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Spillovers of the United States’ Unconventional Monetary Policy to Emerging Asia: The Bank Lending Channel

Ying Xu and Hai Anh La

in Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198838104
eISBN:
9780191874628
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198838104.003.0006
Subject:
Economics and Finance, Financial Economics, South and East Asia

This chapter assesses the spillover effects of the United States’ unconventional monetary policy on the Asian credit market. With a focus on cross-border bank lending, it employs firm-level loan data ... More


Foreign Exchange Market Intervention: 1991–2011

Shinji Takagi

in Conquering the Fear of Freedom: Japanese Exchange Rate Policy since 1945

Published in print:
2015
Published Online:
May 2015
ISBN:
9780198714651
eISBN:
9780191782893
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714651.003.0006
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

Chapter 6 reviews Japan’s official foreign exchange market intervention, which became virtually the only standard tool of managing the exchange rate. After presenting an overview of the institutional ... 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


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 European Central Bank: Hero or Ogre?

Vivien A. Schmidt

in Europe's Crisis of Legitimacy: Governing by Rules and Ruling by Numbers in the Eurozone

Published in print:
2020
Published Online:
July 2020
ISBN:
9780198797050
eISBN:
9780191838644
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198797050.003.0006
Subject:
Political Science, European Union, Political Economy

Chapter 6 discusses the ECB’s pathway to legitimacy, as it moved from following “one size fits none” rules to doing “whatever it takes” in monetary policy. The chapter begins with the ECB’s sources ... More


Spillover Effects of Japan’s Quantitative and Qualitative Easing on East Asian Economies

Shin-Ichi Fukuda

in Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198838104
eISBN:
9780191874628
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198838104.003.0004
Subject:
Economics and Finance, Financial Economics, South and East Asia

This chapter explores the spillover effects of Japan’s quantitative and qualitative easing (QQE) on East Asian economies. Under the new monetary policy regime, the Japanese yen depreciated ... More


Crash and Beyond: Causes and Consequences of the Global Financial Crisis

Andrew Farlow

Published in print:
2013
Published Online:
April 2015
ISBN:
9780199578016
eISBN:
9780191808623
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199578016.001.0001
Subject:
Economics and Finance, Financial Economics

In 2008 the world was plunged into financial and economic crisis. This book explores the multiple roots of the financial crisis, including the build-up of global economic imbalances, the explosion in ... More


Domestic and Cross-border Impact of US Monetary Policy at the Zero Lower Bound

Qianying Chen, Andrew Filardo, Dong He, and Feng Zhu

in Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198838104
eISBN:
9780191874628
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198838104.003.0008
Subject:
Economics and Finance, Financial Economics, South and East Asia

This is a chapter of the domestic impact as well as cross-border spillovers of US monetary policy at the zero lower bound (ZLB) to advanced and emerging economies. We estimate the empirical relevance ... More


Monetary Policy

Christopher Tsoukis

in Theory of Macroeconomic Policy

Published in print:
2020
Published Online:
November 2020
ISBN:
9780198825371
eISBN:
9780191912498
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198825371.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses monetary policy. It is informally divided in two parts: The former discusses the rationale for and the main features of the current institutional ‘architecture’ related to ... More


The Role of Institutions and Macroprudential Policy in Managing Spillovers from Quantitative Easing Policies

Ansgar Belke and Ulrich Volz

in Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198838104
eISBN:
9780191874628
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198838104.003.0012
Subject:
Economics and Finance, Financial Economics, South and East Asia

This chapter explores the impact of advanced countries’ quantitative easing on emerging market economies (EMEs) and how macroprudential policy and good governance play a role in preventing potential ... More


Understanding Interest Rates and the Economy

Alan N. Rechtschaffen

in Capital Markets, Derivatives, and the Law: Positivity and Preparation

Published in print:
2019
Published Online:
May 2019
ISBN:
9780190879631
eISBN:
9780190879662
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190879631.003.0007
Subject:
Law, Company and Commercial Law

