Japanese banks in the international money markets

Mimoza Shabani, Alexis Stenfors, Jan Toporowski

    Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review


    This chapter examines the impact that the monetary policy of the Bank of Japan has had on the international money markets through foreign exchange swaps. The chapter considers the fundamental difference between foreign exchange swaps as derivative instruments, and as money market instruments. It argues that the swaps are essentially money market instruments that are replacing the official money market. A conclusion looks at some of the implications for monetary policy of this structural change in the international money markets.
    Original languageEnglish
    Title of host publicationUnconventional Monetary Policy and Financial Stability
    Subtitle of host publicationThe Case of Japan
    EditorsAlexis Stenfors, Jan Toporowski
    ISBN (Electronic)9780429032479
    ISBN (Print)9780367145958
    Publication statusPublished - 14 Jul 2020


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