TY - BOOK ID - 84539419 TI - A Peek Inside the Black Box : The Monetary Transmission Mechanism in Japan AU - Bayoumi, Tamim. AU - Morsink, James. PY - 1999 SN - 146238319X 1452709858 1282106708 145190102X 9786613800053 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Investments: General KW - Money and Monetary Policy KW - Industries: Financial Services KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Money Supply KW - Credit KW - Money Multipliers KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Monetary Policy KW - Investment KW - Capital KW - Intangible Capital KW - Capacity KW - Monetary economics KW - Banking KW - Macroeconomics KW - Finance KW - Bank credit KW - Monetary base KW - Monetary transmission mechanism KW - Private investment KW - Money KW - Monetary policy KW - National accounts KW - Loans KW - Financial institutions KW - Money supply KW - Banks and banking KW - Saving and investment KW - Japan UR - https://www.unicat.be/uniCat?func=search&query=sysid:84539419 AB - This paper uses vector autoregressions to examine the monetary transmission mechanism in Japan. The empirical results indicate that both monetary policy and banks’ balance sheets are important sources of shocks, that banks play a crucial role in transmitting monetary shocks to economic activity, that corporations and households have not been able to substitute borrowing from other sources for a shortfall in bank borrowing, and that business investment is especially sensitive to monetary shocks. We conclude that policy measures to strengthen banks are probably a prerequisite for restoring the effectiveness of the monetary transmission mechanism. ER -