Since 2014
Demand for money under low interest rates in Japan
Journal of Economic & Financial Studies
View Archive Info| Field | Value | |
| Title |
Demand for money under low interest rates in Japan
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| Creator |
Kurihara, Yutaka
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| Subject |
International Finance, Economics
Demand for Money; Exchange Rate; Japan; Monetary Policy; Volatility. international finance |
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| Description |
In both theoretical and empirical fields of economics, demand for money has been received much attention in the past. In Japan, deflation has been prevailed more than 20 years, and there is some possibility that the Bank of Japan’s monetary easing policy, which expands money to markets by buying government bonds, has had a significant influence apart from traditional factors. Also, exchange rates for Japanese currency have fluctuated greatly recently because of the introduction of unprecedented monetary policy in the 2010s that may have affected macroeconomic variables and the money demand function in Japan. Using Japanese experience with deflation over last two decades, I provide strong evidence that recent demand for money is affected by real GDP, exchange rates, and economic volatility; however, interest rates and consumer prices have not impacted demand for money. The results also show that introduction of the drastic quantitative easing policy changed the demand function for money.
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| Publisher |
LAR Center Press
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| Contributor |
JSPS
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| Date |
2016-08-26
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
http://journalofeconomics.org/index.php/site/article/view/247
10.18533/jefs.v4i04.247 |
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| Source |
Journal of Economic & Financial Studies; Vol 4, No 04 (2016): August; 12-19
2379-9471 2379-9463 |
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| Language |
eng
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| Relation |
http://journalofeconomics.org/index.php/site/article/view/247/293
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| Rights |
Copyright (c) 2016 Yutaka Kurihara
http://creativecommons.org/licenses/by/4.0 |
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