Monetary Control Mechanism in Japan
Monetary Control Mechanism in Japan
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日本的货币控制机制
DOI：
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发表时间：
1988
期刊：
影响因子：
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通讯作者：
Hiromichi Shirakawa
中科院分区：
文献类型：
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作者：
Yoshio Suzuki;Akio Kuroda;Hiromichi Shirakawa
本文旨在解释日本的货币控制技术，并分析它们如何决定短期货币市场利率和货币存量。我们分析了日本银行的操作变量短期通知和票据贴现市场的利率主要是通过调整官方贴现率和“准备金存款周转率”来决定的。“我们还分析说，日本央行通过将短期和短期利率的初步变化传递到其他金融市场，控制着一个中间目标。最后，本文指出了在金融全球化的过程中，日本银行在货币控制方面必须考虑的一些问题。
This paper is to explain Japan's monetary control techniques and to analyze how they determine short-term money market rates and the money stock. We analyze that interest rates in the short-term call and bill-discount markets, operating variables of the Bank of Japan, are determined mainly through the adjustment of the official discount rate and of the "progress ratio of reserve deposits." We also analyze that the Bank of Japan controls an intermediate target, by relying the transmission of initial changes in the call and bill rates to other financial markets. Finally, we point out some problems that the Bank of Japan has to consider regarding monetary control during the process of financial globalization.