The Implications of Ultra-Low and Negative Interest Rates for Asia
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Asia has been uniquely affected by low and negative global interest rates. This volume explores these effects—from foreign direct investment and portfolio investment, to exchange rate effects, credit availability, and more.
Twenty years after the East Asian financial crisis, Asia is facing challenges as advanced economies implement unprecedented low and negative interest rate policies to jumpstart moribund economies and avoid deflation. As the longer ends of yield curves in many advanced economies plunge into negative territory, fears are growing that these policies may create unintended side effects, including cash hoarding, housing bubbles, and damage to banks’ balance sheets. It has long been argued that Asian financial markets are influenced more by the monetary policies of advanced economies than their own, so Asia may be affected disproportionally by volatile swings of currencies, international capital flows, and debt levels.
This edited volume brings together scholars, policy makers, and financial market practitioners from all over the world to explore the implications of ultra-low and negative interest rates for Asian economies.
Contents
- Chapter 2. Opening Remarks and Keynote Speeches
- A. Opening Remarks by Naoyuki Yoshino
- B. Keynote Speech by Narayana Kocherlakota
- C. Open Floor Discussion
- Chapter 3. Distinguished Speaker Session I: Negative Interest Rates in Advanced Economies
- A. Jean-Pierre Danthine: Negative Interest Rates in Switzerland—What Have We Learned?
- B. Cecilia Skingsley: Negative Interest Rates in Advanced Economies
- C. Sayuri Shirai: An Overview of the Bank of Japan’s Negative Interest Rate Policy Experience
- D. Luc Laeven: Negative Rates and Bank Profitability
- E. Open Floor Discussion
- Chapter 4. Distinguished Speaker Session II: Implications of Ultra-Low and Negative Interest Rates for Monetary Policy and Macroprudential Policy in Asia
- A. Veerathai Santiprabhob: The Side Effects of Ultra-Low and Negative Interest Rates in Asia and Their Implications for Emerging Market Economies
- B. Joon-Ho Hahm: Implications of Ultra-Low and Negative Interest Rate Policies for Monetary Policy and Macroprudential Policy in the Republic of Korea
- C. Hans Genberg: Implications of Ultra-Low and Negative Interest Rates for Monetary Policy and Macroprudential Policy in Asia
- D. Dong He: “Low for Long” and Market Liquidity
- E. Open Floor Discussion
- Chapter 5. Distinguished Speaker Session III: The Implications of Ultra-Low and Negative Interest Rates for Financial Markets in Asia
- A. Michael Hutchison: Effects of Ultra-Low and Negative Interest Rates on Asian Financial Markets
- B. Robert McCauley: Effects of Low or Negative Policy Rates on Asian Financial Markets
- C. Tamim Bayoumi: Implications of Low (Rising?) Interest Rates for Asia
- D. Alicia Garcia-Herrero: Japanese Investors’ Reaction to the Low Interest Rate Environment—Some Takeaways for Emerging Asia
- E. Open Floor Discussion
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