In this paper we explore the developments in the cross-border bank exposures using the BIS International Banking Statistics. To this end, we treat the web of the cross-border bank exposures as a "network" and investigate the characteristics of the network topology, and compute various...

This paper contains an empirical analysis of the "depth" of the Mexican Currency Crisis (1994-1995) and the East Asian Currency Crisis (1997). The purpose is to attempt to gauge the degree of impact of 1) deterioration in economic fundamentals and 2) the function of contagion channels on the...

Recently, Japanese commercial banks have been expanding their fee-based business. The present study conducts a panel-data analysis to investigate the impact of such a diversification of commercial banking on the variability of banks' profitability and the stability of their management. Our...

Bank profits in Japan have improved substantially in recent years. In fiscal 2004, the major banks recorded positive net income for the first time in four years. The regional banks marked positive net income for the first time in ten years. In particular, their profits increased substantially in...

CCL, established by IMF in 1999, and intra-regional swap agreements among the ASEAN+3 countries are considered to be frameworks for foreign liquidity provision when a country experiences a liquidity crisis. It is probable that such movements would see further progress in the future, involving...

In this paper, we construct a simple measure of sectoral credit shifts, defined as the dispersion of growth rates of bank loans across sectors, and investigate what effects they had on Japan's economy and what accounted for their development. We find that (i) during the 1990s, the amount of...

This paper investigates what can be learned about the effects of monetary policy on firm investment after the collapse of the asset price bubble in Japan. By estimating firm investment functions based on corporate panel data, the paper reveals that the monetary easing after the bubble burst...

Based on newly constructed prefectural land price data, we estimate long-run equilibrium relationships using a panel cointegration analysis, and then estimate an error-correction model (ECM) for land prices. The panel cointegration analysis reveals that the PVR cum price expectation can be...

Economists at central banks and in academia have made various efforts to measure potential growth, something that cannot be observed directly. This review introduces some of these estimation techniques and applies them to the Japanese data. The estimates of the potential growth rate can differ...

Japan has suffered from long-lasting but mild deflation since the latter half of the 1990s. Estimates of a standard Phillips curve indicate that a decline in inflation expectations, the negative output gap, and other factors such as a decline in import prices and a higher exchange rate, all...