{"@context":{"@vocab":"https://cir.nii.ac.jp/schema/1.0/","rdfs":"http://www.w3.org/2000/01/rdf-schema#","dc":"http://purl.org/dc/elements/1.1/","dcterms":"http://purl.org/dc/terms/","foaf":"http://xmlns.com/foaf/0.1/","prism":"http://prismstandard.org/namespaces/basic/2.0/","cinii":"http://ci.nii.ac.jp/ns/1.0/","datacite":"https://schema.datacite.org/meta/kernel-4/","ndl":"http://ndl.go.jp/dcndl/terms/","jpcoar":"https://github.com/JPCOAR/schema/blob/master/2.0/"},"@id":"https://cir.nii.ac.jp/crid/1360861704761090432.json","@type":"Article","productIdentifier":[{"identifier":{"@type":"DOI","@value":"10.1016/j.eap.2022.06.007"}},{"identifier":{"@type":"URI","@value":"https://api.elsevier.com/content/article/PII:S0313592622000935?httpAccept=text/xml"}},{"identifier":{"@type":"URI","@value":"https://api.elsevier.com/content/article/PII:S0313592622000935?httpAccept=text/plain"}},{"identifier":{"@type":"DOI","@value":"10.2139/ssrn.3968760"}}],"resourceType":"学術雑誌論文(journal article)","dc:title":[{"@value":"Counteracting large-scale asset purchase program: The Bank of Japan’s ETF purchases and securities lending"}],"description":[{"notation":[{"@value":"This study investigates the impact of the Bank of Japan’s (BOJ) exchange traded fund (ETF) purchasing program on the stock lending market. In particular, we focus on the fact that stocks held by ETF managers for the BOJ are lendable to other investors in order for them to make a short position in stock market. Using individual stock level data, we show that expansions of the ETF purchase program have substantially increased the supply of stocks in the lending market by changing the behavior of stock holders as the BOJ is expected to be a “buy-and-hold” type of investor. This result implies that such an active stock lending market would help to reduce the side-effects of the ETF program whereas the squeezing effect of the program on supply-demand balance in spot stock markets is mitigated."}]}],"creator":[{"@id":"https://cir.nii.ac.jp/crid/1380861704761090433","@type":"Researcher","foaf:name":[{"@value":"Kou Maeda"}]},{"@id":"https://cir.nii.ac.jp/crid/1420282801196644992","@type":"Researcher","personIdentifier":[{"@type":"KAKEN_RESEARCHERS","@value":"30822217"},{"@type":"NRID","@value":"1000030822217"},{"@type":"NRID","@value":"9000402134862"},{"@type":"NRID","@value":"9000408436299"},{"@type":"NRID","@value":"9000414217479"},{"@type":"NRID","@value":"9000016972859"},{"@type":"RESEARCHMAP","@value":"https://researchmap.jp/junnosuke_shino"}],"foaf:name":[{"@value":"Junnosuke Shino"}]},{"@id":"https://cir.nii.ac.jp/crid/1380861704761090561","@type":"Researcher","foaf:name":[{"@value":"Koji Takahashi"}]}],"publication":{"publicationIdentifier":[{"@type":"PISSN","@value":"03135926"},{"@type":"EISSN","@value":"15565068"}],"prism:publicationName":[{"@value":"Economic Analysis and Policy"}],"dc:publisher":[{"@value":"Elsevier BV"}],"prism:publicationDate":"2022-09","prism:volume":"75","prism:startingPage":"563","prism:endingPage":"576"},"reviewed":"false","dc:rights":["https://www.elsevier.com/tdm/userlicense/1.0/","https://www.elsevier.com/legal/tdmrep-license","http://www.elsevier.com/open-access/userlicense/1.0/"],"url":[{"@id":"https://api.elsevier.com/content/article/PII:S0313592622000935?httpAccept=text/xml"},{"@id":"https://api.elsevier.com/content/article/PII:S0313592622000935?httpAccept=text/plain"}],"createdAt":"2022-06-14","modifiedAt":"2025-10-06","project":[{"@id":"https://cir.nii.ac.jp/crid/1040000782016307968","@type":"Project","projectIdentifier":[{"@type":"KAKEN","@value":"19K01743"},{"@type":"JGN","@value":"JP19K01743"},{"@type":"URI","@value":"https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-19K01743/"}],"notation":[{"@language":"ja","@value":"近年の金融面の各種施策を受けた金融市場の構造変化：理論・実証・実験アプローチ"},{"@language":"en","@value":"Structural changes in the Japanese financial market and the effects of monetary and other policies: theoretical, empirical and experimental approach."}]},{"@id":"https://cir.nii.ac.jp/crid/1040573407542256640","@type":"Project","projectIdentifier":[{"@type":"KAKEN","@value":"22K01584"},{"@type":"JGN","@value":"JP22K01584"},{"@type":"URI","@value":"https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-22K01584/"}],"notation":[{"@language":"ja","@value":"本邦株式市場における近年の市場構造と投資家行動の変化：金融面の各種施策の影響"}]}],"relatedProduct":[{"@id":"https://cir.nii.ac.jp/crid/1360004232106939008","@type":"Article","resourceType":"学術雑誌論文(journal article)","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"Effects of the Bank of Japan’s current quantitative and qualitative easing"}]},{"@id":"https://cir.nii.ac.jp/crid/1360016867496478720","@type":"Article","relationType":["references"],"jpcoar:relatedTitle":[{"@value":"The BOJ's ETF purchases and its effects on Nikkei 225 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