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Monetary and Economic Studies

2002

Monetary and Economic Studies is published each year, by the Bank of Japan's Institute for Monetary and Economic Studies (IMES). In line with IMES policy, the publication seeks to provide information on monetary and economic issues to the general public. Articles include research achievements by the staff and visiting scholars, and selected works from the proceedings of conferences sponsored by IMES.

Views expressed in Monetary and Economic Studies are those of the authors and do not necessarily reflect those of the Bank of Japan or IMES.

Click the title to obtain an abstract of the thesis

Vol.20, No. S-1 / December 2002

Table : Vol.20, No. S-1 / December 2002
Author(s) Title/Keywords Full Text (PDF)
Kunio Okina, Hiroshi Fujiki, Akira Otani "Exchange Rate Regimes in the 21st Century," Introduction 54 KB
Kunio Okina, Allan H. Meltzer, Maurice Obstfeld, Roger W. Ferguson, Jr., Pierre van der Haegen, Yutaka Yamaguchi "Exchange Rate Regimes in the 21st Century," Concluding Panel Discussion: The Role of Central Banks in Exchange Rate Regimes in the 21st Century 167 KB
Kazuo Ueda "Exchange Rate Regimes in the 21st Century," Final Remarks 33 KB
Masaru Hayami "Exchange Rate Regimes in the 21st Century," Opening Speech 30 KB
Allan H. Meltzer "Exchange Rate Regimes in the 21st Century," Keynote Speech, New International Financial Arrangements
/Exchange rates; International monetary system; Debt restructuring; Sovereign bankruptcy		 69 KB
Maurice Obstfeld "Exchange Rate Regimes in the 21st Century," Keynote Speech, Exchange Rates and Adjustment: Perspectives from the New Open-Economy Macroeconomics
/Exchange rate policy; International adjustment; Expenditure-switching effects; Elasticity pessimism; International competitiveness		 147 KB
Hiroshi Fujiki, Akira Otani Do Currency Regimes Matter in the 21st Century? An Overview
/Bipolar view; Euro; Dollarization; Regional currency area		 223 KB
Vittorio Corbo Exchange Rate Regimes in the Americas: Is Dollarization the Solution?
/Exchange rate systems; Inflation targeting; Dollarization		 163 KB
Juergen von Hagen, Matthias Brueckner Monetary and Fiscal Policy in the European Monetary Union
/European Monetary Union; Monetary policy; Fiscal policy; Stability Pact		 218 KB
Masahiro Kawai Exchange Rate Arrangements in East Asia: Lessons from the 1997-98 Currency Crisis
/East Asian currency crisis; Exchange rate arrangements; Two-corner solution approach; Fear of floating; Currency basket system		 260 KB
Sebastian Edwards, I. Igal Magendzo Independent Currency Unions, Growth, and Inflation
/Currency unions; Dollarization; Inflation; GDP growth; GDP volatility; Treatment effects		 135 KB

Vol.20, No.3 / October 2002

Table : Vol.20, No.3 / October 2002
Author(s) Title/Keywords Full Text (PDF)
Akira Otani Pricing-to-Market (PTM) and the International Monetary Policy Transmission: The 'New Open-Economy Macroeconomics' Approach
/New open-economy macroeconomics; PPP (purchasing power parity); PTM (pricing-to-market); Monetary policy; Beggar-thy-neighbor effect		 176 KB
Kunio Okina, Shigenori Shiratsuka Asset Price Bubbles, Price Stability, and Monetary Policy: Japan's Experience
/Monetary policy; Asset price bubble; Price stability; Financial stability		 305 KB
Masato Shizume Economic Developments and Monetary Policy Responses in Interwar Japan: Evaluation Based on the Taylor Rule
/Monetary policy; Monetary regime; Gold standard system; Interwar economy; Taylor rule		 240 KB
Takashi Nanjo Developments in Land Prices and Bank Lending in Interwar Japan: Effects of the Real Estate Finance Problem on the Banking Industry
/Interwar economy; Financial crisis; Showa depression; Asset prices; Stability of the financial system		 147 KB
Mariko Hatase Devaluation and Exports in Interwar Japan: The Effects of Sharp Depreciation of the Yen in the Early 1930s
/Exchange rate; Export; Gold embargo; Interwar economy		 240 KB
Yasuhiro Yamai, Toshinao Yoshiba Comparative Analyses of Expected Shortfall and Value-at-Risk (3): Their Validity under Market Stress
/Value-at-risk; Expected shortfall; Market stress; Tail risk; Multivariate extreme value theory; Tail dependence		 292 KB

Vol.20, No.2 / April 2002

Table : Vol.20, No.2 / April 2002
Author(s) Title/Keywords Full Text (PDF)
Hiroshi Fujiki, Cheng Hsiao, Yan Shen Is There a Stable Money Demand Function under the Low Interest Rate Policy? A Panel Data Analysis
/Money demand; Interest rate; Panel data; Prefecture data		 119 KB
Hiroshi Fujiki Money Demand near Zero Interest Rate: Evidence from Regional Data
/Zero interest rate policy; Demand for money		 117 KB
Naohiko Baba, Takamasa Hisada Japan's Financial System: Its Perspective and the Authorities' Roles in Redesigning and Administering the System
/Japan's financial system; Main bank system; IT innovation; Financial deregulation; Bank supervision; Public finance; Corporate governance		 197 KB
Yasuhiro Yamai, Toshinao Yoshiba Comparative Analyses of Expected Shortfall and Value-at-Risk (2): Expected Utility Maximization and Tail Risk
/Expected shortfall; Value-at-risk; Tail risk; Stochastic dominance; Expected utility maximization		 87 KB
Howard J. Wall Has Japan Been Left Out in the Cold by Regional Integration?
/Regional integration; Japanese trade; Gravity model		 79 KB

Vol.20, No.1 / January 2002

Table : Vol.20, No.1 / January 2002
Author(s) Title/Keywords Full Text (PDF)
Hiroshi Fujiki, Shigenori Shiratsuka Policy Duration Effect under the Zero Interest Rate Policy in 1999-2000: Evidence from Japan's Money Market Data
/Zero interest rate policy; Policy duration effect; Liquidity constraint; Forward interest rates		 297 KB
Hitoshi Mio Identifying Aggregate Demand and Aggregate Supply Components of Inflation Rate: A Structural Vector Autoregression Analysis for Japan
/Aggregate demand and aggregate supply shocks; Decomposition of inflation rate; Identification of structural VAR		 171 KB
Yasuhiro Yamai, Toshinao Yoshiba On the Validity of Value-at-Risk: Comparative Analyses with Expected Shortfall
/Value-at-risk; Expected shortfall; Tail risk; Subadditivity		 155 KB
Yasuhiro Yamai, Toshinao Yoshiba Comparative Analyses of Expected Shortfall and Value-at-Risk: Their Estimation Error, Decomposition, and Optimization
/Expected shortfall; Value-at-risk; Optimization		 186 KB
Ronald J. Mann Credit Cards and Debit Cards in the United States and Japan
/Credit cards; Debit cards		 217 KB