Bank Behaviour and the Channel of Monetary Policy in Japan, 1965–1999

J. L. Ford, J. Agung, S. S. Ahmed and B. Santoso

The Japanese Economic Review, 2003, vol. 54, issue 3, 275-299

Abstract: Using monthly data, this paper investigates whether there are differential effects of monetary policy across bank size and business size in Japan, to test the presence of the “bank lending channel” of monetary policy. It also considers that channel for the aggregate of banks. Prior to the end of 1984, support is found for the bank lending channel and also partly for the money channel. The study of the period from 1985 onwards suggests that no channel of monetary policy has been substantially effective in Japan.

Date: 2003
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