DOCSLIB.ORG

Growing Central Bank Challenges in the World and Japan: Low Inflation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Growing Central Bank Challenges in the World and Japan: Low Inflation GROWING CENTRAL BANK CHALLENGES IN THE WORLD AND JAPAN Low Inflation, Monetary Policy, and Digital Currency Sayuri Shirai ASIAN DEVELOPMENT BANK INSTITUTE Growing Central Bank Challenges in the World and Japan: Low Inflation, Monetary Policy, and Digital Currency By Sayuri Shirai ASIAN DEVELOPMENT BANK INSTITUTE © 2020 Asian Development Bank Institute All rights reserved. ISBN 978-4-89974-223-4 (Print) ISBN 978-4-89974-224-1 (PDF) The views in this publication do not necessarily reflect the views and policies of the Asian Development Bank Institute (ADBI), its Advisory Council, ADB’s Board or Governors, or the governments of ADB members. ADBI does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. ADBI uses proper ADB member names and abbreviations throughout and any variation or inaccuracy, including in citations and references, should be read as referring to the correct name. By making any designation of or reference to a particular territory or geographic area, or by using the term “recognize,” “country,” or other geographical names in this publication, ADBI does not intend to make any judgments as to the legal or other status of any territory or area. Users are restricted from reselling, redistributing, or creating derivative works without the express, written consent of ADBI. The Asian Development Bank recognizes "China" as the People's Republic of China, "Korea" as the Republic of Korea, and "Vietnam" as Viet Nam. Note: In this publication, “$” refers to US dollars. Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5, Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan www.adbi.org Contents Tables and Figures iv Abbreviations vi Introduction 1 PART I: Low Inflation and Monetary Policy Challenges 1. Inflation Targets and Low Inflation 9 2. Unconventional Monetary Policy Adopted in Developed Economies 38 3. Bank of Japan’s Stock Purchases as an Unconventional Monetary Tool 79 4. Growing Interest in Alternative Monetary Policy Frameworks 94 5. Better Coordination between Monetary Policy and Fiscal Policy 108 PART II: Cash, Crypto Assets, and Central Bank Digital Currency 6. Cashless Payment and Cash Hoarding 129 7. Bank Money, Crypto Assets, and Stablecoins 145 8. Central Bank Digital Currency: Proposals and Prospects 173 References 198 !iii Tables and Figures Tables 5.1 Diferences between Modern Monetary Theory and Bank of Japan’s Monetary Easing 121 7.1 Features of Central Bank Money and Private Money 146 7.2 Features of Bitcoin, Tether, and Libra 163 Figures 1.1 Inflation in the Euro Area, Japan, and the United States (%) 16 1.2 Core Inflation in the Euro Area, Japan, and the United States (%) 18 1.3 Three Types of Core Inflation Indicators in Japan (%) 19 1.4 Long-Term Inflation Expectation Indicators in the Euro Area (%) 25 1.5 Long-Term Inflation Expectation Indicators in Japan (%) 25 1.6 Long-Term Inflation Expectation Indicators in the United States (%) 26 1.7 Actual Inflation, Perceived Inflation, and Long-Term Inflation Expectations in Japan (%) 31 1.8 Real Gross Domestic Product and Its Composition (Year 2000 Q1 = 100) 33 2.1 Financial Assets Held by the European Central Bank, Bank of Japan, and the Federal Reserve ($ trillion) 42 2.2 Financial Assets Held by the European Central Bank, Bank of Japan, and the Federal Reserve (% of nominal GDP) 43 2.3 New Lending Rate and Deposit Rate in Japan (% ) 61 2.4 Degree of Bond Market Functioning in Japan (percentage points) 63 3.1 Nikkei 225 and Tokyo Stock Price Index 80 3.2 Tokyo Stock Price Index, Textile and Apparel Index, and the Stock Price of Fast Retailing 87 4.1 Desired Long-Term Price Level Path and Actual Price Level 100 4.2 Japan’s Nominal Gross Domestic Product Target and International Monetary Fund Projection (¥ trillion) 103 4.3 Nominal Wages per Employee (year/year %) 105 5.1 Bank of Japan’s Balance Sheet 122 iv! Tables and Figures v 6.1 Cash in Circulation in Selected