Zombies on the Brink: Evidence from Japan on the Reversal of Monetary Policy Effectiveness
Zombies on the Brink: Evidence from Japan on the Reversal of Monetary Policy Effectiveness

Author: Mr.Gee Hee Hong

Publisher: International Monetary Fund

Published: 2021-02-19

Total Pages: 41

ISBN-13: 151357003X

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How does unconventional monetary policy affect corporate capital structure and investment decisions? We study the transmission channel of quantitative easing and its potential diminishing returns on investment from a corporate finance perspective. Using a rich bank-firm matched data of Japanese firms with information on corporate debt and investment, we study how firms adjust their capital structure in response to the changes in term premia. Investment responds positively to a reduction in the term premium on average. However, there is a significant degree of cross-sectional variation in firm response: healthier firms increase capital spending and cash holdings, while financially vulnerable firms take advantage of lower long-term yields to refinance without increasing investment.

Restoring Sustainable Macroeconomic Policies in the United States
Restoring Sustainable Macroeconomic Policies in the United States

Author: Barry Warren Poulson

Publisher: Rowman & Littlefield

Published: 2022

Total Pages: 203

ISBN-13: 1666916617

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By looking at the macroeconomic frameworks and experiences of countries such as Germany, Sweden, and Switzerland, Restoring Sustainable Macroeconomic Policies in the U.S. presents a way for the United States to normalize fiscal and monetary policy in order to achieve sustainable debt in the post-COVID-19 era.

OECD Economic Surveys: Japan 2024
OECD Economic Surveys: Japan 2024

Author: OECD

Publisher: OECD Publishing

Published: 2024-01-11

Total Pages: 126

ISBN-13: 9264586970

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Japan has navigated the dual shock of the pandemic and the energy crisis well. However, significant headwinds from weak global growth, geopolitical tensions and high inflation highlight the importance of enhancing the Japanese economy’s resilience to shocks. In a context of inflation, which has risen above target, and pressures from divergent monetary policy from peers, adjustments to monetary policy settings have commenced. Given high public debt, fiscal consolidation to rebuild fiscal buffers, underpinned by a credible medium-term fiscal framework to put the debt-to-GDP ratio on a clear downward path, is key. Longer-term sustainability also requires reducing greenhouse gas emissions in line with government targets, calling for green investment, innovation and carbon pricing. Reforms to improve the innovation framework and incentives for start-ups are key to boost productivity and address ageing pressures. Removing obstacles to the employment of women and older persons and making greater use of foreign workers are also essential to counter demographic headwinds. Strengthening the financial position of young people and policies to support families and children, such as improved parental leave, would help to reverse the downward trend in the fertility rate. SPECIAL FEATURE: ADDRESSING DEMOGRAPHIC HEADWINDS

Japan
Japan

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2023-03-30

Total Pages: 99

ISBN-13:

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Japan is navigating the recovery from the pandemic and the implications of the war in Ukraine. COVID-19 related restrictions have been gradually reduced since 2022, with border reopening last October. Headline inflation has recorded levels not seen in four decades.

Regional Economic Outlook, October 2021, Middle East and Central Asia: Trade-Offs Today for Transformation Tomorrow
Regional Economic Outlook, October 2021, Middle East and Central Asia: Trade-Offs Today for Transformation Tomorrow

Author: INTERNATIONAL MONETARY FUND.

Publisher: International Monetary Fund

Published: 2021-10-19

Total Pages: 61

ISBN-13: 1513592777

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A fragile recovery continues in the Middle East and Central Asia region. The region has made good progress since the beginning of the year, but new challenges have emerged. They include a pandemic wave in countries with weak vaccination progress and rising inflation, which has contributed to declining monetary policy space, adding to the difficulties posed by limited fiscal policy space. Additionally, divergent recoveries and concerns about economic scarring persist. Inequities are also on the rise, and countries will need to tackle the pandemic’s impact on debt, labor markets, and the corporate sector. Countries will face difficult tradeoffs amid this challenging environment as they continue to manage the current crisis. Ramping up vaccine acquisition and distribution remains the most urgent short-term priority. Additional support should be well targeted, and central banks may need to raise interest rates if inflation expectations start to increase. Improving policy frameworks will be important to reduce policy tradeoffs. Preparing for a new chapter by investing in a transformational recovery will be vital to the region’s future. Important priorities include reorienting the role of the state toward health, education, and social safety nets; leveraging global trends like digitalization; and investing in climate-resilient technology.

Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data
Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data

Author: Margherita Bottero

Publisher: International Monetary Fund

Published: 2019-02-28

Total Pages: 59

ISBN-13: 1498300855

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We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.

Together Apart
Together Apart

Author: Jolanda Jetten

Publisher: SAGE

Published: 2020-07-13

Total Pages: 172

ISBN-13: 1529751705

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Written by leading social psychologists with expertise in leadership, health and emergency behaviour – who have also played an important role in advising governments on COVID-19 – this book provides a broad but integrated analysis of the psychology of COVID-19 It explores the response to COVID-19 through the lens of social identity theory, drawing from insights provided by four decades of research. Starting from the premise that an effective response to the pandemic depends upon people coming together and supporting each other as members of a common community, the book helps us to understand emerging processes related to social (dis)connectedness, collective behaviour and the societal effects of COVID-19. In this it shows how psychological theory can help us better understand, and respond to, the events shaping the world in 2020. Considering key topics such as: Leadership Communication Risk perception Social isolation Mental health Inequality Misinformation Prejudice and racism Behaviour change Social Disorder This book offers the foundation on which future analysis, intervention and policy can be built. We are proud to support the research into Covid-19 and are delighted to offer the finalised eBook for free. All Royalties from this book will be donated to charity.

I Love Jesus, But I Want to Die
I Love Jesus, But I Want to Die

Author: Sarah J. Robinson

Publisher: WaterBrook

Published: 2021-05-11

Total Pages: 257

ISBN-13: 0593193539

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A compassionate, shame-free guide for your darkest days “A one-of-a-kind book . . . to read for yourself or give to a struggling friend or loved one without the fear that depression and suicidal thoughts will be minimized, medicalized or over-spiritualized.”—Kay Warren, cofounder of Saddleback Church What happens when loving Jesus doesn’t cure you of depression, anxiety, or suicidal thoughts? You might be crushed by shame over your mental illness, only to be told by well-meaning Christians to “choose joy” and “pray more.” So you beg God to take away the pain, but nothing eases the ache inside. As darkness lingers and color drains from your world, you’re left wondering if God has abandoned you. You just want a way out. But there’s hope. In I Love Jesus, But I Want to Die, Sarah J. Robinson offers a healthy, practical, and shame-free guide for Christians struggling with mental illness. With unflinching honesty, Sarah shares her story of battling depression and fighting to stay alive despite toxic theology that made her afraid to seek help outside the church. Pairing her own story with scriptural insights, mental health research, and simple practices, Sarah helps you reconnect with the God who is present in our deepest anguish and discover that you are worth everything it takes to get better. Beautifully written and full of hard-won wisdom, I Love Jesus, But I Want to Die offers a path toward a rich, hope-filled life in Christ, even when healing doesn’t look like what you expect.

Zombie Capitalism
Zombie Capitalism

Author: Chris Harman

Publisher: Haymarket Books

Published: 2010

Total Pages: 426

ISBN-13: 1608461041

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We've been told for years that the capitalist free market is a self-correcting perpetual growth machine in which sellers always find buyers, precluding any major crisis in the system. Then the credit crunch of August 2007 turned into the great crash of September–October 2008, leading one apologist for the system, Willem Buiter, to write of "the end of capitalism as we knew it." As the crisis unfolded, the world witnessed the way in which the runaway speculation of the "shadow" banking system wreaked havoc on world markets, leaving real human devastation in its wake. Faced with the financial crisis, some economic commentators began to talk of "zombie banks"–financial institutions that were in an "undead state" and incapable of fulfilling any positive function but a threat to everything else. What they do not realize is that twenty-first century capitalism as a whole is a zombie system, seemingly dead when it comes to achieving human goals.

People, Power, and Profits: Progressive Capitalism for an Age of Discontent
People, Power, and Profits: Progressive Capitalism for an Age of Discontent

Author: Joseph E. Stiglitz

Publisher: W. W. Norton & Company

Published: 2019-04-23

Total Pages: 407

ISBN-13: 1324004223

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“Urgent work, by the foremost champion of ‘progressive capitalism.’ ” —The New Yorker An authoritative account of the dangers of unfettered markets and monied politics, People, Power, and Profits shows us an America in crisis. The American people, however, are far from powerless, and Joseph Stiglitz provides an alternative path forward through his vision of progressive capitalism, with a comprehensive set of political and economic changes.