This paper extends our previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. First, we examine the channels through which the trilemma policy configurations affect output volatility. Secondly, we investigate how trilemma policy configurations affect the...

The increasing occurrence of national, regional, and global financial crises, together with their rising costs and complexity, have increased calls for greater regional and global monetary cooperation. This is particularly necessary in light of volatile capital flow movements that can quickly...

The Asian financial crisis (1997 - 1998) and the global financial crisis (2007 - 2009) highlighted the potential value of financial regionalism, i.e., regional-level cooperation in financial policy. This paper argues that there is a mediating role for regional-level institutions of financial...

Financial literacy is gaining increasing importance as a policy objective in many countries. A growing literature has examined the role of financial literacy in an individual's income, saving behavior, and the use of various financial products. However, so far, we are not aware of any studies of...

Financial literacy is gaining increasing importance as a policy objective in many countries. However, internationally comparable information on financial literacy is still scarce. The OECD/INFE survey of adult financial literacy is a standardized survey instrument, but so far has mainly been...

Since 1998, sales channels for investment trusts have expanded in Japan. We expected this to result in greater demand for investment trusts but these expectations have yet to be met. The underlying causes of investment trusts' slow growth may be due to negative net returns to individual...

Rapid developments in financial technology (fintech) are expected to contribute to improvements in financial inclusion and well-being. This paper investigates how financial literacy and other factors contributed to the adoption of fintech services in Japan, using data from a survey conducted by...

Financial literacy is gaining increasing importance as a policy objective in many countries. However, internationally comparable information on financial literacy is still scarce. Recently, the Bank of Japan conducted a major survey of financial literacy and financial behavior covering 25,000...

Financial literacy is gaining increasing importance as a policy objective in many countries. However, internationally comparable information on financial literacy is still scarce. The Organisation for Economic Cooperation and Development International Network on Financial Education (OECD/INFE)...

Financial literacy is gaining increasing importance as a policy objective in many countries. A growing literature has examined the role of financial literacy in an individual's income, saving behavior and the use of various financial products. However, so far, no one has examined the...