This chapter begins with a discussion of the Federal Reserve and the Federal Reserve Banking System. The Federal Reserve System was created by Congress under the Federal Reserve Act “to provide for ... More


Central Bank Planning: Unconventional Monetary Policy and the Price of Bending the Yield Curve

Benjamin Braun

in Uncertain Futures: Imaginaries, Narratives, and Calculation in the Economy

Published in print:
2018
Published Online:
August 2018
ISBN:
9780198820802
eISBN:
9780191860430
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198820802.003.0009
Subject:
Business and Management, Political Economy

Central banks have increasingly used communication to guide market actors’ expectations of future rates of interest, inflation, and growth. However, aware of the pitfalls of (financial) central ... More


Liquidity

Paul Langley

in Liquidity Lost: The Governance of the Global Financial Crisis

Published in print:
2014
Published Online:
January 2015
ISBN:
9780199683789
eISBN:
9780191763366
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199683789.003.0003
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter analyses how the global financial crisis was governed as a problem of money and capital market liquidity from 2007 to 2009. It covers the unprecedented liquidity injections of the ... More


Return from Slump, and the Jobless and Joyless Recovery

Andrew Farlow

in Crash and Beyond: Causes and Consequences of the Global Financial Crisis

Published in print:
2013
Published Online:
April 2015
ISBN:
9780199578016
eISBN:
9780191808623
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199578016.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter examines the various problems that arose after the United States and other countries recovered from the economic slump caused by the financial crisis of 2008. It first considers the ... More


Retrospective and Prospective Issues in Japanese Exchange Rate Policy

Shinji Takagi

in Conquering the Fear of Freedom: Japanese Exchange Rate Policy since 1945

Published in print:
2015
Published Online:
May 2015
ISBN:
9780198714651
eISBN:
9780191782893
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714651.003.0007
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter is concerned with outstanding issues for Japanese exchange rate policy, it discusses the prospective impact of Asian monetary cooperation on the dollar focus of exchange rate policy, ... More


Bonds

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0009
Subject:
Economics and Finance, Financial Economics

The level factor, which shifts the yields of all bonds, is the crucial factor in fixed income investments. The level factor is affected by risks associated with economic growth, inflation, and ... More


Reform from within? Central banks and the reconfiguration of neoliberal monetary policy

Grahame F. Thompson

in Alternatives to Neoliberalism: Towards Equality and Democracy

Published in print:
2017
Published Online:
September 2017
ISBN:
9781447331148
eISBN:
9781447331162
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447331148.003.0008
Subject:
Political Science, Comparative Politics

At the level of national economies, Grahame Thompson probes the shifting role of central banks, particularly the Bank of England, in handling the manifest inadequacies of free-market economics in the ... More


Liquidity Effects and Interest Rates

Harold L. Cole

in Monetary and Fiscal Policy through a DSGE Lens

Published in print:
2020
Published Online:
April 2020
ISBN:
9780190076030
eISBN:
9780190076078
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190076030.003.0013
Subject:
Economics and Finance, Econometrics, Macro- and Monetary Economics

This chapter develops a version of the liquidity model which relies on cash-in-advance constraints for both households and firms. Monetary injections are show to raise employment and lower short-term ... More


Global Safe Asset Shortage: The Role of Central Banks

Ricardo J. Caballero

in Progress and Confusion: The State of Macroeconomic Policy

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034623
eISBN:
9780262333450
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034623.003.0026
Subject:
Economics and Finance, Public and Welfare

The chapter argues that there is a global shortage of safe assets, which puts downward pressure on safe real rates and leads to a stubborn form of liquidity trap (a safety trap). Central banks are ... More


Debt Trends and Future Outlook

Dianna Preece

in Debt Markets and Investments

Published in print:
2019
Published Online:
June 2020
ISBN:
9780190877439
eISBN:
9780190877460
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190877439.003.0036
Subject:
Economics and Finance, Financial Economics

The United States had a combined $47 trillion of public and private sector debt outstanding in the third quarter of 2016. This staggering figure is larger than many countries’ gross domestic products ... More


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