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Keywords:Banks and banking - Japan 

Working Paper
Quantitative easing and Japanese bank equity values

One of the primary motivations offered by the Bank of Japan (BOJ) for its quantitative easing program -- whereby it maintained a current account balance target in excess of required reserves, effectively pegging short-term interest rates at zero -- was to maintain credit extension by the troubled Japanese financial sector. We conduct an event study concerning the anticipated impact of quantitative easing on the Japanese banking sector by examining the impact of the introduction and expansion of the policy on Japanese bank equity values. We find that excess returns of Japanese banks were ...
Working Paper Series , Paper 2006-19

Working Paper
Bank charter value and the viability of the Japanese convoy system

This paper compares the performance of a convoy banking system, similar to that which prevailed in Japan, to a fixed-premium deposit insurance regime. Under this system, failed banks are merged with healthy banks, rather than closed, so that the banking system itself provides the safety net for guaranteed deposits. While neither regime is generally preferable over the other, the results show that the performance of the convoy system is more sensitive to changes in bank charter values and the overall health of the banking system. The recent breakdown of the convoy system may therefore be ...
Pacific Basin Working Paper Series , Paper 99-06

Newsletter
Japanese banks and market discipline

Chicago Fed Letter , Issue Aug

Working Paper
Market price accounting and depositor discipline in Japanese regional banks

We examine the determinants of Japanese regional bank decisions concerning pricing unrealized losses or gains to market. We also examine the impact of these decisions on the intensity of depositor discipline, in the form of the sensitivity of deposit growth to bank financial conditions. To obtain consistent estimates of depositor discipline, we first model and estimate the bank pricing-to-market decision and then estimate the intensity of depositor discipline after conditioning for that decision. We find that banks were less likely to price to market the larger were their unrealized ...
Working Paper Series , Paper 2004-27

Journal Article
Banking relationships during financial distress: the evidence from Japan

This article examines some implications of the failure of three large Japanese banks in 1997 and 1998. The authors examine the response in the equity returns of surviving Japanese banks to the three failure announcements. In addition, they provide evidence on the clients of failed and surviving banks.
Economic Perspectives , Volume 27 , Issue Q III

Conference Paper
Bank versus market based financial systems: evidence from financial distress in Japan and the US

Proceedings , Paper 565

Journal Article
Moral hazard under the Japanese \"convoy\" banking system

This paper examines a banking regime similar to the "convoy" scheme which prevailed in Japan through most of the 1990s. Insolvent banks are merged with solvent banks rather than closed, with the acquiring banks required to accept negative value banks at zero value. I demonstrate that a convoy scheme effectively taxes the acquiring bank and increases moral hazard by reducing bank effort towards enhancing its portfolio, even relative to a fixed-premium deposit insurance system, for negative value banks. However, for positive bank charter values, which are retained under the convoy scheme ...
Economic Review

Journal Article
The shrinking of Japanese branch business lending in California

FRBSF Economic Letter

Conference Paper
Comments on banking and commerce: lessons from Japan

Proceedings , Paper 384

Journal Article
U.S banks in Japan and Japanese banks in the United States: an empirical comparison

Economic Review , Issue Sum , Pages 18-30

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