| Item type |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2025-10-22 |
| タイトル |
|
|
タイトル |
Reversal of the BoJ's Balance Sheet Policy and Liquidity Dependence |
|
言語 |
en |
| 作成者 |
UGAI, Hiroshi
OSADA, Takeshi
|
| 寄与者 |
|
|
寄与者タイプ |
Editor |
|
|
姓名 |
Hitotsubashi Institute for Advanced Study, Hitotsubashi University |
|
|
言語 |
ja |
| 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 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
Bank of Japan |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
quantitative easing |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
quantitative tightening |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
deposits |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
financial fragility |
| 主題 |
|
|
言語 |
en |
|
主題Scheme |
Other |
|
主題 |
monetary policy |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
This study empirically examines liquidity dependence in the Japanese banking system. Acharya and Rajan (2024) and Acharya et al. (2024) pointed out the phenomenon of liquidity dependence, which was observed during the U.S. quantitative easing and tightening policies and is regarded as a possible factor in liquidity crises in September 2019 and March 2023 crises in the U.S. Since quantitative easing was introduced in March 2001, the Japanese economy has experienced a more than 20-year period of quantitative easing, longer than that encountered in the U.S. Our macro and micro analysis employs more than 20 years of macroeconomic and bank-level accounting data and reveals that the same liquidity dependence phenomenon is observed in the Japanese economy. The Japanese broad deposit insurance system is superior to that in the United States, so an incident like the Silicon Valley Bank bankruptcy is unlikely to occur in Japan. However, partly with the rise of digital banking, we suggest that the Japanese economy needs to prepare for the impending major quantitative tightening—the so-called exit from the long-term quantitative easing policy. |
|
言語 |
en |
| 内容記述 |
|
|
内容記述タイプ |
Other |
|
内容記述 |
August 5, 2024, Revised September 1, 2025 |
|
言語 |
en |
| 出版者 |
|
|
出版者 |
Hitotsubashi Institute for Advanced Study, Hitotsubashi University |
|
言語 |
en |
| 日付 |
|
|
日付 |
2025-09-01 |
|
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_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
|
|
関連タイプ |
isPartOf |
|
|
言語 |
en |
|
|
関連名称 |
Discussion paper series ; No. HIAS-E-147 |
| ページ数 |
|
|
ページ数 |
34 |
| Sponsorship |
|
|
値 |
This work was supported by JSPS KAKENHI (Grant Number 22K01549) |
| JEL |
|
|
値 |
G01 |
| JEL |
|
|
値 |
G2 |
| JEL |
|
|
値 |
E5 |
HIAS-E-147.pdf (1.2 MB)
