This paper examines how Japan's long-term interest rates and Japanese banks' interest rate risk exposures may evolve … increased purchases by the Bank of Japan. At the same time, illustrative scenarios suggest the interest rate risk exposure of …, both long-tem yields and interest-risk exposures of Japanese banks could increase over the medium term …

indicates that a non-extreme shock, which comprises a decline in profitability and an increase in interest rates, is likely to … push many firms into a vulnerable state and that the share of firms with interest cover ratio of lower than one would …

It takes many years for more efficient electronic payments to be widely used, and the fees thatmerchants (consumers …) pay for using those services are increasing (decreasing) over time. Weaddress these puzzles by studying payments system …

Instant, or fast, payments are credit transfers completed and settled within seconds or minutes. They have low costs …, reduce payment risk, and have significantly replaced the use of cash, cards, or check and direct debit payments. We note the … role played by regulators in promoting instant payments and identify instances of significant payment instrument …

currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising …

of firms and their lending banks in one Italian region. To isolate the effect of the financial shock we construct a firm …-specific time-varying measure of credit supply. The contraction in credit supply explains one fourth of the reduction in employment …

negative credit supply shock applied to SMEs has an adverse effect on economic activity, and this impact is amplified in …The limited access to bank credit in recent years has increased the pressure on small and medium size enterprises (SMEs …

production and GDP. The peak impact is felt fairly quickly at around 6-12 months after the shock, and becomes statistically …

examines one particular channel at work: the supply of credit. It presents a model in which a bank, even if managed by risk … credit supply is achieved by looking at the differential response of banks according to their level of capitalization …. Consistent with the theoretical predictions, increases in uncertainty reduce the supply of credit, more so for banks with lower …