- Path:
-
The Desperate Monetary Policy of the Bank of Japan
Files
External resources
Periodical
- Title:
- The Economists' voice
- Publication:
-
Berlin Boston, Mass.: De Gruyter
- Note:
- Gesehen am 06.02.12
- C!URL-Ä(06-02-12)
- Scope:
- Online-Ressource
- ISSN:
- 1553-3832
- ZDB-ID:
-
2162320-X
- VÖBB-Katalog:
- 35425729
- Keywords:
- Zeitschrift
- Classification:
- Wirtschaft
- Collection:
- Wirtschaft
- Copyright:
- Rights reserved
- Accessibility:
- Eingeschränkter Zugang mit Nutzungsbeschränkungen
- Title:
- The Economists' voice
- Publication:
-
Berlin Boston, Mass.: De Gruyter
- Note:
- Gesehen am 06.02.12
- C!URL-Ä(06-02-12)
- Scope:
- Online-Ressource
- ISSN:
- 1553-3832
- ZDB-ID:
-
2162320-X
- VÖBB-Katalog:
- 35425729
- Keywords:
- Zeitschrift
- Classification:
- Wirtschaft
- Collection:
- Wirtschaft
- Copyright:
- Rights reserved
- Accessibility:
- Eingeschränkter Zugang mit Nutzungsbeschränkungen
Article
- Title:
- The Desperate Monetary Policy of the Bank of Japan
- Publication:
-
Berlin Boston, Mass.: De Gruyter, 2026
- Language:
- English
- Information:
- Abstract: Three decades of monetary easing combined with chronic fiscal deficits and debt accumulation have severely narrowed the Bank of Japan’s policy room. The article argues that the Bank of Japan is constrained by three channels: government bond markets, stock markets, and excess reserves. Monetary tightening would not only destabilize the financing of the government, financial institutions as well as households but also expose the Bank of Japan to institutional risks. By contrast, monetary easing fuels yen depreciation and inflation. The Bank of Japan is caught between institutional instability of the central bank, financial instability of the domestic economy and currency instability of the Japanese yen, offering a warning for other central banks issuing fiat-currencies.
- Scope:
- Online-Ressource
- Note:
- Open Access
- Archivierung/Langzeitarchivierung gewährleistet
- Keywords:
- monetary policy ; bank of Japan ; institutional risks ; Japanese yen ; central bank balance sheet
- Classification:
- Wirtschaft
- Collection:
- Wirtschaft
- Copyright:
- CC BY
- Accessibility:
- Free Access
- Title:
- The Desperate Monetary Policy of the Bank of Japan
- Publication:
-
Berlin Boston, Mass.: De Gruyter, 2026
- Language:
- English
- Information:
- Abstract: Three decades of monetary easing combined with chronic fiscal deficits and debt accumulation have severely narrowed the Bank of Japan’s policy room. The article argues that the Bank of Japan is constrained by three channels: government bond markets, stock markets, and excess reserves. Monetary tightening would not only destabilize the financing of the government, financial institutions as well as households but also expose the Bank of Japan to institutional risks. By contrast, monetary easing fuels yen depreciation and inflation. The Bank of Japan is caught between institutional instability of the central bank, financial instability of the domestic economy and currency instability of the Japanese yen, offering a warning for other central banks issuing fiat-currencies.
- Scope:
- Online-Ressource
- Note:
- Open Access
- Archivierung/Langzeitarchivierung gewährleistet
- Keywords:
- monetary policy ; bank of Japan ; institutional risks ; Japanese yen ; central bank balance sheet
- Classification:
- Wirtschaft
- Collection:
- Wirtschaft
- Copyright:
- CC BY
- Accessibility:
- Free Access
