Overview
- Explores the role and governance mechanism of central banks by applying new institutional economics (NIE) as compared to a non-theoretical description of those aspects of central banking
- Tests how useful NIE is for studying an institution that has both public and private characteristics, adopting a central banking institution as an example
- Reveals serious problems that the Bank of Japan faces with politicians—problems stemming from its governance mechanism—based on the author’s 30 years of experience at the Bank
- Endorsed by Masaaki Shirakawa, former Governor of the Bank of Japan
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Table of contents (8 chapters)
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Front Matter
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Back Matter
Keywords
About this book
This book uniquely explores the role and governance mechanism of central banks by applying new institutional economics (NIE). Simultaneously, the book tests the analytical viability of NIE when applied to an organization that has both public and private characteristics. Special attention is paid to the Bank of Japan (BOJ) based on the author’s 30 years of work experience and “participant observation” there, touching upon discussion of central bank independence. The book argues that central bank independence cannot be defended solely by law, and a mechanism to eliminate requests from politicians needs to be embedded within the governance structure.
The book also provides a comparative analysis between the BOJ and central banks in Europe and the USA. In reviewing the global financial crisis of 2008–2009, it suggests possible measures based on behavioral economics and public choice theory. These theory-based analyses provide useful insights when considering matters such as whether a central bank should issue electronic money or the European system of central banks could be established in Asia.
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Bibliographic Information
Book Title: The Japanese Central Banking System Compared with Its European and American Counterparts
Book Subtitle: A New Institutional Economics Approach
Authors: Yoshiharu Oritani
Translated by: Kazuyo W. Tanimoto
DOI: https://doi.org/10.1007/978-981-13-9001-2
Publisher: Springer Singapore
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: Springer Nature Singapore Pte Ltd. 2019
Hardcover ISBN: 978-981-13-9000-5Published: 19 July 2019
Softcover ISBN: 978-981-13-9003-6Published: 14 August 2020
eBook ISBN: 978-981-13-9001-2Published: 09 July 2019
Edition Number: 1
Number of Pages: XXIV, 327
Number of Illustrations: 53 b/w illustrations
Topics: Economic History, Financial History, Banking, Macroeconomics/Monetary Economics//Financial Economics