What can quantitative easing do for a mature economy? The Japanese experience

What can quantitative easing do for a mature economy? The Japanese experience

The 93rd Stockholm Seminar on Japan

Japan was the first major economy to pursue quantitative easing (QE), a very expansive monetary policy where the central bank purchases assets such as government bonds in an effort to reach inflation targets and stimulate growth. After almost 18 years of QE policies, inflation remains well below target and growth has yet to stabilize.

A research project at European Institute of Japanese Studies (EIJS) examines other aspects of consequences from QE than inflation and growth, namely the impact on corporate financing broadly with an emphasis on small and medium-sized companies, the functioning of the bond market, as well as QE as a crisis resolution tool. At this seminar Richard Nakamura and Åsa Malmström Rognes presented the project and shared preliminary findings.

Dr. Åsa Malmström Rognes is a research fellow at the EIJS at Stockholm School of Economics. Her research interests include financial sector development, financial crises, and the role of financial markets in economic development in particular in Asian economies. She is currently examining financial integration in ASEAN and researching the effects of quantitative easing as a crisis resolution tool.

Dr. H. Richard Nakamura has since the end of the 1990’s conducted research on Japanese economy, business and industry, involving primarily longitudinal studies of mergers and acquisitions processes in Japan. Currently, he is studying the micro (firm-level) effects of the changing foreign direct investment patterns in Japan and the Nordic region and the effects of Bank of Japan’s QE regime on the credit-guarantee scheme for Japanese SMEs.

Moderator: Dr. Patrik Ström, Director European Institute of Japanese Studies, Stockholm School of Economics

Date and Time: Tuesday, May 11, 15:00-16:00 (CEST)
Language: English
Location: Zoom (online)

Register for the seminar here. Registration until May 10, 2021. Please note that Stocholm School of Economics is the host of this event and that upon registration you will be directed to their website.


The Japan seminar series is jointly organized by the European Institute of Japanese Studies at Stockholm School of Economics, the Asia Programme at The Swedish Institute of International Affairs, the Department of Asian, Middle Eastern and Turkish Studies at Stockholm University and the Swedish Defence University. It features monthly seminars on Japanese economy, politics and society.


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