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1 BIS FRB BIS BIS FRB QE QE

2 -February FRB BIS IMF BIS Spillover Spillovers BIS IMF EMEs

3 GDP GDP GDP BIS, 83rd Annual Report, June 2013, p.14 Ibid., p.14.

4 -February ) ) GDP 2OECD Ibid., p.40 BIS BIS , , 98

5 BIS GDP GDP FRB QE ECB GDP FRB FRB QE 1 p.17 p.69.

6 -February FRB, CLBS Report, Overview, Aug. 2012, Fig 1 QEQEQE QE All Liquidity Facilities FRB FRB MBSQE QE MBS GDP FRB FRB V

7 Mckinsey Global Institute GDP McKinsey Global Institute

8 -February M p.20

9 p.18 FRB

10 -February BIS

11 BIS, Quarterly Review, March 2013, p.12 BISIMF Spillovers Spillovers NY

12 -February

13 QE BIS IMF FRB SCB ,616-4,495-4,577-4, ,106-6,502-7,441-7,415 50,63-7, , ,179-9,157-3,328-1, ,652 9,356 7,152 1, ,803 3,983 2,538 3, , Survey of Current Business, July 2013, Table 1

14 -February BIS, IMF SCB LA SCB LA SCBSCB SCB -,,,,, EU -,,, -,, -,,,,, -,,, - - LA -, -, LA -,, -, -, -,,, -, -,,, -,, -, - -,,, -,, ,,,, -,,,,, SCB SCB EU S.C.B Table

15 SCB LA SCB LA spillover LA LA SCB50SCB SCB55-5,919 8,346 10,925 2,427 5,006-3,785 4,036 4, ,404 3,625 3,625 1,221 1, , ,534 LA , ,329 LA -2, ,196-1, , ,589 1,

16 -February LA LA CIS IMF IFS LA

17 Spillovers IMF CIS LA CIS SCB SCB SCB

18 -February CIS LA IMF, World Economic Outlook, Oct. 2013, p.174april 2013, p.164 SCB IMF CIS

19 SCB

20 -February ,157-3,328-1,783-14,268 9,356 7,152 1,500 18, , , ,068 2,159 3, ,941 2,903-3, ,127 5, ,866-4,743 2,503 3,726 1,486 2,244 2,197-3, ,499 4, , ,754 2,200 3, ,620 2,963-4,269 1,314-2,134 5, ,307-4,351 2,897 3,801 2,347 2,723 2,070-3, ,628 4, , , ,403-5,528-5,331-15,262 6,736 4,189 5,768 16,693 2,333-1, ,431-3,011-4,090-3,883-10,984 2,059 2,302 1,664 6, ,788-2,219-4,959-1,391-1,438-1,448-4,277 4,393 1,336 3,533 9,262 3, ,085 4, , ,405 1SCB 50 2SCB S.C.B., 7 Table 911 b+b=m+md+xb b mm d X d bb m+m X d bb

21 FRB FOMC BIS BIS FRB FRB

22 -February FOMC FOMC BIS BIS, 83rd Annual Report, pp.-. Ibid.,p.. Ibid.,pp.-. IMF, World Economic Outlook, Oct., pp.-. QE BIS

23 BIS, op.cit., p.. Ibid., p.. BIS p. Ibid., p.. Ibid., pp. SCB SCB IMF IFS IMF ECB, Monthly Bulletin, Oct. p.s

24 -February BIS,op.cit., p.. Ibid., p.. Ibid., p..

25 Unconventional Monetary Policies Employed by Major Central Banks and New International Credits Since the Lehman shock in 2008, major central banks have taken the unconventional monetary policies of lowering the policy rate to zero and expanding their balance sheets. On the other hand, their monetary policies in advanced countries have had significant financial effects on emerging market economies (EMEs). The substantial fall of rates in advanced economies encouraged capital flows to EMEs and new international credit chains between advanced countries and EMEs have been built since Another effect was upward pressure on the currencies of EMEs. But immediately after Japans prime minister nominated the new governor of the Bank of Japan, BIS cautioned in its 83rd Annual Report that unconventional monetary policies could not solve the stagnation that advanced countries have been suffering since Monetary stimulus alone, BIS report continued, cannot provide the answer because the roots of the problem are not monetary. The main subjects of this paper are an analysis of how the unconventional monetary policies have built new international credit chains and an examination of the sustainability of these unconventional monetary policies. OKUDA, Hiroshi, Professor, College of International Relations, Ritsumeikan University

26

- March SCB -, -, -, -, -, -, -, -, -, -,,,,,, -, -, -, -,, -,,,, -,,,,,, - -,, -,, Survey of Current Business, July, Table (p. ), Oct, Table (p. ) S.

- March SCB -, -, -, -, -, -, -, -, -, -,,,,,, -, -, -, -,, -,,,, -,,,,,, - -,, -,, Survey of Current Business, July, Table (p. ), Oct, Table (p. ) S. - March SCB -, -, -, -, -, -, -, -, -, -,,,,,, -, -, -, -,, -,,,, -,,,,,, - -,, -,, Survey of Current Business, July, Table (p. ), Oct, Table (p. ) S.C.B. July, Table SCB, -, - - -, -, - -,,,, - Ibid.,

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