The historical evolution of monetary policy (Goals and instruments) in Japan: From the central bank of an emerging economy to the central bank of a mature economy

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

This chapter reviews monetary policy developments in Japan from the late nineteenth century to the early twenty-first century, focusing on its goals and instruments. The goals of monetary policy have been defined based on the goals of the nation as a whole. They have changed over time in accordance with changes in the goals of the nation. On the long road to an industrialized, developed country from the late nineteenth century through the 1970s, the ultimate goal of monetary policy was to provide money for development while maintaining financial and price stability. Once Japan had achieved industrialization and become a leading economic power, the primary goal shifted from development to stability. Instruments of monetary policy have also changed over time while being constrained by the availability of such instruments in the financial markets, even though the central bank kept pursuing policy innovations.

Original languageEnglish
Title of host publicationHandbook of the History of Money and Currency
PublisherSpringer Singapore
Pages923-952
Number of pages30
ISBN (Electronic)9789811305962
ISBN (Print)9789811305955
DOIs
Publication statusPublished - 2020 Jan 1

Keywords

  • BOJ
  • Monetary policy
  • Policy goals
  • Policy instruments
  • Price stability

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • Business, Management and Accounting(all)
  • Arts and Humanities(all)

Fingerprint Dive into the research topics of 'The historical evolution of monetary policy (Goals and instruments) in Japan: From the central bank of an emerging economy to the central bank of a mature economy'. Together they form a unique fingerprint.

Cite this