Effectiveness of "Lending Window Operations" as a Restrictive Monetary Policy Measure

Akiyoshi Horiuchi

Japanese Economy, 1977, vol. 6, issue 2, 71-92

Abstract: Among a number of monetary policy measures taken by the Bank of Japan, an important restrictive measure has been its direct control over the volume of lendings by a group of financial institutions centering around city banks. This is what is known as the "window guidance" [madoguchi shido] or lending window operations. (1) Defects of this kind of direct control have been pointed out by many critics, but even today the majority view seems to be that the window guidance is highly effective as a restrictive monetary policy. (2)

Date: 1977
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DOI: 10.2753/JES1097-203X060271

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