日本超量化宽松货币政策及效果分析

发布时间：2018-03-11 16:20

本文选题：日本　切入点：超量化宽松货币政策　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：日本是世界上最早提出并进行量化宽松货币政策实践的国家。20世纪80年代末,日本资产泡沫的崩溃导致国内信贷规模的大幅度萎缩,经济开始陷入长期萧条之中。为了扭转这一局面,日本曾不断降低利率,实施低利率政策,随后又推出“零利率政策”。“零利率政策”的实施,使日本经济得到了短暂的复苏,可好景不长,货币政策又面临“流动性陷阱”的困境,经济再度陷入萧条的泥潭之中。而此时,日本在利率政策上也再没有下调的空间,传统货币政策失效。所以在2001年,日本提出了量化宽松货币政策,并在全球范围内进行了首次实践。直至2006年首轮量化宽松货币政策退出时,该政策对日本经济的恢复起到了一定的积极作用。2007年由美国次贷危机引发的全球金融危机的爆发,使日本在面对内忧外患的背景下再一次启用量化宽松货币政策。而后,2012年安倍晋三再次组阁成功,成为日本新一任首相。他一上台便推出了被媒体广泛称之的“安倍经济学”,其中最引人关注的便是大规模的量化宽松货币政策。2013年3月黑田东彦接替白川方明就任日本新一任央行行长,并于同年4月4日,引入“量化和质化货币宽松”概念,再一次扩大了其量化宽松的规模。此时,日本超量化宽松货币政策的实施效果已经受到了全世界的关注。本文是在量化宽松货币政策的理论基础之上,系统地分析了日本超量化宽松货币政策的背景、主要内容、特点、实施效果以及存在的风险与隐患,并最终总结出教训以及该政策对我国的适用性。在研究方法上,本文主要采用定性的分析方法。在研究内容上,本文首先对量化宽松货币政策进行了一般分析,在与传统货币政策的对比中,找到量化宽松货币政策与传统货币政策的不同之处。接着阐述了日本首次量化宽松货币政策和黑田东彦主导下超量化宽松货币政策的背景,并比较出两次背景的不同之处。最后在日本超量化宽松货币政策主要内容和特点的基础上,分析了此轮超量化宽松货币政策的效果。研究表明:日本超量化宽松货币政策效果短暂且在逐渐减退。与此同时,实施的空间也正在缩小,对日本未来经济的发展存在一定的隐患和风险。
[Abstract]:Japan was the first country in the world to put into practice the monetary policy of quantitative easing. At the end of 80s, the collapse of Japan's asset bubble led to a sharp contraction of domestic credit. The economy is beginning to fall into a long depression. In order to reverse this situation, Japan has continuously lowered interest rates, implemented a low interest rate policy, and then launched a "zero interest rate policy." the implementation of the "zero interest rate policy," which has led to a brief recovery of the Japanese economy, But not for long, monetary policy is facing a "liquidity trap" and the economy is once again in a depression. At this time, Japan has no room for a downward adjustment in interest rate policy, and the traditional monetary policy is ineffective. So in 2001, Japan put forward the monetary policy of quantitative easing and put it into practice for the first time in the world. Until 2006, when the first round of quantitative easing monetary policy withdrew, The policy has played a positive role in the recovery of the Japanese economy. In 2007, the outbreak of the global financial crisis triggered by the subprime mortgage crisis in the United States, In the face of internal and external troubles, Japan once again started its monetary policy of quantitative easing. Then, in 2012, Shinzo Abe again successfully formed a cabinet. Became Japan's new prime minister. As soon as he came to power, he launched what the media have widely called "Abenomics", the most notable of which is the massive monetary policy of quantitative easing. In March 2013, Kurohiko Kuroko succeeded Fangming Shirakawa. As the new governor of Japan's central bank, In April 4th of the same year, the concept of "quantitative and qualitative monetary easing" was introduced, which once again expanded the scope of its quantitative easing. The effect of Japan's super-quantitative easing monetary policy has attracted worldwide attention. Based on the theory of quantitative easing monetary policy, this paper systematically analyzes the background, main content and characteristics of Japan's super-quantitative easing monetary policy. Finally, the paper summarizes the lessons and the applicability of the policy to our country. In the research method, this paper mainly adopts qualitative analysis method. This paper first makes a general analysis of the quantitative easing monetary policy, and compares it with the traditional monetary policy. Find out the difference between the quantitative easing monetary policy and the traditional monetary policy, and then explain the background of Japan's first quantitative easing monetary policy and the over-quantitative easing monetary policy under the leadership of Kurohiko. Finally, on the basis of the main contents and characteristics of Japan's super-quantitative easing monetary policy, This paper analyzes the effect of this round of monetary policy of super quantitative easing. The research shows that the effect of the monetary policy of super quantitative easing in Japan is short and gradually declining. At the same time, the space for implementation is also shrinking. There are certain hidden dangers and risks to the future economic development of Japan.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F823.13

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