Nobuyuki Oda

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BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. the BIS held a conference on " Understanding Low Inflation and(More)
When a bank is a relationship lender, its financial health affects the access to credit of its borrowers. If bank regulators or uninsured private depositors might force a bank to close, it will take any action necessary to remain open. This can lead to inefficient and excessive foreclosure of the bank's relationship-based loans to viable borrowers, or(More)
This paper examines issues surrounding monetary policy under zero interest rates based on one and a half year's experience in Japan. After reviewing the market development in Japan, it summarizes the transmission mechanism of monetary policy under zero nominal interest rates, and considers what would be the likely policy options if a central bank were to(More)
W hen a nation's banks experience major losses, depositors, the markets , and regulators respond. The market responds by making it difficult for the bank to raise funds. Depositors may rush to withdraw funds from the banks. The regulators respond by closing banks, guaranteeing their liabilities, or recapitalizing them. One or more of these outcomes is(More)
paper proposes a new framework for the quantitative evaluation of the credit risk of a portfolio by extending the concept of value at risk. In practice, the risk evaluation period is set individually for each transaction in the portfolio and a simulation is carried out on the movements of default probabilities, interest rates, and collateral asset prices as(More)
Approximately 25-40% of patients with lung cancer show bone metastasis. Bone modifying agents reduce skeletal-related events (SREs), but they do not significantly improve overall survival. Therefore, novel therapeutic approaches are urgently required. In this study, we investigated the anti-tumor effect of TAS-115, a VEGFRs and HGF receptor (MET)-targeted(More)
Some properties of minimal closed sets and maximal closed sets are obtained, which are dual concepts of maximal open sets and minimal open sets, respectively. Common properties of minimal closed sets and minimal open sets are clarified; similarly, common properties of maximal closed sets and maximal open sets are obtained. Moreover, interrelations of these(More)
  • Masahiro Fukuhara, Yasufumi Saruwatari, C P O Box, Tokyo, Naoki Makimoto, Rechard Meese +5 others
  • 2002
The objective of this paper is to analyze short-term contagion effects in emerging currency markets. The originality of our paper lies in our survey used to present the microstructure of emerging currency markets and our empirical approach to contagion analysis through an estimation of tail dependence between pair currencies employing multivariate extreme(More)