This paper argues that, apart from exchange-rate aspects, the East Asian economic crisis has looked very similar to a domestic banking crisis arising from boom and bust cycles in bank lending and capital investment. One of the key determinants of the boom-bust cycle in East Asia was the sharp...

In this short note, I review the Bank of Japan (BOJ)'s monetary policy since its exit from the so-called quantitative easing regime early in 2006. The major characteristic of the policy stance during the period, called Strategy 2 below, has been to adjust the policy interest rate gradually...

This paper reviews and evaluates the Bank of Japan (BOJ)'s monetary policy during the period 1998-2005. In doing so, it pays particular attention to the development of academic thinking on what Central Banks can do at or near zero interest rates and its relationship with the actual policy...