Developed Economies (% of nominal gross domestic product) 133 6.2 Cash in Circulation in Selected Emerging Economies (% of nominal gross domestic product) 137 6.3 Banknotes Issued by Denomination in Japan (¥ billion) 140 6.4 Banknotes Issued by Denomination in the United States ($ billion) 140 6.5 Banknotes Issued by Denomination in the Euro Area (€ billion) 141 7.1 Bitcoin Price and Market Capitalization 151 7.2 Tether Price and Market Capitalization 155 8.1 Types of Central Bank Digital Currency Proposals 182 Abbreviations AML anti-money laundering BIS Bank for International Settlements BOJ Bank of Japan CBDC central bank digital currency CFT combating the financing of terrorism CME comprehensive monetary easing coronavirus disease COVID-19 CPI consumer price index DCEP digital currency electronic payment DI difusion index DLT distributed ledger technology DVP delivery versus payment ECB European Central Bank ETF exchange-traded fund EU European Union FDI foreign direct investment FINMA Swiss Market Financial Supervisory Authority fintech financial technology FOMC Federal Open Market Committee G7 Group of Seven GDP gross domestic product GPIF Government Pension Investment Fund HICP Harmonized Index of Consumer Prices HKMA Hong Kong Monetary Authority ICO initial coin ofering IMF International Monetary Fund IT information technology JGB Japanese government bond J-REIT Japanese real estate investment trust LSAP large-scale asset purchase MAS Monetary Authority of Singapore MMT modern monetary theory NIRI non-inflationary rate of inflation NISA Nippon Individual Savings Account PELTRO pandemic emergency longer-term refinancing operation PCE personal consumption expenditure vi! Abbreviations vii PRC People’s Republic of China QQE quantitative and qualitative easing ROE return on equity R&D research and development SDR special drawing right TLTRO targeted longer-term refinancing operation TOPIX Tokyo Stock Price Index US United States USC utility settlement coin YCC yield curve control Introduction Central banks are facing growing challenges posed by aging, low productivity, new technology, and innovation especially after the global financial crisis triggered by the collapse of Lehman Brothers in 2008. The challenges that are under the spotlight globally can be grouped into two issues: (i) low inflation and related impacts of unconventional monetary policy, as well as policy coordination including fiscal stimulus, and (ii) the wide range of recent issues related to central bank money (cash), private money (bank deposits), emergence of private crypto assets, and threats posed by Facebook’s Libra plan, as well as the prospect of a central bank digital currency. The first challenge is related to persistently low inflation observed in some developed economies even after various unconventional monetary easing tools have been adopted for many years when short-term interest rates have fallen into the efective lower bound. Employment conditions have improved remarkably, stock and real estate prices have risen, and currency depreciation has occurred in some economies. Nonetheless, inflation has remained below the numerical inflation target for most of the time since the 2008 financial crisis. Inflation underperformance has been prevalent in the euro area, Japan, and, to a lesser extent, the United States. Various unconventional monetary easing tools—such as large-scale asset purchases, forward guidance, negative interest rate, yield curve control, stock exchange-traded fund (ETF) purchases— have been experimented with by several central banks. It appears that many central banks prefer forward guidance and large-scale asset purchases to a negative interest rate. Yield curve control (stabilizing the short-term policy rate and a 10-year yield), adopted by the Bank of Japan since 2016, is receiving attention from some central banks. The Reserve Bank of Australia followed the Bank of Japan in March 2020 by attempting to stabilize a shorter 3-year yield. The United States Federal Reserve has been discussing the possible adoption of yield curve control focusing on a