| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25525 |
| 来源ID | Working Paper 25525 |
| Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing | |
| Ben Charoenwong; Randall Morck; Yupana Wiwattanakantang | |
| 发表日期 | 2019-02-11 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | From January 2011 through March 2018, the Bank of Japan purchased equity index ETFs worth about 3.5% of GDP. Identification of the effect of central bank ETF purchases on stock valuations and corporate responses is via differently-weighted and changing stock indices. BOJ purchases lift valuations, increase share issuances, and increase total assets. On average, the latter increase is due to cash and short-term securities rather than capital investment. However, firms with worse corporate governance do increase capital investment. These findings suggest central bank equity purchases are a problematic tool for stimulating economic growth through high broad-based private-sector corporate investment. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w25525 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583198 |
| 推荐引用方式 GB/T 7714 | Ben Charoenwong,Randall Morck,Yupana Wiwattanakantang. Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25525.pdf（1868KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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