This paper investigates the effectiveness of the ‘quantitative easing’ policy, as officially implemented by the Bank of England since March 2009. A policy of the same name had previously been implemented in Japan, which serves as a reference. While the majority of the previous literature has...

This paper investigates the effectiveness of the quantitative easing policy, as implemented by the Bank of England in March 2009. Similar policies had been previously implemented in Japan, the U.S. and the Eurozone. The effectiveness is measured by the impact of Bank of England policies...

Central banks have recently introduced new policy initiatives, including a policy called Quantitative Easing (QE). Since it has been argued by the Bank of England that 'Standard economic models are of limited use in these unusual circumstances, and the empirical evidence is extremely limited'...

In 2008, governments in many countries embarked on large fiscal expenditure programmes, with the intention to support the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal expenditure is considered by providing a novel analysis of...

Bubbles and crashes have long been an important area of research that has not yet led to a comprehensive theoretical or empirical understanding of how to define, measure, and compare such extreme market events. Highlights of the vast literature on bubbles, crashes, and volatility are surveyed...

In this paper we examine how financial constraints, especially fluctuations in the supply of credit, affect the capital structure of 1537 publicly listed Japanese firms from 1980 to 2007, in a data set with 33,000 observations. It is one of the first studies to do so and is inspired by the...

Directed credit is seen by recent literature as having contributed to high post-war economic growth in several Asian countries, including Japan, Korea, Taiwan, Thailand, and Indonesia. Its use, however, remains controversial. This paper adopts ex ante predictive power as criterion for the...