shorter maturity like the Reserve Bank of Australia. ETF purchases are so far conducted only in Japan. It is uncertain how long unconventional monetary easing will continue in the low inflationary environment although various adverse impacts are growing. Given the weak outcomes of unconventional monetary policy tools to raise inflation, furthermore, alternative monetary frameworks— such as average inflation targeting and price-level targeting—and policy coordination using fiscal stimulus have been intensively discussed in !1 2!Growing Central Bank Challenges in the World and Japan the central banking circle especially at the Federal Reserve and in academia. Moreover, the weaker relationship between unemployment and inflation—called a “flattened Phillips curve”—has invited various arguments. The Phillips curve also applies to the relationship between the output gap (namely, the diference between actual and potential output or, simply, the supply-demand balance) and inflation. Some central banks claim that the flattened Phillips curve indicates the successful outcome of flexible inflation targeting since inflation has become less reactive to changes in the unemployment gap (the gap between the current rate of unemployment and the natural rates of unemployment) and more reactive to long-term inflation expectations. However, persistent inflation underperformance calls into question whether this view remains valid. It may suggest that inflation expectations have dropped and are no longer well-anchored at around the inflation target. The flattened Phillips curve might also mean the relationship between unemployment and inflation has weakened. If this is true, this generates a challenging environment for some central banks since they may find it difcult to provide accurate inflation forecasts. The second challenge this book deals with is issues related to money, crypto assets, and central bank digital currency. Cash demand (beyond nominal gross domestic product [GDP]) grew after the global financial crisis of 2008–2009 in some developed economies—including the euro area, Japan, the Republic of Korea, Singapore, the United Kingdom, and the United States—despite cashless payment tools gaining popularity.
Load more

Recommended publications
  • Public Debt Under a Non-Convertible Currency
    A critical analysis of public debt under a non-convertible currency standard: Implications for the euro area Paper submitted to the FMM 23rd Annual conference “The Euro at 20 – Macroeconomic Challenges” (24-26 October 2019, Berlin) Andrea Terzi Franklin University Switzerland Vienna, 14 March 2018 There are three reasons why this research is of ABSTRACT relevance. The first is about theoretical underpinnings. The notion of public debt sustainability imposes Until the 1970s, a meaningful number of economists restrictions to fiscal policy when the outstanding stock of considered it naïve to believe that debt-financed public public debt exceeds the projected present value of the projects shift the real costs to future generations. What primary fiscal balance, a condition that threatens theoretical findings have changed so radically the ‘government solvency’. This paper investigates the mainstream view on this subject? theoretical underpinnings behind this view and finds that Second, in the past two decades, the functional finance its representation of the consequence of monetization, proposition that the size of public debt should not prevent interest rate endogeneity, and the relation between public the government from undertaking counter-cyclical fiscal deficit and private financials savings are inconsistent with policy when needed has been revived by several authors, a monetary economy using a non-convertible currency. notably those who developed Modern Monetary (or The paper concludes that the proposition that the size Money) Theory (MMT). This constitutes a formidable of public debt and its future trajectory limit the operational challenge to the notion of public debt sustainability as space of fiscal policy is not universally valid, and does not currently understood.
