Empirical Analyses on the Effects of Unconventional Monetary Policy Considering External Factors

2023 Fiscal Year Final Research Report

• Project/Area Number: 19K01747
• 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: Ritsumeikan University
• Principal Investigator: AONO KOHEI 立命館大学, 経済学部, 教授 (20513146)
• Project Period (FY): 2019-04-01 – 2024-03-31
• Keywords: 金融政策 / 株式市場 / 石油価格 / COVID-19

Outline of Final Research Achievements

This research project examined the impact of external factors such as oil prices, non-financial information, and COVID-19 on the stock market and the impact of new factors such as ETF purchase policy on non-traditional monetary policy.
The results of the analysis on oil prices and exchange rates confirmed the impact on the stock market, but the impact on monetary policy was limited. The analysis focusing on the "Japan Empowering Women Index（WIN）" as non-financial information confirmed that firms that are proactive in promoting women's activities are relatively highly rated. The COVID-19 that occurred during the implementation period of this research project was also analyzed as an "external factor," and it was confirmed that the impact of the COVID-19 on the stock price of firms differs depending on the cash holdings of the firms.

Free Research Field

ファイナンス

Academic Significance and Societal Importance of the Research Achievements

通常の金融論やファイナンスの教科書では説明されていない非伝統的な金融政策である量的質的金融緩和政策，ゼロ金利政策や，イールドカーブコントロール政策の期間における株式市場と金融政策の関係について，外的な要因の影響も含めて考察することは新しいエビデンスを蓄積できるという意味において非常に重要である。また，近い将来に必ず実施されることになる非伝統的金融政策からの「出口」を考察する際にも，本研究課題が発見した知見が貢献できる可能性がある。これらの意味において社会的意義がある。