Unconventional monetary easing conducted by the Bank of Japan (BOJ) since 2013 has contributed to the yen's depreciation, higher stock prices, and higher corporate profits. Meanwhile, the impacts on aggregate demand and inflation have not been as strong as the BOJ expected while the adverse...

In this paper, we examine capital account openness and exchange rate flexibility in 11 Asian economies. Asia has made slow progress in de jure capital account openness, but has made much more progress in de facto capital account openness. While there has been a gradual increase in exchange rate...

Domestic financial market development is a key determinant of a currency's international status, and financial depth and market liquidity are two essential attributes for an international currency. This paper discusses the status of the People's Republic of China's (PRC) financial markets and...

We use a non-linear factor-augmented vector-autoregressive model to evaluate international effects of an unexpected decrease in euro area policy rates. Given the current environment of ultra low or negative interest rates, we especially focus on potential differences in the transmission of the...

When monetary policy is constrained by the zero lower bound, fiscal policy can be used to achieve macro stabilization objectives. At the same time, fiscal policy is also a key policy variable within a single currency area that allow policy-makers to respond to regional demand asymmetries. How do...

This paper aims to investigate the effects of urbanization, renewable and non-renewable energy consumption, trade liberalization, and economic growth on pollutant emissions and energy intensity in selected Asian developing countries from 1980 to 2010. We use both linear and nonlinear panel data...

Japan has endeavored to develop its capital Tokyo as one of the top global financial centers for a long time. In 2014, the Tokyo Metropolitan Government presented new initiatives as part of the sustainable economic growth strategies by taking advantage of the global attention given to the 2020...

This paper examines macroeconomic effects and transmission mechanisms of COVID19 in Mongolia, a developing and commodity-exporting economy, by estimating a Bayesian structural vector autoregression on quarterly data. We find strong cross-border spillover effects of COVID-19. Our estimates...

The first decade of economic and monetary union in Europe (EMU) has been a huge success. EMU has significantly benefited its member countries and accelerated the European integration process. Imbalances within EMU - differences in growth, inflation, competitiveness, current account and budget...

The current account surplus of the Republic of Korea (henceforth Korea) increased significantly in the immediate recovery period after the 1997 - 1998 Asian financial crisis. Since then the surplus has gradually diminished, and from 2006 to 2008, the current account was close to being balanced....