    [Show full text]
  • A Semantic Analysis of Monetary Shamanism: a Case of the BOJ's Governor Haruhiko Kuroda
    DPRIETI Discussion Paper Series 17-E-011 A Semantic Analysis of Monetary Shamanism: A case of the BOJ's Governor Haruhiko Kuroda KEIDA Masayuki Rissho University TAKEDA Yosuke Sophia University The Research Institute of Economy, Trade and Industry http://www.rieti.go.jp/en/ RIETI Discussion Paper Series 17-E-011 February 2017 A Semantic Analysis of Monetary Shamanism: A case of the BOJ's Governor Haruhiko Kuroda* KEIDA Masayuki TAKEDA Yosuke Rissho University Sophia University Abstract This paper examines whether statistical natural language processing techniques have been useful in analyzing documents on monetary policy. A simple latent semantic analysis shows a relatively good performance in classifying the Bank of Japan (BOJ)’s documents on its governors’ policy and the impact without human reading. Our results also show that Governor Haruhiko Kuroda’s communication strategy changed slightly in 2016 when the BOJ introduced the negative interest rate policy. This change in 2016 is comparable to the one from the transition from Masaaki Shirakawa to Kuroda. In spite of the intention, the BOJ had a misjudgment in the communication strategy. Keywords: Monetary policy, Communication, Latent semantic analysis JEL classification: E52, E58 RIETI Discussion Papers Series aims at widely disseminating research results in the form of professional papers, thereby stimulating lively discussion. The views expressed in the papers are solely those of the author(s), and neither represent those of the organization to which the author(s) belong(s) nor the Research Institute of Economy, Trade and Industry. *This study is conducted as a part of the Project “Sustainable Growth and Macroeconomic Policy” undertaken at Research Institute of Economy, Trade and Industry (RIETI).
    [Show full text]
  • Monetization of Fiscal Deficits and COVID-19: a Primer
    The Journal of Financial Crises Volume 2 Issue 4 2020 Monetization of Fiscal Deficits and COVID-19: A Primer Aidan Lawson Financial Stability Institute, Bank for International Settlements Greg Feldberg Yale University Follow this and additional works at: https://elischolar.library.yale.edu/journal-of-financial-crises Part of the Economic Policy Commons, Finance Commons, Finance and Financial Management Commons, Other Economics Commons, and the Public Administration Commons Recommended Citation Lawson, Aidan and Feldberg, Greg (2020) "Monetization of Fiscal Deficits and COVID-19: A Primer," The Journal of Financial Crises: Vol. 2 : Iss. 4, 1-35. Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol2/iss4/1 This Article is brought to you for free and open access by the Journal of Financial Crises and EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact [email protected]. Monetization of Fiscal Deficits and COVID-19: A Primer Aidan Lawson† Greg Feldberg‡ ABSTRACT Monetization—also known as “money-financed fiscal programs” or “money-printing”— occurs when a government finances itself by issuing currency or other non-interest-bearing liabilities, such as bank reserves. It poses real risks—potentially excessive inflation and encroachment on central-bank independence—and some paint it as a relic of a bygone era. The onset of the COVID-19 crisis, however, forced governments to spend heavily to combat the considerable economic and public health impacts. As government deficits climbed, monetization re-entered the conversation as a way to avoid the massive debt burdens that some nations may face. This paper describes how monetization works, provides key historical examples, and examines recent central-bank measures.
    [Show full text]
  • DEFENDING the WOLF the Useful Contradiction of the Bundesbank Carlo Bastasin
    DEFENDING THE WOLF The Useful Contradiction of the Bundesbank Carlo Bastasin SEP Policy Brief No. 1 - 2014 The Deutsche Bundesbank, the German central bank, is commonly regarded as the Euroarea's boogeyman. The pressure imparted by the German monetary authority, for instance, rendered the European Central Bank reluctant to follow the footprints of the Federal Reserve and of other central banks, and engage in non- standard monetary policy measures that might rapidly put an end to the crisis that has been plaguing the euro zone. At several stages, during the current crisis, the ECB has been forced to take actions and prevent severe economic and financial dislocations. Given the institutional vacuum at the area-wide level and the lack of political capacity of the other institutions, the European Central Bank had often to move across the borders of its traditional domain. This has given reason to a slew of criticisms repeatedly and loudly voiced by the Bundesbank. Being also the most vocal policy actor evoking the fiscal risks associated with effecting implicit cross-border transfers via the ECB's balance sheet, the Bundesbank has appeared to have a “non- monetary” hidden agenda or even a “national political” mission. In fact, the Bundesbank has regularly appealed to two fundamental principles of sound economic and monetary policy management that cannot be easily overlooked by anybody concerned that monetary policy may lose its ability to preserve price stability. Should monetary independence be eroded by the increasing tasks devolved to the central banks, wider economic and political consequences might then arise. The first principle is the need to avoid fiscal dominance, not allowing inflation to be determined by the level of fiscal debts; the second is the “principle of responsibility” that sees a contradiction if individual responsibility is blurred by the intervention of joint liability as in the case of a State running unsound fiscal policies and being automatically bailed out by the mutualization of its liabilities.
