Portfolio rebalancing in Japan :: constraints and implications for quantitative easing /

Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic rebalancing scenario, which suggests that the BoJ may need to taper its JGB purchases in 2017 or 2018, given collateral needs of banks, asset-liability management constraints of insurers, an...

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Bibliographische Detailangaben
Hauptverfasser: Arslanalp, Serkan, 1976- (VerfasserIn), Botman, Dennis (Dennis Petrus Johannes) (VerfasserIn)
Körperschaften: International Monetary Fund. Monetary and Capital Markets Department, International Monetary Fund. Asia and Pacific Department
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: [Washington, D.C.] : International Monetary Fund, ©2015.
Schriftenreihe:IMF working paper ; WP/15/186.
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Online-Zugang:Volltext
Zusammenfassung:Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic rebalancing scenario, which suggests that the BoJ may need to taper its JGB purchases in 2017 or 2018, given collateral needs of banks, asset-liability management constraints of insurers, and announced asset allocation targets of major pension funds. Nonetheless, the BoJ could deliver continued monetary stimulus by extending the maturity of its JGB purchases or by scaling up private asset purchases. We quantify the impact of rebalancing on capital outflows and discuss JGB market signals that can be indicative of limits being within reach. --Abstract.
Beschreibung:"Monetary and Capital Markets Department and Asia and Pacific Department."
"August 2015."
Beschreibung:1 online resource (22 pages) : color illustrations.
Bibliographie:Includes bibliographical references (page 21).
ISBN:1513557599
9781513557595
1513537016
9781513537016
ISSN:1018-5941