2014 Fiscal Year Final Research Report
On Roles of Financial Network in Macro-Prudential Policy: Theory and Evidence
| Project/Area Number |
24530317
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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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| Research Field |
Economic policy
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| Research Institution | Sophia University |
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Principal Investigator |
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| Project Period (FY) |
2012-04-01 – 2015-03-31
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| Keywords | ネットワーク / 高次の期待 / 非伝統的金融政策 / マクロ・プルーデンス政策 |
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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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| Free Research Field |
マクロ経済学
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