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Money, finance, and macroeconomic performance in Japan

Author: Suzuki, Yoshio Publisher: Yale University Press, 1986.Language: EnglishDescription: 218 p. ; 25 cm.ISBN: 0300033877Other Title: Nihon kin®yåu keizairon Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due
Book Doriot Library
Main Collection
Print HG255.42 .J3 S89 1986
(Browse shelf)
000523401
Available
Book Tanoto Library
Archives
Print HG255.42 .J3 S89 1986
(Browse shelf)
900133830
Available

Includes bibliographical references and index

Digitized

Money, Finance and Macroeconomic Performance in Japan Contents List of Figures and Tables Preface List of Acronyms and Abbreviations PART I. EVOLUTION OF THE FINANCIAL SYSTEM Chapter 1. Historical Developments and Resultant Conflicts in the Financial System I. High Growth and the Artificially Low Interest Rate Policy I.1. Exports, Investment, and Economic Strategy I.2. Dual Structure of Interest Rates II. Loss of Basis for the Low Rate Policy II. 1. End of Export and Investment--Led High Growth II.2. New Historical Conditions III. Emerging Conflicts in the Financial System III.1. The Danger of Financial Socialism III.2. Profit Pressure on Private Institutions III.3. A New Mix of Direct and Indirect Finance Chapter 2. Structural Changes in the Financial System I. Changes in Speed of Asset Accumulation I.1. The Recent Acceleration in the Accumulation of Financial Assets 3 3 3 4 9 9 11 17 17 19 25 28 29 29 xi xiii xvii II.2. Progressive Economizing of Monetary Assets II. Financial Asset Selection and Changes in the Flow of Funds II.1. Changes in the Asset Composition of Investment Accounts II.2. Changes in the Channels of the Flow of Funds through the Financial System III. Causes of Changes in the Financial System III.1. Variations in Market Shares within the Indirect Financing Sector III.2. Variations in Market Shares between Direct and Indirect Financing IV. Toward the New Financial System Chapter 3. Financial Innovation and Monetary Policy I. Factors behind Financial Innovation I.1. Interest Rate Regulations and Institutional Features of the Financial System I.2. Developments in Deregulation I.3. The Impact of Technological Progress II. Major Changes in the Banking System and Financial Markets Changes in Assets and Liabilities of Banks II.2. Changes in Financial Services III. Implications for Monetary Policy III.1. Definitions of Money and Measurement of Money Demand III.2. Levels and Flexibility of Interest Rates III.3. The Transmission Mechanism III.4. Monetary Control and Policy Options III.5. Financial Stability and Regulation Chapter 4. Interest Rate Decontrol and the Effectiveness of Monetary Policy I. Financial Structure and Transmission Channels of Policy I.1. Types of Financial Assets I.2. The World of Direct Finance: The IS-LM Model I.3. The World of Indirect Finance: HighGrowth Japan 32 37 37 40 40 42 44 47 49 49 51 52 54 55 55 58 62 62 67 71 73 74 76 76 76 79 81 I.4. A Mixed Direct and Indirect Finance World: The Contemporary Japanese System II. Prices or Controls? II.1. Control-Based Monetary Policy II.2. Monetary Policy and the Interest Rate Mechanism III. Financial Innovation and Monetary Policy Effectiveness III.1. Progress of Financial Innovation III.2. The Financial System of the Future III.3. Financial Innovation and Monetary Policy PART II. MONEY AND MACROECONOMIC PERFORMANCE Chapter 5. Japan in the Worldwide Inflation I. Causes of Inflation 1.1. Creeping Inflation before 1973 1.2. Inflation and Unemployment after 1973 II. The Inflation Debate in Japan: A Historical Survey II.1. Overview of Postwar Japanese Inflation II.2. Inflation Theory in the High-Growth Period II.3. The New Phase of Inflation Theory III. Changes in Macroeconomic Performance since the Middle of the 1970s III.1. Differences between the First and Second Oil Crises III.2. Preventing Homemade Inflation III.3. Success in Monetary Control Chapter 6. Money, Prices, and Output I. Is Money Stock a Cause or an Effect of Expenditure? I.1. Neglect of Money in the High-Growth Period I.2. Cause and Effect between Money and Expenditure II. The Keynesian-Monetarist Controversy and Aggregate Expenditure II.1. Income Multiplier or Money Multiplier? 85 88 88 91 93 93 97 100 105 106 106 107 109 109 111 117 128 128 130 132 135 135 135 139 145 145 II.2. Crowding-Out and the Expenditure Function III. Inflation and Output III.1. Investigations of the Natural Rate Hypothesis III.2. Wage Flexibility in Japan Supports This Hypothesis IV. Effects of Money on Aggregate Supply IV.1 The Lucas Supply Function and Rational Expectations IV.2 Formation of Inflationary Expectations IV.3 Investigations of the Macro Rational Expectations Hypothesis V. The Influence of Money on Prices and Output: A Trivariate Time Series Model Chapter 7. The Yen under the Floating Rate System I. Theory and Experience of the Floating Rate System I.1. Independence of Monetary Policy under Floating Rates I.2. New Problems under the Floating Rate System II. Empirical Analysis of the Yen Market II. 1. Short-Term Volatility and Intervention II.2. The Yen in the Medium Term: The Monetary Approach II.3. The Yen in the Medium Term: The Portfolio Balance Approach III. The Money Supply and the Yen Chapter 8. Money-Focused Monetary Policy I. Choosing and Achieving Intermediate Objectives I.1. Final Goals and Operating Targets I.2. Shift in Intermediate Objectives from Interest Rates to Money I.3. The Method of Targeting II. Money Supply Controllability and Operating Variables 146 149 149 151 153 153 154 157 158 164 164 164 168 169 169 172 174 178 181 181 181 183 186 195 II.1. Choice of Operating Variables II.2. Japan's Operating Variables and Controllability of Money References Subject Index Author Index 195 198 203 213 217

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