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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 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


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


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


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 BOJ Worldview and its Historical Development

Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo

in Taming Japan's Deflation: The Debate over Unconventional Monetary Policy

Published in print:
2018
Published Online:
May 2019
ISBN:
9781501728174
eISBN:
9781501728181
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501728174.003.0004
Subject:
Political Science, Political Economy

This chapter looks at the evolution of specific ideas about monetary policy within the Bank of Japan (BOJ) organization, including the formative experiences that shaped the worldview of the BOJ. The ... More


Did the Japanese Stock Market Appropriately Price the Takenaka Financial Reform?

Masaya Sakuragawa and Yoshitsugu Watanabe

in Financial Sector Development in the Pacific Rim

Published in print:
2009
Published Online:
February 2013
ISBN:
9780226386843
eISBN:
9780226386867
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226386867.003.0023
Subject:
Economics and Finance, South and East Asia

This chapter examines how the stock market evaluated Japanese financial reform (the “Takenaka Plan”) using a conventional event study methodology. It focuses on a number of financial events that ... More


Deflation, Monetary Policy Responses, and the Boj

Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo

in Taming Japan's Deflation: The Debate over Unconventional Monetary Policy

Published in print:
2018
Published Online:
May 2019
ISBN:
9781501728174
eISBN:
9781501728181
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501728174.003.0002
Subject:
Political Science, Political Economy

This chapter discusses deflation, monetary policy responses against deflation, and the Bank of Japan's (BOJ) reluctance to try bolder measures to reflate the economy. Deflation, when the price of ... More


The Monetary Policy Network

Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo

in Taming Japan's Deflation: The Debate over Unconventional Monetary Policy

Published in print:
2018
Published Online:
May 2019
ISBN:
9781501728174
eISBN:
9781501728181
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501728174.003.0005
Subject:
Political Science, Political Economy

This chapter focuses on the formal monetary policy process specified by the Bank of Japan Law (New BOJ Law), identifying the central actors in the monetary policy network. The New BOJ Law, which came ... More


The Matsukata Reform as “Expansionary Austerity”

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/9781501746918.003.0008
Subject:
History, Asian History

This concluding chapter returns to the notion that Matsukata merged the positive and negative policies of his predecessors along liberal nationalist lines, pursuing a kind of “expansionary austerity” ... More


Abenomics and the Break with the BOJ Orthodoxy

Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo

in Taming Japan's Deflation: The Debate over Unconventional Monetary Policy

Published in print:
2018
Published Online:
May 2019
ISBN:
9781501728174
eISBN:
9781501728181
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501728174.003.0008
Subject:
Political Science, Political Economy

This chapter addresses how Prime Minister Abe Shinzō circumvented the monetary policy network by changing the membership of the Policy Board and how he reoriented monetary policy to reflect his ... More


Drivers of Financial Deregulation in Japan

Eiji Hotori

in Financial Deregulation: A Historical Perspective

Published in print:
2021
Published Online:
June 2021
ISBN:
9780198856955
eISBN:
9780191890062
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198856955.003.0004
Subject:
Economics and Finance, Economic History, Financial Economics

This chapter aims to identify the real drivers of financial deregulation in Japan. Japan’s financial deregulation drivers clearly changed over time. In the late 1960s and the early 1970s, the ... More


Monetary Policymaking, 1998–2012

Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo

in Taming Japan's Deflation: The Debate over Unconventional Monetary Policy

Published in print:
2018
Published Online:
May 2019
ISBN:
9781501728174
eISBN:
9781501728181
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501728174.003.0007
Subject:
Political Science, Political Economy

This chapter looks at three case studies of the Bank of Japan's (BOJ) monetary policy to illustrate how these policy ideas influenced BOJ decision making: the decision to implement and then lift the ... More


Taming Japan's Deflation: The Debate over Unconventional Monetary Policy

Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo

Published in print:
2018
Published Online:
May 2019
ISBN:
9781501728174
eISBN:
9781501728181
Item type:
book
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501728174.001.0001
Subject:
Political Science, Political Economy

Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, claims this book. Despite warnings from economists, intense political pressure, and unconventional ... More


Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999–2004

Mitsuru Iwamura, Takeshi Kudo, and Tsutomu Watanabe (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/9780226379012.003.0007
Subject:
Economics and Finance, South and East Asia

This chapter employs both theoretical and empirical tools to examine Japanese macroeconomic stabilization over the past five years. The role of fiscal policy in a liquidity trap is reviewed. It is ... More


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