Language：English   Publishing type：Research paper (scientific journal)   Publisher：Informa {UK} Limited  

DOI： 10.1080/00036846.2021.1904125

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Language：English   Publishing type：Research paper (international conference proceedings)   Publisher：Deutsche Bundesbank  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Elsevier {BV}  

DOI： 10.1016/j.jjie.2020.101107

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Springer Science and Business Media {LLC}  

<jats:title>Abstract</jats:title><jats:p>Understanding the demand for cash and noncash payment methods is an important policy concern in Japan, as the Japanese government aims at a cashless economy. Previous studies show that the demand for specific payment methods depends not only on the motivations of the kind of transactions, such as day-to-day transactions or hoarding, but also on payment contexts, such as bill payments or online payments. However, a few studies have investigated the demand for payment methods by payment context in Japan. We fill this gap by examining Japanese family and single-person household data on the choice of cash and noncash payment methods for regular payments, including bill payments. We found a decreasing popularity of choices involving automatic withdrawals and an increasing popularity of choices involving credit cards in both data sets and that of choosing exclusively cash in the single-person households’ data. We also found that these changes are associated with a decreasing demand for cash in family households and, conversely, an increasing demand in single-person households, assuming that the current pace of gradual adoption of noncash payment methods continues. In promoting a cashless society, the Japanese government should pay attention to the finding that a more frequent use of credit cards for regular payments is not always associated with a decrease in the demand for cash.</jats:p>

DOI： 10.1007/s42973-020-00049-5

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Elsevier {BV}  

DOI： 10.1016/j.japwor.2020.101026

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Elsevier {BV}  

DOI： 10.1016/j.japwor.2020.100998

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Language：Japanese   Publishing type：Research paper (bulletin of university, research institution)   Publisher：財務総合政策研究所  

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Language：Japanese   Publishing type：Research paper (conference, symposium, etc.)   Publisher：全国銀行協会  

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Language：Japanese   Publishing type：Research paper (conference, symposium, etc.)   Publisher：財務総合政策研究所  

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Language：English   Publisher：The Deutsche Bundesbank  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Academic Press Inc.  

We examine the determinants of the choice of payment instruments for day-to-day transactions, and whether households that exclusively use cash (only cash users) hold more cash than households that use credit cards exclusively, cash and credit cards, or credit cards and other payment methods (card users) using Japanese household data. We obtain two main results. First, card users generally have higher disposable income, more financial assets, better financial knowledge, younger household heads, female household heads, higher educational attainment, and are not self-employed compared with only cash users. These findings suggest that an improvement in financial knowledge could increase the usage of credit cards in Japan. Second, holding other household characteristics constant, card users for day-to-day transaction values of more than 1000 yen have lower cash holdings than only cash users.

DOI： 10.1016/j.jjie.2018.05.001

Scopus

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

This paper simulates the cash flows and balance sheet of the Bank of Japan (BoJ) before and after the end of Quantitative and Qualitative Monetary Easing (QQE) under various scenarios. The simulations show that the BoJ will record significant accounting losses after the end of QQE, because the yields on Japanese government bonds (JGBs) acquired during QQE will be lower than the interest rate on excess reserves after the end of QQE. These losses are fiscal costs for the consolidated Japanese government, as they correspond to increased interest expenses to the public. The extent of the BoJ's accounting losses depends crucially on the duration of QQE and the interest-rate elasticity of banknote demand. (C) 2017 The Authors. Published by Elsevier B.V.

DOI： 10.1016/j.japwor.2017.02.003

Web of Science

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Horizon Research Publishing  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Wiley  

DOI： 10.1111/infi.12081

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Elsevier {BV}  

DOI： 10.1016/j.jeconom.2014.10.010

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Language：English   Publisher：Bank of Japan  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE SA  

We estimate currency demand functions conditional on electronic money adoption with household-level survey data from Japan under an Instrumental Quantile Regression framework. Contrary to theoretical predictions, our results suggest that users of electronic money hold more currency than non-users. (C) 2014 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.econlet.2014.07.032

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

Fujiki (2003, 2006) extends the Freeman (1996) model to a two-country model, and demonstrates that elastic money supplies in foreign exchange markets yield efficiency gains in monetary equilibrium, and that several institutional designs achieve the desired elastic money supplies equally. This paper considers four institutional designs using a simplified version of the model of Fujiki (2003, 2006), which includes a central bank intervention in foreign exchange markets, a combination of central bank discount window policy and the CLS Bank, foreign currency supply operations based on central bank swap lines, and cross-border collateral arrangements. These institutional designs yield the same efficiency gains in our model. (C) 2014 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.japwor.2014.05.002

Web of Science

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：WILEY-BLACKWELL  

During the recent global financial crisis, certain central banks introduced two innovative cross-border operations to deal with the problems of foreign currency liquidity shortages: domestic liquidity operations using cross-border collateral and operations that supply foreign currency among central banks based on standing swap lines. We show theoretically that central banks improve the efficiency of equilibrium under foreign currency liquidity shortages using these two innovative temporary policy measures.