    [Show full text]
  • Haruhiko Kuroda: Opening Remarks
    January 17, 2019 Bank of Japan Opening Remarks at the G20 Finance and Central Bank Deputies Meeting Haruhiko Kuroda Governor of the Bank of Japan Good afternoon. It is a great honor for me to work with you and to serve as co-chair with Minister Aso at the G20 Finance Ministers and Central Bank Governors Meetings this year. The G20 was established in 1999, twenty years ago. It was the year when the euro was introduced and two years after the Asian Financial Crisis. I attended the inaugural meeting in Berlin as Vice-Minister of Finance for International Affairs. The main objective of the G20 was to promote cooperation among systemically significant economies including emerging market economies, in order to achieve stable and sustainable global growth. Later, the leaders' summit was initiated in response to the global financial crisis in 2008, and the G20 played a significant role in coordinating policy responses to the crisis. Since then, as the world economy has recovered from the crisis, the G20 has discussed a wide range of issues to promote strong, sustainable, balanced, and inclusive growth. While the role and agenda of the G20 have evolved over time, I would like to point out three important values that have been emphasized consistently, based on my long-time involvement in the G20 since its inauguration. First, we recognize that the expansion of cross-border transactions of goods, services, and finance will benefit all countries. We need to conduct policies so that many people can enjoy the positive effects of international trade and capital flows on growth and productivity gains, while minimizing their potential negative impacts.
    [Show full text]
  • Is Monetary Financing Inflationary? a Case Study of the Canadian Economy, 1935–75
    Working Paper No. 848 Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935–75 by Josh Ryan-Collins* Associate Director Economy and Finance Program The New Economics Foundation October 2015 * Visiting Fellow, University of Southampton, Centre for Banking, Finance and Sustainable Development, Southampton Business School, Building 2, Southampton SO17 1TR, [email protected]; Associate Director, Economy and Finance Programme, The New Economics Foundation (NEF), 10 Salamanca Place, London SE1 7HB, [email protected]. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2015 All rights reserved ISSN 1547-366X ABSTRACT Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today. One option that has not yet been considered is monetary financing by central banks to boost demand and/or relieve debt burdens. We find little empirical evidence to support the standard objection to such policies: that they will lead to uncontrollable inflation.
    [Show full text]
  • 8-11 July 2021 Venice - Italy
    3RD G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING AND SIDE EVENTS 8-11 July 2021 Venice - Italy 1 CONTENTS 1 ABOUT THE G20 Pag. 3 2 ITALIAN G20 PRESIDENCY Pag. 4 3 2021 G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETINGS Pag. 4 4 3RD G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING Pag. 6 Agenda Participants 5 MEDIA Pag. 13 Accreditation Media opportunities Media centre - Map - Operating hours - Facilities and services - Media liaison officers - Information technology - Interview rooms - Host broadcaster and photographer - Venue access Host city: Venice Reach and move in Venice - Airport - Trains - Public transports - Taxi Accomodation Climate & time zone Accessibility, special requirements and emergency phone numbers 6 COVID-19 PROCEDURE Pag. 26 7 CONTACTS Pag. 26 2 1 ABOUT THE G20 Population Economy Trade 60% of the world population 80 of global GDP 75% of global exports The G20 is the international forum How the G20 works that brings together the world’s major The G20 does not have a permanent economies. Its members account for more secretariat: its agenda and activities are than 80% of world GDP, 75% of global trade established by the rotating Presidencies, in and 60% of the population of the planet. cooperation with the membership. The forum has met every year since 1999 A “Troika”, represented by the country that and includes, since 2008, a yearly Summit, holds the Presidency, its predecessor and with the participation of the respective its successor, works to ensure continuity Heads of State and Government. within the G20. The Troika countries are currently Saudi Arabia, Italy and Indonesia.
