Managing the Exit: Lessons from Japan's Reversal of Unconventional Monetary Policy
In responding to the global crisis, central banks in several advanced economies ventured beyond traditional monetary policy. A variety of unorthodox measures, including purchases of public and private assets, have significantly enlarged their balance sheets. As recoveries take hold, focus will incre...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 10/114 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | In responding to the global crisis, central banks in several advanced economies ventured beyond traditional monetary policy. A variety of unorthodox measures, including purchases of public and private assets, have significantly enlarged their balance sheets. As recoveries take hold, focus will increasingly shift from countering the Great Recession to orchestrating an exit and returning to a more normal monetary framework. Five years ago, as its economy recovered from a severe financial crisis, Japan attempted just such an exit. This note revisits the Bank of Japan's experience and draws potential lessons for managing an orderly exit today, with a focus on technical aspects, practicalities, and communication strategies. While the nature of the assets acquired during the present crisis could pose additional complications, parts of Japan's arsenal-communication, flexibility, a sufficient set of policy tools and a strategy for using them, safeguards against potential losses, the revival of risk appetite through decisive restructuring of balance sheets, and refinements to the monetary framework upon exit-also could be important this time around |
| Beschreibung: | 1 Online-Ressource (14 p) |
| ISBN: | 1455200735 9781455200733 |
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| indexdate | 2024-07-10T09:35:37Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Syed, Murtaza H. Verfasser aut Managing the Exit Lessons from Japan's Reversal of Unconventional Monetary Policy Syed, Murtaza H Washington, D.C International Monetary Fund 2010 1 Online-Ressource (14 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/114 In responding to the global crisis, central banks in several advanced economies ventured beyond traditional monetary policy. A variety of unorthodox measures, including purchases of public and private assets, have significantly enlarged their balance sheets. As recoveries take hold, focus will increasingly shift from countering the Great Recession to orchestrating an exit and returning to a more normal monetary framework. Five years ago, as its economy recovered from a severe financial crisis, Japan attempted just such an exit. This note revisits the Bank of Japan's experience and draws potential lessons for managing an orderly exit today, with a focus on technical aspects, practicalities, and communication strategies. While the nature of the assets acquired during the present crisis could pose additional complications, parts of Japan's arsenal-communication, flexibility, a sufficient set of policy tools and a strategy for using them, safeguards against potential losses, the revival of risk appetite through decisive restructuring of balance sheets, and refinements to the monetary framework upon exit-also could be important this time around Online-Ausg Yamaoka, Hiromi Sonstige oth http://elibrary.imf.org/view/IMF001/10835-9781455200733/10835-9781455200733/10835-9781455200733.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Syed, Murtaza H. Managing the Exit Lessons from Japan's Reversal of Unconventional Monetary Policy |
| title | Managing the Exit Lessons from Japan's Reversal of Unconventional Monetary Policy |
| title_auth | Managing the Exit Lessons from Japan's Reversal of Unconventional Monetary Policy |
| title_exact_search | Managing the Exit Lessons from Japan's Reversal of Unconventional Monetary Policy |
| title_exact_search_txtP | Managing the Exit Lessons from Japan's Reversal of Unconventional Monetary Policy |
| title_full | Managing the Exit Lessons from Japan's Reversal of Unconventional Monetary Policy Syed, Murtaza H |
| title_fullStr | Managing the Exit Lessons from Japan's Reversal of Unconventional Monetary Policy Syed, Murtaza H |
| title_full_unstemmed | Managing the Exit Lessons from Japan's Reversal of Unconventional Monetary Policy Syed, Murtaza H |
| title_short | Managing the Exit |
| title_sort | managing the exit lessons from japan s reversal of unconventional monetary policy |
| title_sub | Lessons from Japan's Reversal of Unconventional Monetary Policy |
| url | http://elibrary.imf.org/view/IMF001/10835-9781455200733/10835-9781455200733/10835-9781455200733.xml |
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