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Applied Economics Letters Volume 29, 2022 - Issue 20
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Research Article

Did the bank of Japan’s purchases of exchange-traded funds affect stock prices? A synthetic control approach

Kohei Aonoa Faculty Of Economics, Ritsumeikan University, Shiga, JapanView further author information
,
Hiroshi Gunjib Faculty Of Economics, Daito Bunka University, Tokyo, JapanCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0002-4399-5306View further author information
ORCID Icon &
Hayato Nakatac School Of Economics, Meisei University, Tokyo, JapanView further author information
Pages 1859-1863 | Published online: 04 Aug 2021

References

  • Abadie, A., A. Diamond, and J. Hainmueller. 2010. “Synthetic Control Methods for Comparative Case Studies: Estimating the Effect of California’s Tobacco Control Program.” Journal of the American Statistical Association 105: 493–505. doi:10.1198/jasa.2009.ap08746.
  • Abadie, A., and J. Gardeazabal. 2003. “The Economic Costs of Conflict: A Case Study of the Basque Country.” American Economic Review 93 (1): 113–132. doi:10.1257/000282803321455188.
  • Barbon, A., and V. Gianinazzi. 2019. “Quantitative Easing and Equity Prices: Evidence from the ETF Program of the Bank of Japan.” The Review of Asset Pricing Studies 9 (2): 210–255. doi:10.2139/ssrn.2925198.
  • Charoenwong, B., R. Morck, and Y. Wiwattanakantang. 2021. “Bank of Japan Equity Purchases: The (Non-)effects of Extreme Quantitative Easing.” Review of Finance 25 (3): 713–743. doi:10.1093/rof/rfaa029.
  • Harada, K., and T. Okimoto. 2019. “The BOJ’s ETF Purchases and Its Effects on Nikkei 225 Stocks.” RIETI Discussion Paper Series 19-E-014. Accessed 26 July 2021. https://www.rieti.go.jp/en/publications/summary/19030006.html
  • Kano, T., and K. Wada. 2017. “The First Arrow Hitting the Currency Target: A Long-run Risk Perspective.” Journal of International Money and Finance 74: 337–352. doi:10.1016/j.jimonfin.2017.02.024.
  • Miyao, R., and T. Okimoto. 2020. “Regime Shifts in the Effects of Japan’s Unconventional Monetary Policies.” The Manchester School 88: 749–772. doi:10.1111/manc.12323.

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