Research Handbook on Central Banking
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Research Handbook on Central Banking

Edited by Peter Conti-Brown and Rosa M. Lastra

Central banks occupy a unique space in their national governments and in the global economy. The study of central banking however, has too often been dominated by an abstract theoretical approach that fails to grasp central banks’ institutional nuances. This comprehensive and insightful Handbook, takes a wider angle on central banks and central banking, focusing on the institutions of central banking. By 'institutions', Peter Conti-Brown and Rosa Lastra refer to the laws, traditions, norms, and rules used to structure central bank organisations. The Research Handbook on Central Banking’s institutional approach is one of the most interdisciplinary efforts to consider its topic, and includes chapters from leading and rising central bankers, economists, lawyers, legal scholars, political scientists, historians, and others.
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Chapter 4: Central banking in Japan

Hideki Kanda and Toshiaki Yamanaka

Abstract

This chapter examines the governance structure of the Bank of Japan ("BOJ"), the central bank in Japan, and the legal setting for the BOJ's monetary and prudential policies. It describes the BOJ's unconventional monetary policies and power to undertake on-site examinations of financial institutions. The Bank of Japan Act was substantially amended and modernized in 1997, and under this new regime, the BOJ has been implementing a series of unconventional monetary policies from 1999 to present; Zero Interest Rate Policy (1999–2000), Quantitative Easing Policy (2001–2006), and Quantitative and Qualitative Easing Policy (2013–present). How legal settings for the central bank interact with the bank's monetary and prudential policies continues to be a topic of academic inquiry, and calls for further research.

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