所属 明治大学 政治経済学部 職種 専任教授
|標題||Unconventional Monetary Policy and Financial Stability: The Case of Japan|
|出版社・発行元||Routledge Critical Studies in Finance and Stability|
|担当範囲||Quantitative and Qualitative Monetary Easing, negative interest rates and the stability of the financial system in Japan|
|著者・共著者||Stenfors, Alexis and Jan Toporowski|
|概要||Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools.
Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets.
This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.