Declines in the Credit Multiplier Due to Instability in the Financial System (in Japanese)

Keiichiro Kobayashi

Economic Analysis, 2005, vol. 177, 51-63

Abstract: This thesis verifies a typical hypothesis concerning the money multiplier. We obtained the following conclusions from these analyses, i) The money multiplier declines in 90's was due to the cash ratio rise of the nonfinancial sector, and the excess reserve possession of the bank caused decreasing in the multiplier in 2000's, ii) The expected inflation rate intentionally explains the money multiplier, iii) There are many contradicted points in "the bad loan hypothesis" of the money multiplier.

Date: 2005
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Working Paper: Declines in the Credit Multiplier Due to Instability in the Financial System(in Japanese) (2005)
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