Katsu Etsuko
   Department   Undergraduate School  , School of Political Science and Economics
   Position   Professor
Language English
Publication Date 2020/07
Type Book
Title Unconventional Monetary Policy and Financial Stability: The Case of Japan
Contribution Type Co-authored (other than first author)
Journal TypeAnother Country
Publisher Routledge Critical Studies in Finance and Stability
Responsible for Quantitative and Qualitative Monetary Easing, negative interest rates and the stability of the financial system in Japan
Author and coauthor Stenfors, Alexis and Jan Toporowski
Details 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.