Toshihiko Fukui (福井 俊彦, Fukui Toshihiko, 7 September 1935)[1] is a Japanese economist and central banker. He was the 29th Governor of the Bank of Japan (BOJ) and a Director of the Bank for International Settlements (BIS). (wikipedia)
Our top priority is to help bring about sustained economic growth, and moving out of deflation is only half way there.
However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.
The increased global linkages promote economic growth in the world through two key mechanisms: the division of labor and the international spillovers of knowledge.
Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years.
Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms.
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research and development.
Market participants share the view that fundamentals are strong.
Rises in prices may not accelerate, but it's unlikely that they will fall back into negative territory once they start rising,
I certainly welcome discussions on how central banks can best contribute to sustained economic growth and sound development of the global economy.
