| Budget Amount *help |
¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000)
Fiscal Year 2014: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2012: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Outline of Final Research Achievements |
Toward establishing macro-prudential policy for stable financial system based on financial networks, central banks operating unconventional monetary policy also have ever struggled against systemic risk stemming from financial contagion. We empirically showed in the US and Japanese data what it is effective for central banks to purchase in terms of both expectations and risk-taking channels. Our evidence is that central banks should reduce credit spreads for a purpose of enhancing market liquidity of financial assets, instead of funding liquidity of financial intermediaries. We conclude that central banks should promote a risk-sharing role of financial markets as macro-prudential policy.
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