The effects of Bank of Japan's liquidity provision on the year-end premium

被引：2

作者：

Hirose, Yasuo ^{[1
]}

Ohyama, Shinsuke ^{[2
]}

Taniguchi, Ken ^{[2
]}

机构：

[1] Keio Univ, Fac Econ, Minato Ku, Tokyo 1088345, Japan

[2] Bank Japan, Chuo Ku, Tokyo 1038660, Japan

来源：

JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES | 2012年 / 26卷 / 01期

关键词：

Money market operation; Year-end; Monetary policy; PREFERRED HABITAT;

D O I：

10.1016/j.jjie.2011.09.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Hirose, Yasuo, Ohyama, Shinsuice, and Taniguchi, Ken-The effects of Bank of Japan's liquidity provision on the year-end premium The premium on interbank money market rates arises over year-end periods as a result of the Japanese business practice of periodic settlement. This paper examines to what extent the Bank of Japan's liquidity provision reduced the year-end premium in Japan. We find that the funds-supplying operations over the year-end and the fiscal year-end of 2008 had the largest effects during the period from 2006 to 2008, reflecting the fact that the Bank of Japan significantly expanded liquidity provision in response to the decrease in market liquidity under the financial turmoil. J. Japanese lot. Economies 26 (1) (2012) 179-185. Faculty of Economics, Keio University, 2-15-45 Mita, Minato-ku, Tokyo 108-8345, Japan; Bank of Japan, 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo 103-8660, Japan. (C) 2011 Elsevier Inc. All rights reserved.

引用

页码：179 / 185

页数：7

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