2022 Fiscal Year Final Research Report
The effects of unconventional policies in the post-crisis era
| Project/Area Number |
18K01621
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 07040:Economic policy-related
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| Research Institution | International Christian University |
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Principal Investigator |
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| Project Period (FY) |
2018-04-01 – 2023-03-31
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| Keywords | financial institutions / unconventional policy / monetary policy / bank lending channel / credit channel / transmission mechanism |
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| Outline of Final Research Achievements |
Using a panel of bi-annual bank data covering the full universe of Japanese commercial banks over a 15-year period, this study analyzes the effectiveness of unconventional monetary policy, specifically quantitative easing, on the bank lending channel of monetary policy transmission. The findings suggest that Japan’s unconventional monetary policynworked: there is a bank lending channel of monetary policy transmission in Japan. Our results are robust to the inclusion of time fixed effects and generalized method of moments analysis.
However, contrary to the predictions of banking theory, the effects of QE seem to come mostly through undercapitalized banks. These findings suggest that bank balance sheet problems continue to be important factors impairing the credit channel.
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| Free Research Field |
Financial Institutions and Services （G20）
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| Academic Significance and Societal Importance of the Research Achievements |
2007年から2008年にかけてのグローバル金融危機以降、世界中の中央銀行は従来とは異なる金融政策に頼るようになった。果たしてそれらは効果があったのだろうか？この研究では、日本とアメリカにおける従来とは異なる金融政策の大胆な実験の効果を分析する。
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