The Japanese Central Banking System Compared with Its European and American Counterparts
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 pri
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The Japanese Central Banking System Compared with Its European and American Counterparts A New Institutional Economics Approach
The Japanese Central Banking System Compared with Its European and American Counterparts
Yoshiharu Oritani
The Japanese Central Banking System Compared with Its European and American Counterparts A New Institutional Economics Approach
123
Yoshiharu Oritani Meiji University Hayama, Kanagawa, Japan Translated by Kazuyo W. Tanimoto Kunitachi, Tokyo, Japan
ISBN 978-981-13-9000-5 ISBN 978-981-13-9001-2 https://doi.org/10.1007/978-981-13-9001-2
(eBook)
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Foreword
In any country, a central bank is an organization deemed intriguing, one that at times is considered more mysterious than necessary. Reflecting this or not, there are a countless number of studies and books on central banks. I have had opportunities to read such writings from time to time since I joined the Bank of Japan, but through experiencing various workplaces within the Bank, I have come to feel a perception gap between the central bank as I understand it and as it is perceived and presented in books. This gap seems to have widened with the passage of years. Such a gap not only is about monetary policy, such as how one evaluates the effect of quantitative easing, but also is about the very existence of a central bank. My perception gap may be summarized under the following three points: first, while a central bank is an organization whose principal objectives are to supply money and maintain its value, various operations related to having bank deposits work as deposit money, especial
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