By Kenneth J. Singleton

How has the financial institution of Japan (BOJ) contributed to shaping Japan's financial progress prior to now 20 years? This booklet comprehensively explores the family members among monetary marketplace liberalization and BOJ regulations and examines the ways that those guidelines promoted monetary development within the Eighties. The authors argue that the constitution of Japan's monetary markets, rather regulations on money-market transactions and the major function of industrial banks in financing company investments, allowed the BOJ to steer Japan's financial luck. the 1st chapters give you the so much in-depth English-language dialogue of the BOJ's working techniques and policymaker's perspectives approximately how BOJ activities have an effect on the japanese enterprise cycle. bankruptcy 3 explores the impression of the BOJ's designated window counsel coverage on company funding, whereas bankruptcy 4 appears at how financial coverage impacts the time period constitution of rates of interest in Japan. the ultimate chapters learn the final influence of economic coverage on actual combination financial job. This quantity will end up valuable not just to economists attracted to the technical working strategies of the BOJ, but in addition to these drawn to the japanese economic climate and within the operation and end result of economic reform in most cases.

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Sample text

This fact and the anecdotal evidence discussed above raise doubts about the explanation that the stability of Japanese interbank rates is the result of accurate defensive operations by the BOJ. The call rate may well have been stable because it was set by the BOJ and because movements of funds between markets were limited by nonmarket forces such as moral suasion. Horiuchi and Kato (1989) also present evidence consistent with a similar interpretation of the stability of interbank rates. The Liberalization of Short-Term Money Markets In a sense, the BOJ admitted to such heavy use of moral suasion when it introduced a new operating procedure in November 1988.

Changes in BOJ lending at the discount window are an important instrument for this purpose. The possibility of more direct control of the call rate by the BOJ has also been pointed out. In some periods the BOJ quoted the call rate either directly or indirectly, at the same time preventing arbitrage between markets through moral suasion. The importance of such non-market-oriented control of the call 28 KazuoUeda rate and the change in its importance over time need to be more carefully studied. Bank loans play an important role in the transmission of monetary policy in Japan.

2 18. 0 Source: Short-Term Money Market Study Group (1990). ’Large-denomination time deposits (over $100,000). bExcluding TB qnd FB gensaki. By aggregation, we have (3) If we ignore, for the sake of simplicity, the government sector, then the balance sheet of the private sector can be described as follows. After aggregating over the entire private sector, without open-market purchases of securities by the central bank the net supply of financial assets in the private sector is zero; that is, (4) cc, + C C J = 0.

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