    [Show full text]
  • TD Economics Debt Monetization
    TD Economics Debt Monetization: The Good, The Bad, And The Ugly Sohaib Shahid, Senior Economist | 416-982-2556 May 7, 2020 Highlights • The combination of surging government borrowing and large-scale quantitative easing (QE) programs are stoking con- cerns that numerous central banks are moving down the path of debt monetization. • QE programs being rolled out do not fit the usual definition of monetization. Monetization is defined as a permanent increase in the monetary base where the main aim is to fund government spending. On both counts, QE does not cur- rently tick the boxes. • We don’t expect a change in the status quo in the near term in major economies. However, the allure of debt monetiza- tion could grow over the medium-to-longer term to the extent that (i) government debt burdens become unaffordable; (ii) economies underperform requiring additional stimulus; and (iii) central bank independence is weakened. • While there are instances when monetization could be feasible, the potential benefits would need to be carefully weighed against the risks. If not in the right hands, a shift in central bank objectives away from inflation targeting towards fund- ing the government could cause inflation expectations to become unanchored, drive up bond yields and result in im- mense destruction to the economy. Countries’ unprecedented fiscal and monetary efforts to tackle the crisis have created an uncomfortable dynamic. Govern- ment policymakers have rolled out large open-ended measures that will require massive borrowing (see report). At the same time, central banks – including the Federal Reserve (Fed), European Central Bank (ECB), Bank of England (BoE), Bank of Japan (BoJ) and Bank of Canada (BoC) – have announced large and in some cases “unlimited” government bond purchase programs, effectively becoming an enabler of the dramatic increase Chart 1: Public Sector Balance Sheets in borrowing.
    [Show full text]
  • 0303最終版：Abenomics, Challenges 2015.3.9..Pages
    ! ! ! Two Year Experience of “Abenomics” and Forthcoming Challenges for Japanese Economy Haruo Shimada To be presented at the seminar of European intellectuals in Paris, March 9, 2015. ! ! Ⅰ. Introduction ! ! Ⅱ. Commencement of Abe Administration 3.0 and its challenges ! 1. The landslide victory of House of Representatives Election in December 2014 ! On December 14, 2014, the general election for the House of Representatives was held. The result of the voting was a land-slide victory of the parties in power, Liberal Democratic Party and Komei Party. They obtained 326 seats , 291 for LDP and 35 for Komei, out of the total of 475. Their seats are well over the seats of “absolute majority” implying the parties in power can override the parliamentary decision of law making no matter how much the opposition side opposes. ! This victory also implies that Abe administration can have a free hand of conducting policies for the forthcoming four years unless it will be caught up in an unexpected fatal trouble. It will mean that Mr.Shizo Abe may enjoy the longest life of his administration in the postwar history. ! ! 2. A further look at the result of voting ! The other side of the result of the voting was its low rate of participation. Voting rate was only 52.66% which is the lowest of general elections in the postwar period. The low rate of voting apparently suggests that many voters 1 ! were not interested in going to the voting house. Why so? The main reason seems to be that the voters had no other choice than voting to the parties in power.
