TAILIEUCHUNG - Quantitative Easing and Bank Lending: Evidence from Japan

Regardless of which conceptual model we offer users to browse and find the items they want, we still keep the Web’s navigation paradigm, serving information in pages named by URLs. Us- ers can bookmark the pages served by Piggy Bank just like they can any web page. They can use the Back and Forward buttons of their web browsers to traverse their navigation histories, just like they can while browsing the Web. Note that we have only criticized the packaging of information into web pages and web sites in the cases where the user does not have control over that packaging process | Board of Governors of the Federal Reserve System International Finance Discussion Papers Number 1018 June 2011 Quantitative Easing and Bank Lending Evidence from Japan David Bowman Fang Cai Sally Davies and Steven Kamin NOTE International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References to International Finance Discussion Papers other than an acknowledgment that the writer has had access to unpublished material should be cleared with the author or authors. Recent IFDPs are available on the Web at pubs ifdp . This paper can be downloaded without charge from the Social Science Research Network electronic library at . Quantitative Easing and Bank Lending Evidence from Japan David Bowman Fang Cai Sally Davies and Steven Kamin Abstract Prior to the recent financial crisis one of the most prominent examples of unconventional monetary stimulus was Japan s quantitative easing policy QEP . Most analysts agree that QEP did not succeed in stimulating aggregate demand sufficiently to overcome persistent deflation. However it remains unclear whether QEP simply provided little stimulus or whether its positive effects were overwhelmed by the contractionary forces in Japan s post-bubble economy. In the spirit of Kashyap and Stein 2000 and Hosono 2006 this paper uses bank-level data from 2000 to 2009 to examine the effectiveness in promoting bank lending of a key element of QEP the Bank of Japan s injections of liquidity into the interbank market. We identify a robust positive and statistically significant effect of bank liquidity positions on lending suggesting that the expansion of reserves associated with QEP likely boosted the flow of credit. However the overall size of that boost was probably quite small. First the estimated response of lending to liquidity positions in our regressions is small. Second much of the effect of the BOJ s reserve injections on bank liquidity .

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