著者

北野 友士

出版者

桃山学院大学

雑誌

桃山学院大学経済経営論集 = ST.ANDREW'S UNIVERSITY ECONOMIC AND BUSINESS REVIEW (ISSN:02869721)

巻号頁・発行日

vol.60, no.1, pp.47-64, 2018-07-30

---

A central bank’s forward guidance is an important instrument as anunconventional monetary policy. If households and businesses form aninflation expectation along with the guidance, they could appropriatelyallocate resources along a time axis. However, as is known, the public doesnot always act in an economically rational manner, because of status quobias or other factors. In other words, a communication strategy by acentral bank should consider the public’s financial literacy or capability.Thus, this paper reviews the current status of and issues concerning thecommunication strategy of the Bank of England, because the Bank alreadyuses forward guidance and has several outreach programs. Theimplications of the Bank’s efforts can be summarized by two key points.First, forward guidance in the UK is considered to work as a tool for“price-level targeting.” Second, as part of its communication strategy, theBank has recently been trying to engage in layered “communication,”“conversation” with the public, and “education” in schools. This recognizesthe importance of “understanding” and “trust” from the public in order forcentral banks to maintain price stability.

著者

北野 友士

出版者

桃山学院大学総合研究所

雑誌

桃山学院大学経済経営論集 = ST.ANDREW'S UNIVERSITY ECONOMIC AND BUSINESS REVIEW (ISSN:02869721)

巻号頁・発行日

vol.61, no.4, pp.141-166, 2020-03-10

---

Recently, financial education is being encouraged in Japan. However inother countries, various types of educational programs for financial literacyhave been developed for some time now. For example, the Bank ofEngland has been making efforts for improving communication strategiesregarding public financial literacy. On the other hand, the OECD or WorldBank has recognized the importance of financial literacy amongst SMEs’managers. Thus, this paper examines the effect of improvement of personalfinancial literacy on monetary policy, and the relationship between themanagers’ financial literacy and the SMEs’ performance.The author has conducted two types of research. One is a questionnairefor 627 students from 5 universities. The questionnaire consists of afinancial literacy survey and questions about expectations on economy andinflation in the near future. According to the research, the improvement ofpersonal financial literacy could encourage the public to understand theBank of Japan’s view of future economy and inflation. In addition, simplifiedillustrations like the BOE’s “visual summary” could help financially illiteratepeople understand the BOJ’s views and policy.The other one is a survey for 3,000 managers of SMEs about theirfinancial literacy and business performance. Based on this survey, themanagers who maintain and understand positive capital ratio or have amedium range management plan, tend to run their business well.Understanding the capital ratio or making their management plan relatesto financial literacy. In addition, respondents who have joined seminars forentrepreneurs tend to be interested in their capital ratio and mediumrange management plan. In other words, financial training programs forthe SME managers would indeed improve their performance.The conclusion is that the improvement of individual or managers’financial literary could have positive effects on monetary policy andfinancial systems. However, the potential of the effect of financial educationmay have been demonstrated by following research.

著者

北野 友士

出版者

大阪市立大学経営学会

雑誌

経営研究 (ISSN:04515986)

巻号頁・発行日

vol.58, no.3, pp.55-73, 2007-11