講演題目：Analyzing the Productivity Change and Quantitative Easing in the Japanese Banking Industry
講演概要：Quantitative easing (QE) policy has been introduced by central banks around the world after the financial crisis in 2008. Under the QE policy, banks play an important intermediary role in the transmission of the policy effects on the economy through the two potential channels, that is, the credit channel and the portfolio rebalancing channel. Moreover, QE policy could change the bank’s risk preference or asset allocation, and it also could have an influence on the bank’s performance itself. In this study, we investigate the bank’s productivity change that causes to be brought by changing the managerial decision that responded to the QE policy. Applying Russel weighted directional distance function model and Luenberger productivity index for the Japanese regional bank sample, we show that the banks had improved their productivity by increasing securities in the first QE policy which was started from 2001 to 2005. This result implies that the portfolio rebalancing channel had been working effectively on the bank’s asset allocation in the first QE policy. On the other hand, we also find that the second QE policy which has been launched in 2013 does not have a significant contribution to improve the bank’s productivity.