    [Show full text]
  • COVID-19 and Emerging Markets: the Case of Turkey
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Çakmaklı, Cem; Demiralp, Selva; Kalemli-Ozcan, Sebnem; Yeşiltaş, Sevcan; Yıldırım, Muhammed Ali Working Paper COVID-19 and emerging markets: The case of Turkey Working Paper, No. 2011 Provided in Cooperation with: Koç University - TÜSİAD Economic Research Forum, Istanbul Suggested Citation: Çakmaklı, Cem; Demiralp, Selva; Kalemli-Ozcan, Sebnem; Yeşiltaş, Sevcan; Yıldırım, Muhammed Ali (2020) : COVID-19 and emerging markets: The case of Turkey, Working Paper, No. 2011, Koç University-TÜSIAD Economic Research Forum (ERF), Istanbul This Version is available at: http://hdl.handle.net/10419/227918 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu KOÇ UNIVERSITY-TÜSİAD ECONOMIC RESEARCH FORUM WORKING PAPER SERIES COVID-19 AND EMERGING MARKETS: THE CASE OF TURKEY Cem Çakmaklı Selva Demiralp Şebnem Kalemli Özcan Sevcan Yeşiltaş Muhammed A.
    [Show full text]
  • Monetary Policy: Lessons Learned and Challenges Ahead Summary Of
    IMES DISCUSSION PAPER SERIES Monetary Policy: Lessons Learned and Challenges Ahead Summary of the 2017 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan Ko Nakayama and Shigenori Shiratsuka Discussion Paper No. 2017-E-9 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 2-1-1 NIHONBASHI-HONGOKUCHO CHUO-KU, TOKYO 103-8660 JAPAN You can download this and other papers at the IMES Web site: http://www.imes.boj.or.jp Do not reprint or reproduce without permission. NOTE: IMES Discussion Paper Series is circulated in order to stimulate discussion and comments. Views expressed in Discussion Paper Series are those of authors and do not necessarily reflect those of the Bank of Japan or the Institute for Monetary and Economic Studies. IMES Discussion Paper Series 2017-E-9 October 2017 Monetary Policy: Lessons Learned and Challenges Ahead Summary of the 2017 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan Ko Nakayama∗ and Shigenori Shiratsuka∗∗ I. Introduction The Institute for Monetary and Economic Studies (IMES) of the Bank of Japan (BOJ) held the 2017 BOJ-IMES Conference, entitled “Monetary Policy: Lessons Learned and Challenges Ahead,” on May 24–25, 2017, at the BOJ head office in Tokyo.1 The conference attracted about ninety participants from academia, central banks, and international organizations. The participants discussed lessons learned from past experience with unconventional monetary policies and clarified challenges in the future. The conference began with the opening remarks delivered by Haruhiko Kuroda, the Governor of the BOJ.
    [Show full text]
  • MARKETS in BRIEF Fed Ready to Cut Rates
    Monday, March 02, 2020 MARKETS IN BRIEF Asian shares regained a measure of calm on Monday as global FX & COMMODITIES LAST 1D markets bounced after a severe sell-off last week and as investors EUR/$ 1.1064 0.36% raised hopes on a likely coordinated global monetary response to GBP/$ 1.2761 -0.50% help soften the economic blow of the coronavirus outbreak. AUD /$ 0.6551 0.55% Japanese yen faltered while Gold jumped on stimulus news. $/JPY 107.92 -0.02% Australian dollar edged away from 11-year lows on increased risk appetite. RBA policy decision will be released tomorrow at 5:30 LT. $/CAD 1.3328 0.59% Gold $ 1607.80 1.36% New Zealand dollar fell amid bets for a 50-bps cut in interest rates this month. NZD/USD touched its lowest level since August 2015. WTI $ 45.98 2.64% BRENT $ 51.31 3.38% British pound retreated on expectations that BoE will cut rates. AMERICA Decision will be released on Thursday along with meeting minutes. DOW JONES 25409.36 -1.39% Oil prices rebounded more after earlier hitting multi-year lows on Monday, as hopes of a deeper cut in output by OPEC and S&P 500 2954.22 -0.82% stimulus from central banks countered demand concerns. NASDAQ 8567.37 0.01% On Friday, the S&P 500 fell for the 7th straight day and suffered its EUROPE biggest weekly drop since the 2008 global financial crisis. Stocks STXE 600 375.65 -3.54% regained some ground at the end of a volatile session and futures CAC 40 5309.90 -3.38% jumped after market close on news that the Fed would act.
    [Show full text]