pressures

Ms.Linda S. Goldberg,Signe Krogstrup
International Capital Flow Pressures Book PDF

Author : Ms.Linda S. Goldberg,Signe Krogstrup
Publisher : International Monetary Fund
Page : 58 pages
File Size : 54,9 Mb
Release : 2018-02-16
Category : Business & Economics
ISBN : 9781484342725

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International Capital Flow Pressures by Ms.Linda S. Goldberg,Signe Krogstrup Pdf

This paper presents a new measure of capital flow pressures in the form of a recast Exchange Market Pressure index. The measure captures pressures that materialize in actual international capital flows as well as pressures that result in exchange rate adjustments. The formulation is theory-based, relying on balance of payments equilibrium conditions and international asset portfolio considerations. Based on the modified exchange market pressure index, the paper also proposes the Global Risk Response Index, which reflects the country-specific sensitivity of capital flow pressures to measures of global risk aversion. For a large sample of countries over time, we demonstrate time variation in the effects of global risk on exchange market pressures, the evolving importance of the global factor across types of countries, and the changing risk-on or risk-off status of currencies.

China’s Growing Influence on Asian Financial Markets

Mr.Serkan Arslanalp,Wei Liao,Shi Piao,MissDulani Seneviratne
China s Growing Influence on Asian Financial Markets Book PDF

Author : Mr.Serkan Arslanalp,Wei Liao,Shi Piao,MissDulani Seneviratne
Publisher : International Monetary Fund
Page : 37 pages
File Size : 45,9 Mb
Release : 2016-08-12
Category : Business & Economics
ISBN : 9781475525137

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China’s Growing Influence on Asian Financial Markets by Mr.Serkan Arslanalp,Wei Liao,Shi Piao,MissDulani Seneviratne Pdf

This paper finds that financial spillovers from China to regional markets are on the rise. The main transmission channel appears to be trade linkages, although direct financial linkages are playing an increasing role. Without an impact on global risk premiums, China’s influence on regional markets is not yet to the level of the United States, but comparable to that of Japan. If China-related shocks are coupled with a rise in global risk premiums, as in August 2015 and January 2016, spillovers to the region could be significantly larger. Over the medium term, China’s financial spillovers could rise further with tighter financial linkages with the region, including through the ongoing internationalization of the renminbi and China’s capital account liberalization.

IMF Research Bulletin, December 2013

International Monetary Fund. Research Dept.
IMF Research Bulletin December 2013 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 14 pages
File Size : 41,5 Mb
Release : 2013-12-17
Category : Business & Economics
ISBN : 9781484378434

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IMF Research Bulletin, December 2013 by International Monetary Fund. Research Dept. Pdf

In the December 2013 IMF Research Bulletin, the Research Summaries look at “Reforming Dual Labor Markets in Advanced Economies” (Giovanni Ganelli) and “Rating Through-The-Cycle: What Does the Concept Imply for Rating Stability Accuracy” (John Kiff, Michael Kisser, and Liliana Schumacher). The Q&A discusses Seven Questions on Financial Crises (Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabián Valencia). This issue also includes a listing of recent IMF Working Papers and IMF Staff Discussion Notes, as well as Recommended Readings from the IMF Bookstore. The top-viewed articles from recent of issues of “IMF Economic Review” are featured.

Blockchain and Cryptocurrencies

Saralees Nadarajah,Stephen Chan,Jeffrey Chu,Yuanyuan Zhang
Blockchain and Cryptocurrencies Book PDF

Author : Saralees Nadarajah,Stephen Chan,Jeffrey Chu,Yuanyuan Zhang
Publisher : MDPI
Page : 158 pages
File Size : 44,6 Mb
Release : 2021-01-13
Category : Business & Economics
ISBN : 9783039435333

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Blockchain and Cryptocurrencies by Saralees Nadarajah,Stephen Chan,Jeffrey Chu,Yuanyuan Zhang Pdf

Blockchain and cryptocurrencies have recently captured the interest of academics and those in industry. Cryptocurrencies are essentially digital currencies that use blockchain technology and cryptography to facilitate secure and anonymous transactions. The cryptocurrency market is currently worth over $500 billion. Many institutions and countries are starting to understand and implement the idea of cryptocurrencies in their business models. This Special Issue will provide a collection of papers from leading experts in the area of blockchain and cryptocurrencies. The topics covered in this Special Issue will include but are not limited to the following: academic research on blockchain and cryptocurrencies; industrial applications of blockchain and cryptocurrencies; applications of fintech in academia and industry; the economics of blockchain technology, and the financial analysis and risk management with cryptocurrencies.

Anatomy of Sudden Yen Appreciations

Mr.Fei Han,Mr.Niklas J Westelius
Anatomy of Sudden Yen Appreciations Book PDF

Author : Mr.Fei Han,Mr.Niklas J Westelius
Publisher : International Monetary Fund
Page : 19 pages
File Size : 44,5 Mb
Release : 2019-07-01
Category : Business & Economics
ISBN : 9781498325394

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Anatomy of Sudden Yen Appreciations by Mr.Fei Han,Mr.Niklas J Westelius Pdf

The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices. On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan’s efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers.

The Japanese Yen as an International Currency

Mr.George S. Tavlas,Yusuru Ozeki
The Japanese Yen as an International Currency Book PDF

Author : Mr.George S. Tavlas,Yusuru Ozeki
Publisher : International Monetary Fund
Page : 61 pages
File Size : 52,7 Mb
Release : 1991-01-01
Category : Business & Economics
ISBN : 9781451930993

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The Japanese Yen as an International Currency by Mr.George S. Tavlas,Yusuru Ozeki Pdf

The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.