Assessing the Risks to the Japanese Government Bond (JGB) Market PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Assessing the Risks to the Japanese Government Bond (JGB) Market PDF full book. Access full book title Assessing the Risks to the Japanese Government Bond (JGB) Market by Mr.Waikei W. Lam. Download full books in PDF and EPUB format.
Author: Mr.Waikei W. Lam Publisher: International Monetary Fund ISBN: 1463927266 Category : Business & Economics Languages : en Pages : 19
Book Description
Despite the rise in public debt, Japanese Government Bond (JGB) yields have remained low and stable, supported by steady inflows from the household and corporate sectors, high domestic ownership of JGBs, and safe-haven flows from heightened sovereign risks in Europe. Over time, however, the market's capacity to absorb new debt will likely shrink as population ages and risk appetite recovers. In the short term, a decline in fund supply from the corporate sector, where financial surpluses are abnormally high, and spillovers from global financial distress could push up JGB yields. Fiscal reforms to reduce public debt more quickly and lengthen the maturity of government bonds will help limit these risks.
Author: Mr.Waikei W. Lam Publisher: International Monetary Fund ISBN: 1463927266 Category : Business & Economics Languages : en Pages : 19
Book Description
Despite the rise in public debt, Japanese Government Bond (JGB) yields have remained low and stable, supported by steady inflows from the household and corporate sectors, high domestic ownership of JGBs, and safe-haven flows from heightened sovereign risks in Europe. Over time, however, the market's capacity to absorb new debt will likely shrink as population ages and risk appetite recovers. In the short term, a decline in fund supply from the corporate sector, where financial surpluses are abnormally high, and spillovers from global financial distress could push up JGB yields. Fiscal reforms to reduce public debt more quickly and lengthen the maturity of government bonds will help limit these risks.
Author: Mr.Fei Han Publisher: International Monetary Fund ISBN: 1484355342 Category : Business & Economics Languages : en Pages : 43
Book Description
Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank’s holdings of certain securities leads to a scarcity of those securities and hence higher search costs in the market. Using security-level data from the Japanese government bond (JGB) market, this paper finds evidence of the scarcity (flow) effects of the Bank of Japan (BOJ)’s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity effects could dominate other effects when the share of the BOJ’s holdings exceeds certain thresholds, suggesting that the flow effects may also depend on the stock.
Author: Mr.Waikei W. Lam
Author: Mr.Waikei W. Lam
Author: Christopher Argyrople
Author: Mr.Fei Han
Author: Thomas J. Urich
Author: Young Ho Eom
Author: Nicholas Sargen
Author: Frank J. Fabozzi
Author: 
Author: Hisatsugu Murozono
Author: Kentaro Iwatsubo