Speculative Bubbles and Monetary Policy PDF Download

Author: Masayuki Otaki
Publisher: Lexington Books
ISBN: 1498549152
Category : Political Science
Languages : en
Pages : 168

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Book Description
This book works at the intersection of economic theory history. It presents a Keynesian theory with a rigorous dynamic microeconomic foundation that entirely differs from new Keynesian theory and applies it to the Japanese economic history from the 1980s to 2010s.

Author: Ken Morita
Publisher: World Scientific
ISBN: 9813148128
Category : Political Science
Languages : en
Pages : 352

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Book Description
This book provides the analysis on capital markets in China, focusing attention upon (1) the bubble phenomena (whether or not a Chinese bubble really exists and might burst), (2) foreign direct investment and (3) integration, through all of which we could recognize the current situation and the future prospects of Chinese marketization. As regards to the bubble phenomena, particularly 'early warning indicator' of the bubble, this book attempts to utilize the Grubbs-Smirnov Test to discover the 'abnormal value' in several asset markets. Investigations of this book suggest that the distinctive features of the Chinese market have been significantly different from the markets of capitalist countries such as the United States and Japan. As far as Japan's foreign direct investments in China are concerned, this book tries to reveal the Chinese characteristics on FDI phenomena with FDI-trade ratio. The analysis of this book suggests that Chinese FDI from Japan has undoubtedly revealed the distortions caused by non-economic factors, which also mean that the distinctive features of the Chinese market have been different from the markets of the United States and Japan etc. Regarding integration, this book provides the analysis on the 'G2' system between the United States and China (cooperation or conflict between them). The considerations of this book conclude that it might be difficult to have good cooperation between them because of significant differences between the Chinese system and the US system.

Author: Christopher North
Publisher: Universal-Publishers
ISBN: 1581123051
Category : Political Science
Languages : en
Pages : 159

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Book Description
The core issue underlying the bulk of scholarly research into the Japanese political economy is the relationship between the bureaucracy and the politicians. My study investigates whether there has been a relative decline in bureaucratic influence and whether politicians are displaying more independence in the policy making process than they did during previous decades. My main hypothesis is that the loss of bureaucratic influence has largely been a function of the declining position of former bureaucrats within the ruling Liberal Democrat Party (LDP), and that it has largely been politicians who were able to enter the Diet at a young age due to hereditary recruitment who have gained influence. Their ability to build up seniority has placed them at an advantage in promotion to key party and government posts due to the adoption of a seniority system of selecting cabinet ministers and party leaders. . I use probit and logit analysis of LDP cabinet and Diet members (1955-2003) to demonstrate the decline of former bureaucrats within the LDP in terms of their overall numbers and their occupancy of key posts. I use cross case study analysis of the work of three major blue-ribbon administrative reform panels (the Provisional Administrative Reform Commission established in 1962, the Second Provisional Administrative Reform Commission established in 1981, and the Administrative Reform Council established in 1996) to demonstrate how the lack of former bureaucrats within the LDP left the Ministry of Finance vulnerable to reform that stripped it of authority and altered its traditional policy preferences. My case studies analysis shows that following the founding of the LDP in 1955, former bureaucrats in the party supported delegating substantial authority to the bureaucracy and resisted attempts to curtail bureaucratic influence, acting as conduits for bureaucratic influence in the LDP. However, over time as former bureaucrats lost their pre eminent position within the LDP, attempts to reduce bureaucratic influence were successful. I conclude that the reforms implemented on the recommendations of the Administrative Reform Council fundamentally changed Japanese financial administration and altered financial policy in a way that was a major departure from traditional bureaucratic preferences.

