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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."

"ABSTRAKPerdebatan tentang bail out untuk menyelamatkan bank kembali muncul sejak krisis keuangan global 2007-2008. Amerika mengeluarkan dana talangan lebih dari 475 miliar dolar, terbesar dalam sejarah. Beberapa pihak menganggap talangan itu berhasil dan beberapa dianggap gagal dan tidak konstitusional karena mereka menyediakan dana perpajakan ke sektor swasta. Di Indonesia hal serupa muncul setelah keluarnya bail out untuk bank Century sampai akhirnya protokol krisis Indonesia tidak lagi menggunakan jaminan sehingga pembaharuan rezim harus diperiksa kembali apakah layak atau tidak. Peneliti menggunakan pengujian sensitivitas dinamis dan metode CoVaR untuk melihat dampak sistemik dan persyaratan modal jika terjadi skenario buruk dalam perekonomian. Peneliti hanya menghitung aset LPS sebagai penjamin karena mayoritas pemegang saham modal dan kontribusi industri perbankan yang menjadi sumber daya dalam mekanisme bail in sulit diukur dengan andal. Dengan demikian peneliti menemukan bahwa dengan skenario optimis, LPS sendiri masih dapat menangani skenario base case dan skenario adverse. Namun tidak lagi bisa menangani saat skenario bergeser menjadi severely adverse atau skenario dengan kondisi krisis 1998.

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ABSTRAKIndonesia has been implementing the no bail out mechanism as part of its protocol to rescue bank problem mainly for systemically important bank. It is utterly important to perform a simulation test to check the feasibility of this newly implemented policy. This research uses dynamic stress testing and CoVaR methods to see the systemic impact and capital requirements in the event of an economic downturn and normal condition. The guarantee proxy is limited to Indonesian Deposit Insurance Corporation LPS asset only due to lack of majority shareholder capital and bank contribution in bail in mechanism data availability . The result shows that with under the optimistic scenario, LPS asset is sufficient to cover the cost of bank rescue. However, under the pessimistic scenario, the cost is beyond LPS capability. Hence no bail out mechanism can only be working properly under normal condition but not in severely adverse condition. "

"Penelitian yang dibahas dalam tulisan ini ditujukan untuk menjelaskan alasan dan penilaian Mahathir Mohamad memilih untuk menerapkan kembali kebijakan new economic policy dalam upaya mengatasi dampak krisis finansial Asia tahun 1997, dan menolak secara tegas paket bantuan yang ditawarkan oleh International Monetary Fund dan Bank Dunia. Alasan Mahathir Mohamad dapat dijelaskan secara rasional melalui penilaian-penilaian terhadap konsekuensi yang akan didatangkan dari kebijakan alternatif yang akan diterapkan. Pilihan tersebut memberikan dampak pada pembangunan ekonomi dan politik di Malaysia.Dengan menggunakan teori pilihan rasional karya Raymond Boudon, dan konsep experience & decision Value milik Kahneman dan Tversky, tulisan ini berusaha untuk mengidentifikasi karakteristik pilihan rasional dalam pengambilan kebijakan publik yang berkembang di Malaysia. Hal ini diindikasikan melalui kebijakan yang diambil oleh pemerintah Malaysia didasarkan pada kebijakan-kebijakan ekonomi politik yang dijalankan sebelumnya, yakni New Economic Policy (1970-1990) dan National Development Policy (1991-1996). Selain itu, Mahathir juga menilai konsekuensi yang akan terjadi, apabila Malaysia menerima paket bantuan IMF, maka akan terjadi liberalisasi pasar dan intervensi asing serta merusak tatanan ekonomi dan politik Malaysia yang telah dibangun selama ini.

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The research discussed in this article is intended to explain the reason and judgment Mahathir Mohamad chose to reimplement new economic policy in an effort to overcome the impact of the Asian financial crisis of 1997, and explicitly reject the aid package offered by International Monetary Fund and the World Bank. Mahathir Mohamad reason can be explained in a rational way through assessments of the consequences that will come from alternative policies that will be applied. The options have an impact on economic and political development in Malaysia.Using the theory of rational choice by Raymond Boudon, and the concept of experience value and decision value by Value Kahneman and Tversky, this paper seeks to identify the characteristics of rational choice in developing public policy in Malaysia. This is indicated by measures taken by the Malaysian government is based on political economic policies that run before, the new economic policy (1970-1990) and national development policy (1991-1996). Moreover, Mahathir also assess the consequences will be if Malaysia receive IMF aid package, there will be liberalization of markets, foreign intervention and undermine economic & political order Malaysia that have built over the years."

"This paper assesses the effectiveness of financial depth and financial inclusion in the mitigation of output volatility during the 2008-2010 Global Financial Crisis. The paper also evaluates whether finance is more effective in countries with more developed financial systems, higher levels of economic developments, sounder banking systems, and better political stability. Employing a cross-sectional dataset covering more than 100 countries, our results indicate the ability of finance in subduing output volatility during the crisis. Our evidence is also concrete in suggesting the success of finance in reducing output volatility in more financially developed, advanced, and politically stable countries. However, the evidence is unclear on whether finance is beneficial for countries characterized by low, intermediate, or high banking stability. In addition to these findings, the preponderance of evidence tends to suggest the better ability of financial usage as compared to financial access in mitigating aggregate fluctuations during the crisis. Finally, our additional analysis reveals that finance functions well in stabilizing output when output volatility is high."