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Asset-Liability-Matrix Analysis Derived from the Flow-of-Funds Accounts: The Bank of Japan's Quantitative Monetary Policy Examined

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  • Kazusuke Tsujimura
  • Masako Mizoshita

Abstract

The first purpose of this paper is to present the compilation procedure of the Asset- Liability-Matrix (ALM) from the Flow-of-Funds (FOF) accounts in the balance sheet format that is widely available in IMF member countries. The introduction of ALM into the framework of FOF analysis enables us to utilize the affluent assets of input-output analysis, notably the concept of Leontief inverse. The second purpose of this article is to demonstrate the application of ALM to the examination of the quantitative monetary policy introduced by the Bank of Japan (BOJ) in March 2001. It can be said, as a conclusion, that there was a tactical error in the quantitative monetary policy adopted by BOJ in terms of the combination of money market operations. We believe that the ALM framework of FOF analysis is a powerful and practical device to fulfil this kind of examination.

Suggested Citation

  • Kazusuke Tsujimura & Masako Mizoshita, 2003. "Asset-Liability-Matrix Analysis Derived from the Flow-of-Funds Accounts: The Bank of Japan's Quantitative Monetary Policy Examined," Economic Systems Research, Taylor & Francis Journals, vol. 15(1), pages 51-67, March.
    • Handle: RePEc:taf:ecsysr:v:15:y:2003:i:1:p:51-67
    DOI: 10.1080/0953531032000056936
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    Cited by:

    1. Mitsuo Yamada & Kiyoshi Fujikawa & Yoshito Umeda, 2019. "Scenario input–output analysis on the diffusion of fuel cell vehicles and alternative hydrogen supply systems," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 8(1), pages 1-22, December.
    2. Jiyoung Kim, 2017. "Inter-industry analysis in the Korean flow-of-funds accounts," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 6(1), pages 1-27, December.
    3. Jiyoung Kim, 2017. "Corporate financial structure of South Korea after Asian financial crisis: the chaebol experience," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 6(1), pages 1-14, December.
    4. Tsujimura, Kazusuke & Tsujimura, Masako, 2018. "A structural analysis of Japanese economic development," IDE Discussion Papers 695, Institute of Developing Economies, Japan External Trade Organization(JETRO).

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