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Between 2007 until 2015, the PBOC introduced green window guidance targets in order to discourage banks to lend to carbon-intensive and polluting activities. In 2021, the PBOC introduced a dedicated green lending facility (CERF) aimed at encouraging banks to issue more green lending at a preferential
138:"While window guidance in Japan similarly played a major role in monetary policy in the past, financial liberalization in the 1980s gradually undermined its effectiveness because liberalization led to the expansion of various financial intermediary channels unrestrained by window guidance."
106:
during the 1960s, the Bank of Japan was given "full control" of the monetary instruments in the economy and was fully responsible for the swings in the business cycle during the 1960s to 1970s period. This, combined with strict
166:(PBOC) adopted window guidance in the early 1990s to ensure the profitability of the commercial banks within the Chinese financial system. Window guidance has recently been used as a tool to slow the expansion of credit in the
174:. In a similar manner to Japan, liberalization of capital controls has led to a decline in the effectiveness of window guidance, resulting in the exponential growth of credit and asset instability. In the recent
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46:. Window guidance typically involves the use of benevolent compulsion in order to regulate the supply of credit as a way to achieve policy targets such as sustainability. Window guidance involves the use of
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62:, although similar policies have been widely used in the post WWII era in other Asian countries, as well as Western European countries (France, UK, Belgium, Germany) and Canada.
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431:"The premise of Japan's 'bubble economy' from the 1960s to the 1980s: Why could not regulatory authorities stop financial institutions from collapsing?"
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suppressing the private sector's ability to issue corporate bonds, gave the Bank of Japan a substantial amount of influence in the bond market.
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Window guidance originated as a way for the
Japanese government to finance Japanese rebuilding efforts during the early stages of the
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in Japan was completely liberalized, resulting in a dramatic rise in the number of foreign currency bonds issued. During the
208:"Out of the window? Green monetary policy in China: window guidance and the promotion of sustainable lending and investment"
147:
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into the Bank of Japan's instruments and allowing for greater flexibility in the regulation of the money supply. During
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Credit where itβs due: A historical, theoretical and empirical review of credit guidance policies in the 20th century.
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or regulate the volume of credit in an industry or financial sector. Window guidance is often associated with the
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235:"From Window Guidance to Interbank Rates: Tracing the Transition of Monetary Policy in Japan and China"
178:, the People's Bank of China has attempted to use window guidance in order to support lending amidst a
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103:
39:
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130:, the Bank of Japan strengthened its window guidance on bank lending in an attempt to tame surging
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of 1985, and the creation of a bilateral trade agreement with the United States. By the Mid 1980s,
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UCL Institute for
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as part of the revision of the
Foreign Exchange Control Law in 1980, the signing of the
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took control over the Bank of Japan's administration, embedding
Japanese government
146:, caused the Bank of Japan to transition from window guidance to other less direct
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35:
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Princes of the Yen: Japan's
Central Bankers and the Transformation of the Economy
329:
Princes of the Yen: Japan's
Central Bankers and the Transformation of the Economy
234:
16:
Policy instrument used to regulate the supply of credit in a targeted industry
497:"INSTRUMENTS OF MONETARY POLICY IN CHINA AND THEIR EFFECTIVENESS: 1994β2006"
519:"An Economic Bubble? Chinese Policy Adapts to Rapidly Changing Conditions"
405:"The Japanese Banking Crisis: Where Did It Come From and How Will It End?"
51:
285:
Bezemer, D., Ryan-Collins, J., van Lerven, F. and Zhang, L. (2018).
114:
This control, however, was eroded during the liberalization of the
212:
Grantham
Research Institute on climate change and the environment
142:
The subsequent failure to tame asset inflation, and the ensuing
257:"Window guidance by the Bank of Japan: was lending controlled"
566:"China Urges Banks to Boost Lending After Slow Start to 2022"
454:"Effectiveness of Window Guidance and Financial Environment"
65:
Window guidance is often criticized for causing inefficient
384:"Bubbles in Japan's Stock Market: A Macroeconomic Analysis"
50:
instruments including lending quotas as an informal way to
34:, is an informal policy instrument used to regulate the
539:
Netherl, AuthorHugo Erken RaboResearch; s; Economics.
504:United Nations Conference on Trade and Development
304:"How Do Asian Central Banks Distort And Destroy?"
255:Rhodes, James R.; Yoshino, Naoyuki (1999-04-01).
541:"How serious is China's housing market bubble?"
475:"Japan's Monetary Policy Transition, 1955β2004"
242:National Graduate Institute for Policy Studies
8:
90:. Under the Bank of Japan Law of 1958, the
616:, 10 November. (Accessed: 21 May 2024).
176:2020β2022 Chinese property sector crisis
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134:. However, as the Bank of Japan notes,
69:allocation as well as being a form of
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610:PBoC launches targeted green lending
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564:News, Bloomberg (21 January 2022).
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545:RaboResearch β Economic Research
356:. M.E. Sharpe. pp. 68, 69.
412:NBER Macroeconomics Annual 1999
1:
482:Research Papers in Economics
435:Sumitomo Historical Archives
261:Contemporary Economic Policy
206:Volz, Ulrich; Dikau, Simon.
148:expansionary monetary policy
331:. M.E. Sharpe. p. 67.
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124:foreign direct investment
88:Japanese economic miracle
60:Japanese economic miracle
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526:China Leadership Monitor
352:Werner, Richard (2003).
327:Werner, Richard (2003).
168:Chinese property bubble
116:foreign exchange market
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150:instruments including
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128:Japanese Asset Bubble
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461:Bank of Japan Review
104:income doubling plan
152:quantitative easing
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645:Credit management
517:Naughton, Barry.
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382:Lincoln, Edward.
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313:2022-04-18
217:2022-04-18
190:References
52:subsidize
624:See also
584:cite web
506:: 12β14.
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