This paper evaluates the first two arrows of Abenomics. The first arrow, aggressive monetary
policy, was successful in lifting the Japanese economy out of deflation, although the 2 …

Once banks are viewed as money creators rather than financial intermediaries, a distinction
between their cash funding and balance sheet funding can be made. This distinction opens …

We examine the transmission of international monetary policy shocks via the bank lending
channel. Exploiting a panel of regulatory data on foreign banks operating in Australia, we …

We review long-term changes in “zombie firms” in Japan over this half-century using listed
firm data with a framework in which the concept of “zombie firms” includes possible efficient …

The literature has shown that loose monetary policy increases risky lending; however, it is
unclear whether its effects are asymmetric based on the degree of bank competition. In this …

Economies are frequently affected by natural disasters and both domestic and overseas
financial crises. These events disrupt production and cause multiple other types of economic …

This paper examines the response of Japanese regional banks to the quantitative easing
operations conducted by the Bank of Japan (BOJ) using semiannual bank-level data from …

We empirically examine the cash flow statements for Japanese banks and whether their
managers engage in classification shifting to temper concerns about risk exposure. To …

Purpose For decades, it was emphasized that manufacturing and trading companies should
aim to be lean with very small inventories. However, in the recent decade, time-significant …

The evolution of the BOJ's balance sheet reflects its policies to achieve its mission of
ensuring price stability and the stability of the financial system. To understand the BOJ's …