| アイテムタイプ |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2017-05-20 |
| タイトル |
|
|
タイトル |
Financial Crises as the Failure of Arbitrage: Implications for Monetary Policy |
|
言語 |
en |
| 作成者 |
齊藤, 誠
白塚, 重典
|
| アクセス権 |
|
|
アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
Financial market instability |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
Japan premium |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
Allocation of liquidity |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
Failure of arbitrage |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
Money market operation |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
This paper attempts to view financial crises as the failure of arbitrage among financial markets, and takes the “Japan premium” phenomenon observed in offshore money markets as an important example in favor of this view. In addition, we reconsider, from this perspective, the open market operations conducted by a central bank during a period of financial distress. The paper first derives from the existing theoretical literature several implications regarding how arbitrage among markets is prevented when financial institutions such as investors and intermediaries suffer from severe liquidity constraints, and then examines empirically such theoretical implications using the data available from offshore money markets. Given these implications, explored both theoretically and empirically, the paper finally discusses a possible role played by a central bank in recovering market liquidity when markets are segmented in the absence of financial arbitrage. |
|
言語 |
en |
| 出版者 |
|
|
出版者 |
Institute for Monetary and Economic Studies, Bank of Japan |
| 日付 |
|
|
日付 |
2001-02 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_6501 |
|
資源タイプ |
journal article |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 収録物識別子 |
|
|
収録物識別子タイプ |
ISSN |
|
収録物識別子 |
0288-8432 |
| 収録物識別子 |
|
|
収録物識別子タイプ |
NCID |
|
収録物識別子 |
AA11180952 |
| 収録物名 |
|
|
収録物名 |
Monetary and Economic Studies |
| 巻 |
|
|
巻 |
19 |
| 号 |
|
|
号 |
1 |
| 開始ページ |
|
|
開始ページ |
239 |
| 終了ページ |
|
|
終了ページ |
270 |
0100708001.pdf (492584 bytes)
