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Portfolio rebalancing in Japan : constraints and implications for quantitative easing / prepared by Serkan Arslanalp and Dennis Botman.

By: Contributor(s): Material type: TextTextSeries: IMF working paper ; WP/15/186.Publication details: [Washington, D.C.] : International Monetary Fund, ©2015.Description: 1 online resource (22 pages) : color illustrationsContent type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 1513557599
  • 9781513557595
  • 1513537016
  • 9781513537016
ISSN:
  • 1018-5941
Subject(s): Genre/Form: Additional physical formats: Print version:Print Version:: No titleDDC classification:
  • 332.6 23
LOC classification:
  • HG3881.5.I58 W67 No. 15/186eb
Online resources: Summary: Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic rebalancing scenario, which suggests that the BoJ may need to taper its JGB purchases in 2017 or 2018, given collateral needs of banks, asset-liability management constraints of insurers, and announced asset allocation targets of major pension funds. Nonetheless, the BoJ could deliver continued monetary stimulus by extending the maturity of its JGB purchases or by scaling up private asset purchases. We quantify the impact of rebalancing on capital outflows and discuss JGB market signals that can be indicative of limits being within reach. --Abstract.
Holdings
Item type Current library Collection Call number Status Date due Barcode Item holds
eBook eBook e-Library EBSCO Business Available
Total holds: 0

"Monetary and Capital Markets Department and Asia and Pacific Department."

"August 2015."

Includes bibliographical references (page 21).

Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic rebalancing scenario, which suggests that the BoJ may need to taper its JGB purchases in 2017 or 2018, given collateral needs of banks, asset-liability management constraints of insurers, and announced asset allocation targets of major pension funds. Nonetheless, the BoJ could deliver continued monetary stimulus by extending the maturity of its JGB purchases or by scaling up private asset purchases. We quantify the impact of rebalancing on capital outflows and discuss JGB market signals that can be indicative of limits being within reach. --Abstract.

Online resource; title from pdf title page (IMF.org Web site, viewed August 11, 2015).

Added to collection customer.56279.3

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