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Managing the Exit
In responding to the global crisis, central banks in several advanced economies ventured beyond traditional monetary policy. A variety of unorthodox measures, including purchases of public and private assets, have significantly enlarged their balance sheets. As recoveries take hold, focus will increasingly shift from countering the Great Recession to orchestrating an exit and returning to a more normal monetary framework. Five years ago, as its economy recovered from a severe financial crisis, Japan attempted just such an exit. This note revisits the Bank of Japan’s experience and draws potential lessons for managing an orderly exit today, with a focus on technical aspects, practicalities, and communication strategies. While the nature of the assets acquired during the present crisis could pose additional complications, parts of Japan’s arsenal—communication, flexibility, a sufficient set of policy tools and a strategy for using them, safeguards against potential losses, the revival of risk appetite through decisive restructuring of balance sheets, and refinements to the monetary framework upon exit—also could be important this time around.
Japan’s Quest for Growth
As labor input in Japan shrinks with population aging, capital accumulation and productivity gains will drive growth over the medium-term. At the same time, a changing global landscape calls for a shift in export-oriented investment toward new markets and a new generation of products, as well as increased investment by domestically-oriented firms. What policies could be adopted to help firms adjust to the imperatives of the post-crisis global economy and boost medium-term growth? Using disaggregated data, this paper investigates the determinants of investment and R&D spending by Japanese firms. The results suggest that policies could usefully focus on four areas. First, raising the return on investment, including through reforms to the tax code. Second, decreasing uncertainty through improved risk management by firms and by bolstering the business climate. Third, improving SME access to finance, notably by encouraging venture capital investment in innovative areas and more risk-based lending. And fourth, reducing excess leverage and supporting corporate restructuring to enable new investments to flourish.
Review of the Fund's Transparency Policy
The Fund has come a long way since the inception of its policy toward increased openness some ten years ago. Most Board documents are now published; the volume of information in the Fund’s archives has increased significantly; and the Fund has strengthened outreach efforts to explain its operations and views to the outside world. Transparency and openness has become increasingly seen as a normal and essential part of the Fund’s business. There are significant benefits from increased transparency: it strengthens the Fund’s ability to influence public debate, subjects the Fund to outside scrutiny, and enhances the Fund’s legitimacy by making it more accountable. These benefits will only loom larger as the Fund takes on a larger role in calling out risks to the global economy, to help prevent future economic and financial crises. Indeed, in today’s world openness from public institutions like the Fund is generally expected.
Learning R and Python for Business School Students
This book provides a guide for business school students, individual investors, and business professionals to learn R and Python, two open-source programming languages. It is unique since it allows the reader to learn programming in an “R-assisted learning environment”. The book provides 15 weeks’ worth of teaching material for the reader.
The Impact of Fiscal Consolidation and Structural Reformson Growth in Japan
With Japan’s public debt reaching historical levels, the need for fiscal consolidation and structural reforms have increased. As fiscal consolidation will require a sustained and large adjustment in the fiscal balance, its growth effect is a concern particularly for the short run. This paper uses the IMF’s Global Integrated Monetary and Fiscal Model to analyze the growth impact of fiscal consolidation and structural reforms. Although fiscal consolidation has short-term costs, the potential long-term benefits are considerable, and reforms that raise potential growth could support consolidation. Simulations show that the external environment also matters but domestic policies should be the priority.
Does the Business Environment Affect Corporate Investment in India?
Since the global financial crisis, corporate investment has been weak in India. Sluggish corporate investment would not only moderate growth from the demand side but also constrain growth from the supply side over time. Against this background, this paper analyzes the reasons for the slowdown and discusses how India can boost corporate investment, using both macro and firm-level micro data. Analysis of macro data indicates that macroeconomic factors can largely explain corporate investment but that they do not appear to account fully for recent weak performance, suggesting a key role of the business environment in reviving corporate investment. Analysis of micro panel data suggests that improving the business environment by reducing costs of doing business, improving financial access, and developing infrastructure, could stimulate corporate investment.
The Initial Stages of Consumer Trust Building in E-commerce
Tiivistelmä: Kuluttajan ensivaiheen luottamuksen muodostumisprosessi verkkokaupankäynnissä.
Reliable Sources
An excellent 90-year history book, edited by former National Press Club president, John Cosgrove, which depicts the rich heritage that has established the National Press Club as the leading news organization in the world. Founded in 1908, the National Press Club has served as host to hundreds of world leaders and celebrities. Hundreds of historic photos from the NPC archives highlight this book. Read about visits from Presidents Ronald Reagan and Bill Clinton. Other guest speakers have included Lech Walesa, Elizabeth Taylor, Muhamed Ali, and many more!
Essays in Empirical Corporate Finance
In fact, industry risk has a greater effect on corporate cash holdings than economy-wide and idiosyncratic risk. The effect of industry risk is more pronounced for firms in competitive industries, firms with high leverage, and firms that are financially constrained. Lastly, in the third essay, we empirically investigate how the structure of managerial compensation and corresponding incentives affect firms’ borrowing diversity. We also explore which types of debt allow a CEO to have the flexibility to take more risks and provide more discretion in business decisions. We find that firms with higher CEO vega have lower borrowing diversity, and these firms increase the likelihood of convertible debt and capitalized leases issuances, relative to bank debt borrowing. Finally, after changes to the accounting standards (FAS 123R), we find that firms with higher CEO vega are more likely to issue capitalized leases and bonds-and-notes, but less likely to issue convertible debt. Our findings indicate that a CEO’s risk-taking incentives affect a firm’s debt structure and the adoption of FAS 123R has changed patterns of debt security choices.
