An Empirical Study of the Transmission Mechanism of Unconventional Monetary Policy: A Comparison between Japan and the United States from the Perspective of Financial Structure

2015 Fiscal Year Final Research Report

• Project/Area Number: 24730285
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Public finance/Monetary economics
• Research Institution: Hannan University
• Principal Investigator: Wang Ling 阪南大学, 経済学部, 准教授 (60574019)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Keywords: 金融構造 / 非伝統的金融政策 / クレジット・ビュー / リスク・プレミアム / 銀行貸出 / リスク証券保有 / ポートフォリオ・リバランス / 自社株買い

Outline of Final Research Achievements

What kind of differences are there in the approaches and the effects of unconventional financial policy between Japan and the United States? Why are there such differences? Using comparative methodologies, this study attempts to shed light on these unexamined questions and analyzes the links between monetary policy and the real economy in the framework of unconventional monetary policy from the perspective of financial structure. Based on data of both Japan and the United States, this study conducts empirical analyses, which focus on the following four aspects: risk premium, bank lending, banks’ risky securities holding, and firms’ stock repurchase. The empirical results suggest that financial structure should be thought of as an important factor determining the approach and effects of unconventional monetary policy.

Free Research Field

金融論・ファイナンス論