Author: Jonathan Ledwidge
Publisher: iUniverse
ISBN: 9781469700731
Category : Business & Economics
Languages : en
Pages : 340

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Book Description
The financial crisis shows that the banking industry requires a transformation, as its business model and practices are no longer sustainable. Even so, such transformation cannot be made without Clearing the Bull—moving beyond old and tired orthodoxies in order to properly diagnose the problem. Drawing on more than twenty years of experience in banking, author Jonathan Ledwidge shows how the financial crisis exposed the industry’s poor system of values, leaving it mired in conflict with its human environment. Specifically, this includes how poor leadership, virtually unmanageable organizations, dysfunctional suppliers, infuriated customers, alienated employees, and dissatisfied communities all arise from the inability of banks to understand that values are more important than valuations. As a result there is now a total disconnect between banks and their human environment. That disconnect cannot be fully addressed by conventional solutions involving more regulations, more governance, and more controls. Banks have a very human problem, and thus by definition what they require is a human transformation. Clearing the Bull provides both a clear diagnosis as well as a detailed and comprehensive roadmap for the banking industry’s human transformation—and while doing so it remains totally engaging and accessible to bankers and non-bankers alike.

Author: Harold L. Vogel
Publisher: Springer
ISBN: 3319715283
Category : Business & Economics
Languages : en
Pages : 477

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Book Description
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, and equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and can also be defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.

Author: Mikuriya Takashi
Publisher: Bloomsbury Publishing
ISBN: 1472533216
Category : History
Languages : en
Pages : 273

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Book Description
Miyazawa Kiichi played a leading role in Japan's government and politics from 1942 until 2003, during which time he served as Prime Minister, and also as Minister of Finance, Minister of Foreign Affairs, Minister of International Trade and Industry, Director General of the Economic Planning Agency, and Chief Cabinet Secretary. In this oral history autobiography, he discusses with candor and detail a wide range of topics, including his 1939 visit to the United States, recovery policies during the postwar occupation, the San Francisco Peace Treaty, and Japan's role in international organizations such as GATT and OECD, and gives a thoughtful insider's view of six decades of Japanese politics, closing with his thoughts on Japan's role in the 21st century. Miyazawa's testimony contains the unmistakable richness of the words of one who was present as history was being made. The political candor, unmatched scope, and largely first-person narrative make this book unique.

Author: MAURICE OBSTFELD
Publisher: Peterson Institute for International Economics
ISBN: 0881327492
Category : Business & Economics
Languages : en
Pages : 403

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Book Description
Fifty years ago, in March 1973, the major industrial economies abandoned fixed exchange rates, conclusively ending the post–World War II Bretton Woods arrangements. Proponents believed their action would strengthen countries' ability to reconcile domestic macroeconomic policies with the balance of payments. But opponents feared it would initiate a new era of instability and financial shocks. Since 1973, much of the world has moved away from fixed exchange rates to a variety of regimes based on considerable exchange rate flexibility. But international trade conflicts and unstable capital flows, along with a rise in financial crises around the world, have nonetheless accompanied the global shift away from exchange rate pegs. How has the international monetary system performed over the past half century? What have we learned from the experience of more flexible exchange rates? What has been the impact on macroeconomic and financial stability in the years since? This book derives from papers delivered at a conference that brought together leading economists and policymakers to debate and discuss these questions, as well as to assess the evolution of the international monetary system, the dominance of the US dollar, and the role of exchange rate regimes in shaping the world economy.

Author: Thomas Orlik
Publisher: Oxford University Press, USA
ISBN: 0190877405
Category : China
Languages : en
Pages : 241

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Book Description
A provocative perspective on the fragile fundamentals, and forces for resilience, in the Chinese economy, and a forecast for the future on alternate scenarios of collapse and ascendance.

Author: Harold L. Vogel
Publisher: Springer Nature
ISBN: 3030791823
Category : Business & Economics
Languages : en
Pages : 619

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Book Description
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and are defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.

Author: Malcolm Shuman
Publisher: Open Road Media
ISBN: 1497663261
Category : Fiction
Languages : en
Pages : 270

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Book Description
His mentor dead, an archaeologist returns to the mysterious Yucatán A novice archaeologist, Clay Holliman came to the Yucatán Peninsula in search of the secrets of the Maya. Taken in by the family of Doctor Leon, an expert on the local excavations, Clay discovered a world where the mysteries were not fully buried—where even the city was a jungle. Ten years later, his career is in a tailspin, Doctor Leon is dead, and the Yucatán is calling him home. Although he tells the man at customs that he has not come to dig, it will not be long before Holliman is lured back into the jungle. He goes to the infamous site at Chan Chen that has already claimed the reputations and lives of several brilliant archaeologists, and which Holliman must conquer if he is to unearth the truth about the jungle—and himself.