Determinants of the Japan premium: actions speak louder than words
Article Abstract:
Since August 1995, Japanese banks have had to pay a premium on Eurodollar and Euroyen interbank loans relative to their U.S. and U.K. competitors. This so-called "Japan Premium" provides a market indicator of investor anxiety about the ability of Japanese Banks to repay loans. We examine the determinants of the Japan premium and find that Government announcements not associated with concrete actions had little impact. On the other hands, announcements of concrete actions by the Japanese government, such as injections of funds into the banking system, tended to have an effect on the size of the Japan premium. [C] 2001 Elsevier Science B.V. All rights reserved. Keywords: Japan premium; Eurodollar; Euroyen; LIBOR JEL classification: F33; F34; G21
Publication Name: Journal of International Economics
Subject: Economics
ISSN: 0022-1996
Year: 2001
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The role of money in two alternative models: when is the Friedman rule optimal, and why?
Article Abstract:
A comparative analysis of infinitely lived representative agent (ILRA) model and the overlapping generations (OG) model, which are used for developing monetary policies, is presented. In ILRA model, most of the time Friedman rule is applicable. However, in the other model it is not so. The factors instrumental for this variation in results are analyzed.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2005
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Does the Federal Reserve possess an exploitable informational advantage?
Article Abstract:
The advantage of early information to the Federal Reserve to improve monetary policy is proved. This advantage is useful on account of supervisory knowledge of troubled financial institutions.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2003
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