Structural changes in the Japanese financial market and the effects of monetary and other policies: theoretical, empirical and experimental approach.

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K01743
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07060:Money and finance-related
• Research Institution: Waseda University
• Principal Investigator: Shino Junnosuke 早稲田大学, 国際学術院, 准教授 (30822217)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 金融政策 / ETF / 日本銀行 / 企業統治改革

Outline of Final Research Achievements

The results obtained in this research are the following three points.
First, as for the effects of the Bank of Japan’s ETF purchase program on financial markets and stock returns, we have published two articles in international academic journals and been implementing two other analyzes for future publications. Second, as for an experimental analysis on the Bank of Japan’s fixed-rate funds supplying operations, we have published an article in an international academic journal. Third, regarding the impact of corporate governance reforms, we have completed the first draft and presented it at the Japan Finance Association in June 2022. We are currently in the process of drafting the final draft.

Free Research Field

金融論・ファイナンス・ゲーム理論

Academic Significance and Societal Importance of the Research Achievements

１点目に、日銀のETF買入れ政策が金融市場および株式リターンに与えた影響については、前例のない当該政策が株式市場に与える影響について、実証的に明らかにしたほか、貸株市場を通じた影響などについての政策的なインプリケーションを明らかにした。２点目に、固定金利方式の資金供給オペレーションにおける投資家の入札行動についての実験分析については、緩和的な金融環境からの変化がオペの応札倍率やオペ運営にたいして与えうるマイナスの影響を指摘した。３点目に、企業統治改革の影響については、中堅中小上場企業絵の影響という、これまで明らかにされてこなかったメカニズムを示した。