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"Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools.Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets.This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy."

"Upaya pembentukan integrasi moneter di kawasan Asia Timur dan Tenggara terlahir dari sebuah kerjasama moneter dan integrasi finansial yang sedang berjalan. Akan tetapi, hal tersebut mendapat perdebatan. Ada pandangan yang setuju terhadap pembentukan integrasi tersebut dengan alasan untuk menciptakan stabilitas moneter dan finansial. Hal itu didukung dengan progresifnya kerjasama moneter yang terus berkembang dan pengurangan disparitas ekonomi melalui kerjasama finansial dan perdagangan. Tetapi, alasan tersebut mendapat tantangan bahwa kawasan Asia Timur dan Tenggara masih terlalu jauh untuk menciptakan integrasi moneter. Hal tersebut berkaca dari karateristik integrasi moneter seperti reserves pooling dan koordinasi moneter belum dimiliki oleh negara-negara di kawasan Asia Timur dan Tenggara.

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The efforts to establish a regional monetary integration in East and Southeast Asia was born from a monetary cooperation and financial integration. However, it got the debate. There are optimism views to the establishment of the integration. The reasons are to create monetary and financial stability. These view is supported by progressivity of monetary cooperation that always continue to grow and the reduction of economic disparity through financial cooperation and trade. However, that views being challenged that East and Southeast Asia is still too far away to create monetary integration. It is because the characteristics of monetary integration such reserves pooling and monetary coordination not owned by the countries in East and Southeast Asia.

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"Tulisan ini bertujuan untuk memperluas cakupan penelitian dan menetapkan hubungan antara transisi demografi dan efektivitas kebijakan moneter dengan membuat model teoretis sederhana dan melakukan studi empiris terhadap data tingkat provinsi di Indonesia dari tahun 2007 hingga 2013. Model teoretis menunjukkan bahwa efektivitas kebijakan moneter, diukur dengan elastisitas dari respons pasar kredit konsumen terhadap perubahan suku bunga, terhadap tingkat usia median mengikuti kurva U. Terdapat indikasi bahwa data empiris mengikuti hipotesis, dengan hasil uji statistik yang signifikan. Namun demikian, diperlukan penelitian lebih lanjut menggunakan data dari perekonomian lainnya dengan periode yang lebih panjang untuk menegaskan hubungan antar variabel dalam penelitian ini.

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This paper aims to extend the research and establish general relationship between demographic transition and effectiveness of monetary policy by constructing simple theoretical model and conducting empirical study on Indonesian provincial data between 2007 and 2013. The constructed theoretical model shows that monetary policy effectiveness, measured by interest rate elasticity of consumer credit, follows U-shape curve with respect to median age level. There are indications that empirical data statistically confirms the hypothesis. However, further researches in other economies with longer panel data are needed to strongly confirm this relationship."