DOI： 10.1111/jere.12015

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Language：Japanese   Publisher：日本銀行金融研究所  

CiNii Books

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Language：Japanese   Publisher：日本銀行金融研究所  

CiNii Books

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

We show that the optimal inflation target imposed on a discretionary central bank varies with the extent of fiscal decentralization. Our analysis compares two fiscal regimes for local government bond management: the partially decentralized (PD) regime where the central government determines the amount of local bond; and the fully decentralized (FD) regime where each local government determines the amount of local bond. In both regimes, an inflation target has two effects: it harnesses surprise inflation; and it induces excess issuance of local bonds. Due to externality in determining the level of local government bond, however, the second effect, and thereby the optimal level of the inflation target, are smaller in the FD regime than in the PD regime. We also find that even if fiscal decentralization in its isolation deteriorates social welfare, we may be able to improve social welfare by introducing an inflation target when fiscal decentralization measures are adopted. (C) 2011 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.japwor.2011.07.001

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies.  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ACADEMIC PRESS INC ELSEVIER SCIENCE  

The purpose of this paper is to address a question concerning risk management in continuing, multi-party, contractual, clearing and settlement arrangements through which large-value payments are typically made. We are particularly interested in the issues of incentive compatibility when a third party possesses a private information concerning the riskiness of transfers being made. If a third party possesses private information that would be of value in determining how best to settle a payment, how does the exposure of that party to the settlement risk affect the quality of information that the party chooses to provide? In this paper, we address this question by analyzing a specific class of parametric environments of a schematic. formal, model of a settlement arrangement or a payment network. (C) 2007 Elsevier Inc. All rights reserved.

DOI： 10.1016/j.jet.2007.01.015

Web of Science

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies.  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：Japanese   Publisher：日本銀行金融研究所  

CiNii Books

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：WILEY-BLACKWELL  

Fujiki (2003) extends the Freeman ( 1996) model to show that when combined, an elastic money supply in the foreign exchange market and an elastic money supply in the domestic credit market yield efficiency gains in monetary equilibrium. This paper discusses whether three other institutional designs could achieve the same improvement in efficiency: (1) a private arrangement based on a payment versus a payment settlement standard supported by central banks free intraday credit. (2) a financial institution that provides a negotiable certificate of deposit and (3)a currency union.

DOI： 10.1353/mcb.2006.0043

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Elsevier  

DOI： 10.1016/j.japwor.2004.05.003

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Wiley  

DOI： 10.1002/jae.806

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：BLACKWELL PUBL LTD  

We consider how the second-best allocation corresponding to an optimal rule under the policy commitment of a central bank and a fiscal authority with a consolidated government budget constraint can be achieved, even though these authorities are unable to commit themselves to their optimal policies and ignore the strategic interaction between their policies. Our results show that the best practical institutional arrangement is to have an instrument-independent central bank that controls the money supply to determine the rate of inflation and commits itself to an inflation target that depends on fiscal variables.

Web of Science

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：Japanese   Publisher：日本銀行金融研究所  

CiNii Books

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publishing type：Research paper (scientific journal)  

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Language：Japanese   Publisher：日本銀行金融研究所  

CiNii Books

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

Freeman (Am. Econom. Rev. 86 (1996a) 1126) shows that an elastic money supply enhances the efficiency of monetary equilibrium by clearing default-free debts at par value in the domestic credit market. This research adds a foreign exchange market to Freeman's model and extends his analysis into a two-country model, in which the arrival rates of agents are not equal between the two countries. In this model, an elastic money supply in the foreign exchange market to clear the exchange of fiat monies at gold standard parity, accompanied by an elastic money supply in the domestic credit market, could improve the efficiency of monetary equilibrium. (C) 2003 Elsevier B.V. All rights reserved.

DOI： 10.1016/S0304-3932(03)00080-1

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：BLACKWELL PUBL LTD  

This paper quantifies the effect of Japanese rice imports on the Japanese rice market with special attention to the farmland market in the year 2000, based on information available in 1997. Tariff and quota policies do not affect the equilibrium price of rice and rent significantly, given the current acreage controls. The removal of the acreage control programme would reduce the autarky price of rice by 30%. With free importation of rice into Japan, the price of rice would be halved, and the potential increase in the consumer surplus could be 0.3% of the 1995 Japanese GDP. JEL Classification Numbers: F14, Q17, Q18.

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Language：Japanese   Publisher：日本銀行金融研究所  

CiNii Books

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

This study estimates the Japanese money demand function by household using seasonally adjusted panel data following Fujiki and Mulligan (Monetary and Economic Studies, Bank of Japan, vol. 14(1-2), 1996a, 1996b, pp. 65-103, 53-78), The most plausible estimates of the income elasticity of money demand are in the range from 1.28 to 1.35 for the period from 1990 to 1995. These results are robust with respect to the choice of scale variables, and consistent with the estimates based on seasonally unadjusted monthly data and annual data. The stable relationship obtained from regional panel data provides useful information with which to judge the stability of the money demand function for the central bankers. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: E41; E52.

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：UNIV CHICAGO PRESS  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：Japanese   Publisher：日本銀行金融研究所  

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Language：Japanese   Publisher：日本銀行金融研究所  

CiNii Books

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Other Link： http://hdl.handle.net/10086/18179

Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：Japanese   Publisher：日本銀行金融研究所  

CiNii Books

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Language：English   Publisher：Bank of Japan, Institute for Monetary and Economic Studies  

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Language：Japanese   Book type：Scholarly book

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Language：Japanese   Book type：Scholarly book

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Language：Japanese   Book type：Scholarly book

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Language：Japanese   Book type：Scholarly book

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Language：Japanese   Presentation type：Oral presentation (invited, special)  

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Language：Japanese   Presentation type：Public lecture, seminar, tutorial, course, or other speech  

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