RBA Annual Conference – 1992 Table
| M1 | M1′ | M1′+CDs | M2 | M2+CDs | M3+CDs | Broadly-Defined Liquidity | C0 | C1 | C2 | C3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes: All variables are year-to-year changes; M1 =
Cash currency in circulation + deposit money; M1′ = M1 + Quasi-money of private corporations; M1′ + CDs =MV + Certificates of deposit of private corporations; M2 = M1 + Quasi money; M2 + CDs = M2 + Certificates of deposit; M3 + CDs = M2 + CDs + Deposits (including CDs) of Post Offices and Agricultural Cooperatives, Fishery Cooperatives, Credit Cooperatives, Labor Credit Associations + Money Trusts and Loan Trusts of all Banks; Broadly defined liquidity = M3 + CDs + Bonds with repurchase agreement + Bank debentures + Government bonds + Investment trusts + Money deposited other than money in trust + Foreign bonds; C0 = Lendings of All Banks on a domestic basis (including trust accounts); C1 = C0 + Lendings of Shinkin Banks, The Norin chukin Bank, The Shoko Chukin Bank, Credit Federations of Agricultural Cooperatives, Credit Federations of Fishery Cooperatives, Foreign Banks, Government Financial Institutions†, and Other Financial Institutions†; C2 = Outstanding of domestic fund procurement by corporate business and personal sectors; C3 = C2 + Outstanding of domestic fund procurement by public sector; (−X) indicates maximum cross correlation is attained when ‘Money’ leads ‘inflation’ by X quarters. * Government Financial Institutions include Japan Development Bank, Export Import Bank of Japan, The Housing Loan Corporation, Hokkaido and Tohoku Development Corporation, The Japan Finance Corporation for Municipal Enterprises, The Small Business Finance Corporation, The People's Finance Corporation, and The Agriculture, Forestry and Fisheries Finance Corporation. † Other Financial Institutions include Life Insurances, Non Life Insurances, Credit Cooperatives, and Labor Credit Associations. Sources: Bank of Japan, ‘Economic Statistics Monthly’; Japan Real Estate Institute, ‘Urban Land Price Index’. |
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| WPI | (−4)0.90 | (−4)0.83 | (−4)0.83 | (−5)0.89 | (−5)0.89 | (−5)0.88 | (−5)0.86 | (−4)0.83 | (−4)0.81 | (−4)0.93 | (−4)0.88 |
| CPI | (−5)0.91 | (−6)0.81 | (−6)0.81 | (−6)0.89 | (−6)0.89 | (−5)0.91 | (−6)0.85 | (−6)0.93 | (−5)0.92 | (−5)0.92 | (−5)0.91 |
| GNP Deflator | (−5)0.91 | (−5)0.86 | (−5)0.86 | (−6)0.94 | (−6)0.94 | (−5)0.94 | (−5)0.90 | (−5)0.94 | (−5)0.93 | (−5)0.92 | (−5)0.95 |
| Nominal GNP | (−4)0.85 | (−4)0.90 | (−4)0.90 | (−5)0.93 | (−5)0.93 | (−4)0.91 | (−4)0.91 | (−4)0.94 | (−3)0.93 | (−3)0.91 | (−4)0.89 |
| Equity Prices | (+2)0.83 | (−2)0.86 | (+2)0.86 | (+1)0.84 | (+1)0.84 | (+1)0.67 | (+1)0.85 | (+2)0.78 | (+2)0.74 | (+2)0.68 | (+2)0.72 |
| Land Prices | (−2)0.79 | (−2)0.87 | (−2)0.87 | (−2)0.86 | (−2)0.86 | (−2)0.81 | (−2)0.89 | (−2)0.83 | (−2)0.75 | (0)0.68 | (−2)0.75 |
| WPI | (−11)0.67 | (−11)0.66 | (−11)0.58 | (−11)0.74 | (−10)0.67 | (−4)0.57 | (−3)0.35 | (−13)0.37 | (−3)0.54 | (−8)0.64 | (−3)0.60 |
| CPI | (−12)0.61 | (−11)0.61 | (−11)0.56 | (−12)0.81 | (−12)0.72 | (−8)0.65 | (−5).0.51 | (−14)0.31 | (−8)0.67 | (−8)0.63 | (−4)0.77 |
| GNP Deflator | (−12)0.39 | (−11)0.39 | (−10)0.37 | (−10)0.42 | (−9)0.50 | (−10)0.58 | (−3)0.37 | (−11)−0.03 | (−8)0.67 | (−9)0.51 | (−4)0.63 |
| Nominal GNP | (−10)0.68 | (−10)0.67 | (−9)0.65 | (−2)0.19 | (−3)0.30 | (−3)0.28 | (−2)0.24 | (−11)0.54 | (−1)0.48 | (−4)0.45 | (−3)0.41 |
| Equity Prices | (−2)0.41 | (+3)0.80 | (+2)0.82 | (+4)0.78 | (+3)0.80 | (+3)0.64 | (+2)0.61 | (+3)0.83 | (+4)0.59 | (+3)0.63 | (+2)0.25 |
| Land Prices | (−6)0.60 | (−2)0.80 | (−2)0.76 | (0)0.85 | (0)0.76 | (0)0.59 | (0)0.35 | (−2)0.64 | (0)0.65 | (0)0.84 | (0)0.15 |