Title Tumultuous times : central banking in an era of crisis / Masaaki Shirakawa

Published New Haven : Yale University Press, [2021] ©2021

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Description 1 online resource (vi, 527 pages) : illustrations Series Yale Program on Financial Stability Series Yale program on financial stability series. Contents Part 1: Career Building at the Bank of Japan -- Starting My Career -- The Japanese Bubble Economy -- The Bursting of the Bubble and the Financial Crisis -- The New Bank of Japan Act -- The Zero Interest Rate Policy and Quantitative Easing -- The Illusion of the Great Moderation -- Part 2: The Days as Governor -- My Appointment as Governor of the Bank of Japan -- The Collapse of Lehman Brothers -- The Increasing Clamor for Beating Deflation -- Demographic Challenges and Raising Productivity -- The European Debt Crisis -- The Comprehensive Monetary Easing Policy -- The Great East Japan Earthquake -- Sixfold Suffering and the Currency War -- The Sustainability of Government Finances -- Enhancing the Stability of the Financial System -- The Joint Statement by the Japanese Government and the Bank of Japan -- Part 3: The Roles of the Central Bank -- The Great Monetary Experiment and the Spread of Japanification -- Lessons from the Experiences of the Japanese Economy -- What Should We Expect of the Central Bank? -- The Global Cooperation of Central Banks -- The Independence and Accountability of the Central Bank -- The Central Bank as an Organization Summary "The Japanese economy, once the envy of the world for its dynamism and growth, lost its shine after a financial bubble burst in early 1990s and slumped further during the Global Financial Crisis in 2008. It suffered even more damage in 2011, when a severe earthquake set off the Fukushima Daiichi nuclear disaster. However, the Bank of Japan soldiered on to combat low inflation, low growth, and low interest rates, and in many ways it served as a laboratory for actions taken by central banks in other parts of the world. Masaaki Shirakawa, who led the bank as governor from 2008 to 2013, provides a rare insider's account of the workings of Japanese economic and monetary policy during this period and how it challenged mainstream economic thinking"--Publisher Bibliography Includes bibliographical references and index Notes Online resource; title from PDF title page (JSTOR, viewed January 26, 2022) Subject Shirakawa, Masaaki. Nihon Ginkō -- Presidents -- Biography SUBJECT Nihon Ginkō fast Subject Monetary policy -- Japan -- History -- 21st century Banks and banking, Central -- Japan -- History -- 21st century Bankers -- Japan -- Biography BUSINESS & ECONOMICS / Economic History. Bankers Banks and banking, Central Economic history Monetary policy Presidents SUBJECT Japan -- Economic conditions -- 21st century Subject Japan Genre/Form collective biographies. Biographies History Biographies. Biographies. Form Electronic book ISBN 9780300263008 0300263007

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