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Functioning of the Eurosystem framework since 1999

F. Papadia and T. Välimäki

in The Concrete Euro: Implementing Monetary Policy in the Euro Area

Published in print:
2011
Published Online:
May 2011
ISBN:
9780199557523
eISBN:
9780191725005
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199557523.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics, International

This chapter examines empirically the actual functioning of the Eurosystem framework for the implementation of monetary policy, i.e. the monetary policy implementation technology, in normal times and ... More


The Beginnings of Central Bank Cooperation: Tokyo and London, 1895–1914

Simon James Bytheway and Mark Metzler

in Central Banks and Gold: How Tokyo, London, and New York Shaped the Modern World

Published in print:
2016
Published Online:
May 2017
ISBN:
9781501704949
eISBN:
9781501705953
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501704949.003.0002
Subject:
History, Economic History

This chapter traces the beginnings of regularized central bank cooperation between the Bank of England (BoE) and the Bank of Japan (BoJ). After 1896, the Bank of Japan kept very large balances at the ... More


Opening the Door to a Hurricane, 1930–1931

Mark Metzler

in Lever of Empire: The International Gold Standard and the Crisis of Liberalism in Prewar Japan

Published in print:
2006
Published Online:
March 2012
ISBN:
9780520244207
eISBN:
9780520931794
Item type:
chapter
Publisher:
University of California Press
DOI:
10.1525/california/9780520244207.003.0012
Subject:
History, Asian History

This chapter outlines the shape of the deflationary breakdown that followed Japan's domestic crisis. As soon as Inoue Junnosuke and Hamaguchi Osachi opened the Bank of Japan's gold window on January ... More


The Joint Statement by the Japanese Government and the Bank of Japan

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0018
Subject:
Economics and Finance, Economic History

This chapter reviews the Joint Statement by the Japanese government and the Bank of Japan. In the general elections of the House of Representatives on December 16, 2012, the Liberal Democratic Party, ... More


The Great Divide, 1918–1921

Mark Metzler

in Lever of Empire: The International Gold Standard and the Crisis of Liberalism in Prewar Japan

Published in print:
2006
Published Online:
March 2012
ISBN:
9780520244207
eISBN:
9780520931794
Item type:
chapter
Publisher:
University of California Press
DOI:
10.1525/california/9780520244207.003.0007
Subject:
History, Asian History

This chapter describes the culmination of the pro-spending, pro-inflationary “positive” policy in 1919, when Takahashi Korekiyo was minister of finance and Inoue Junnosuke was governor of the Bank of ... More


Comparison of LLR Powers of Fed with Bank of England, European Central Bank, and Bank of Japan

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0010
Subject:
Economics and Finance, Economic History

The Fed's three major peers are the Bank of England (BOE), the European Central Bank, and the Bank of Japan (BOJ). This chapter begins with a description of the powers of the three peer central ... More


Great Inflation and Central Bank Independence in Japan

Takatoshi Ito

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter analyzes Japan’s experience during the Great Inflation in the 1970s, first reviewing the 120-year history of inflation in Japan. It then describes the economic events, political ... More


The Zero Interest Rate Policy and Quantitative Easing

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0006
Subject:
Economics and Finance, Economic History

This chapter evaluates the zero interest rate policy and quantitative easing. Short-term interest rates in Japan had already reached close to zero percent by the mid-1990s, but a zero interest rate ... More


Two Decades of Japanese Monetary Policy and the Deflation Problem

Takatoshi Ito and Frederic S. Mishkin (eds)

in Monetary Policy with Very Low Inflation in the Pacific Rim

Published in print:
2006
Published Online:
February 2013
ISBN:
9780226378978
eISBN:
9780226379012
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226379012.003.0005
Subject:
Economics and Finance, South and East Asia

This chapter reports a long comprehensive survey of Japanese monetary policy over the last two decades: the period of bubble and burst (1985–1997) and the issue under the new law of the Bank of Japan ... More


Introduction

Mercier Paul and Francesco Papadia

in The Concrete Euro: Implementing Monetary Policy in the Euro Area

Published in print:
2011
Published Online:
May 2011
ISBN:
9780199557523
eISBN:
9780191725005
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199557523.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, International

The introduction clarifies the main purpose of the book: to give an analytical account of the technology for monetary policy implementation of the European Central Bank, comparing it, when useful, ... More


The New Bank of Japan Act

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0005
Subject:
Economics and Finance, Economic History

This chapter investigates the new Bank of Japan Act. The original Bank of Japan Act was passed in February of 1942, two months after the outbreak of the Pacific War, and it has strong overtones of ... More


The Bursting of the Bubble and the Financial Crisis

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0004
Subject:
Economics and Finance, Economic History

This chapter examines how the Japanese bubble burst in the early 1990s. While the magnitude of the event did not immediately become apparent, it gradually began to dawn on everybody that the economy ... More


The Collapse of Lehman Brothers

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0009
Subject:
Economics and Finance, Economic History

This chapter assesses the collapse of Lehman Brothers in September of 2008, which was a watershed event that pushed the global financial system and economy to the brink. The worst-case scenario was ... More


The Increasing Clamor for Beating Deflation

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0010
Subject:
Economics and Finance, Economic History

This chapter addresses the increasing clamor for beating deflation. In the spring of 2009, the tide turned in financial markets around the world, and financial systems began to stabilize gradually. ... More


Founding a Central bank

Steven J. Ericson

in Financial Stabilization in Meiji Japan: The Impact of the Matsukata Reform

Published in print:
2020
Published Online:
May 2020
ISBN:
9781501746918
eISBN:
9781501746925
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501746918.003.0006
Subject:
History, Asian History

This chapter shows how, like other aspects of the Matsukata financial reform that veered from classical financial orthodoxy, the Bank of Japan (BoJ) turned out to be hardly orthodox in its structure ... More


The Comprehensive Monetary Easing Policy

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0013
Subject:
Economics and Finance, Economic History

This chapter studies the Comprehensive Monetary Easing. During the recovery from the global financial crisis of 2007–2009, the Japanese economy faced the challenge of a sharp appreciation of the yen, ... More


Japan Emerges as an International Creditor, 1915–1918

Simon James Bytheway and Mark Metzler

in Central Banks and Gold: How Tokyo, London, and New York Shaped the Modern World

Published in print:
2016
Published Online:
May 2017
ISBN:
9781501704949
eISBN:
9781501705953
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501704949.003.0004
Subject:
History, Economic History

This chapter discusses the international surge of Japanese credit creation during the war, when Japan emerged, briefly and “prematurely,” as one of the world's top three creditor countries. Tokyo ... More


The Great East Japan Earthquake

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0014
Subject:
Economics and Finance, Economic History

This chapter illustrates how a huge earthquake of unprecedented size in the history of observed earthquakes struck Japan on March 11, 2011. The Great East Japan Earthquake, with its epicenter just ... More


My Appointment as Governor of the Bank of Japan

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0008
Subject:
Economics and Finance, Economic History

This chapter focuses on the appointment of the author as the deputy governor of the Bank of Japan on March 21, 2008, simultaneously becoming the acting governor. As executive director, the author had ... More


Sixfold Suffering and the Currency War

Masaaki Shirakawa

in Tumultuous Times: Central Banking in an Era of Crisis

Published in print:
2021
Published Online:
January 2022
ISBN:
9780300258974
eISBN:
9780300263008
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300258974.003.0015
Subject:
Economics and Finance, Economic History

This chapter highlights the economic policy debates about the appreciation of the yen which occurred during the author's five-year tenure as governor of the Bank of Japan. The term sixfold suffering ... More


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