nih, di jepun udah pake zero interest buat obligasinya, dan ndak ngefek buat kebijakan kontrol devisanya ....
=== http://www.boj.or.jp/en/type/ronbun/ron/wps/wp05e06.htm The Effects of the Bank of Japan's Zero Interest Rate Commitment and Quantitative Monetary Easing on the Yield Curve: A Macro-Finance Approach * April 2005 Nobuyuki Oda** Kazuo Ueda*** *Abstract* This paper provides an empirical investigation of monetary policy in Japan in the zero interest rate environment that has held sway since 1999. In particular, we focus on the effects of the zero interest rate commitment and of quantitative monetary easing on medium- to long-term interest rates in Japan. In the study we apply a version of the macro-finance approach, involving a combination of estimation of a structural macro-model and calibration of time-variant parameters to the yield curve observed in the market. This enables us to decompose interest rates into expectations and risk premium components and simultaneously to extract the market's perception of the Bank of Japan's (BOJ's) willingness to carry on its zero interest rate policy. In the analysis we make clear the counterfactual policy that would have been practiced in the absence of the actual policies followed by the BOJ since 1999. From this analysis, we tentatively conclude that the BOJ's monetary policy since 1999 has functioned mainly through the zero interest rate commitment, which has led to declines in medium- to long-term interest rates. We also find some evidence that, up until the end of 2003, raising the reserve target may have been perceived as a signal indicating the BOJ's accommodative policy stance although the size of the effect is not large. The portfolio rebalancing effect -- either by the BOJ's supplying ample liquidity or by its purchases of long-term government bonds -- has not been found to be significant. === malah menerapkan suku bunga kembali, dianggap perlu ketika ekonomi sudah sehat. gimana nih ? kalau resep ekonomi islam dianggap bagus, ngapain mereka balik ke riba lagi ? kan aneh ... :p pak ugi suharto harus berdakwah di depan board nya pasar modal jepun nih ... [eh, udah ada toshihiko isutsi yg agen HT di jepun ding .] === http://www.fpcj.jp/e/mres/japanbrief/jb_650.html Zero-Interest Rate Policy Ended in Japan Taken as Evidence of Recovery of Economic Health [Economy] July 16 , 2006 On 12/19/06, imuchtarom <[EMAIL PROTECTED]> wrote: > > > > Waa, lha yang ditampilkan kebetulan kasus > bisnis yang 'sial'. Ya mungkin detail teknis > nya yang salah. Bukankah lembaga-2 keuangan > Islam di tempat lain banyak juga yang sukses. > > One should use some statistics to give more > comprehensive evaluation about the performance > of banks implementing the principles of > Islamic Finance? > > Kalo di Asia Tenggara, nampaknya Malaysia > yang paling maju Islamic Finance Institutions- > nya. Beberapa bank barat juga sudah banyak yang > tertarik masuk ke bisnis ini. If they think > this kind of business doesn't make any sense, > they wouldn't have entered this business in > the first place. > > If you let some bias "embedded" in your *mindset* > you could also be trapped in subjective judgments. > > ----( IM )---------------------------- > > > --- In "Ari Condro" <[EMAIL PROTECTED]> wrote: > > > > Hebat Thailand bikin kebijakan deposito tanpa bunga > > > > pasar modal langsung ambruk > > dan pasar modal di indonesia ikut ambruk ... > > padahal thailand kan bersikap islami :D > > > > gimana nih, aturan Islami diterapkan, > > kok ekonomi malah gunjang ganjing. > > Ya Allah, tunjukkanlah kuasa-Mu .... > > > > > [Non-text portions of this message have been removed]
