کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5069026 | 1373026 | 2007 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Micro-aspects of monetary policy: Lender of Last Resort and selection of banks in pre-war Japan
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
علوم انسانی و هنر
تاریخ
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
This paper explores how the Bank of Japan (BOJ) dealt with the trade-off between stability of the financial system and the moral hazard of banks in pre-war Japan. The BOJ concentrated Lender of Last Resort (LLR) loans with those banks that had an established transaction relationship with the BOJ. At the same time, the BOJ carefully selected its transaction counterparts, and did not hesitate to end the relationship if the performance of a counterpart declined. Further, the BOJ was selective in providing LLR loans. Through this policy, the BOJ could avoid the moral hazard that the LLR policy might otherwise have incurred.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Explorations in Economic History - Volume 44, Issue 4, October 2007, Pages 657-679
Journal: Explorations in Economic History - Volume 44, Issue 4, October 2007, Pages 657-679
نویسندگان
Tetsuji Okazaki,