日本负利率政策的实践及启示
发布时间：2018-10-24 07:30
【摘要】：上世纪九十年代经济泡沫破灭后,日本一直处于通货紧缩状态。为应对通缩困境,1999年日本央行首创零利率政策,开启了超低利率政策模式。次贷危机以后,面对国内需求不足、公共债务过剩和银行贷款裹足不前等问题,日本央行再次拓宽了超低利率政策的界限,于2016年1月在量化宽松货币政策中加入负利率政策。央行将金融机构的存款账户划分为三级,分别适用正利率、零利率和负利率,以期配合国债购买计划等政策刺激经济增长和提高通胀预期。政策实施后,国债收益率转为负值,相关利率也处于历史低点,但经济增长及物价水平仍未得到改善。日本负利率政策突破了传统经济理论中的零利率下限理论,为各国央行应对通货紧缩问题提供了新的思路。本文将围绕日本负利率政策的实践和效果进行重点分析和评价,为日本政府解决通缩问题提出建议。文章将理清日本超低利率政策的发展历程,介绍日本央行由上世纪九十年代零利率政策到次贷危机后负利率政策的发展概况。从内容、背景和传导机制等方面重点介绍和分析日本负利率政策的实践,结合政策实施后金融市场的表现来分析负利率政策对经济增长和物价水平的影响。最后结合日本自身经济结构和发展模式对负利率政策的适用性及局限性进行总结,为日本政府解决通缩问题提供新的思路和建议。
[Abstract]:Japan has been in deflation since the bubble burst in the 1990 s. In response to deflation, the Bank of Japan initiated a zero-rate policy in 1999, opening an ultra-low interest rate policy model. In the wake of the subprime crisis, the Bank of Japan widened the boundaries of ultra-low interest rates again in the face of insufficient domestic demand, overhang of public debt and stagnant bank lending, adding negative interest rates to quantitative easing in January 2016. The central bank divided the deposit accounts of financial institutions into three categories, applying positive, zero and negative interest rates in an effort to stimulate economic growth and raise inflation expectations in line with policies such as Treasury bond purchases. After the implementation of the policy, Treasury yields turned negative, related interest rates are also at historic lows, but economic growth and prices have not improved. Japan's negative interest rate policy breaks through the zero lower bound theory of traditional economic theory and provides a new way for central banks to deal with deflation. This paper focuses on the analysis and evaluation of the practice and effect of Japan's negative interest rate policy, and puts forward some suggestions for the Japanese government to solve the problem of deflation. This paper will clarify the development course of Japan's ultra-low interest rate policy and introduce the general situation of the Bank of Japan's development from zero interest rate policy in the 1990s to negative interest rate policy after the subprime mortgage crisis. This paper mainly introduces and analyzes the practice of Japanese negative interest rate policy from the aspects of content, background and transmission mechanism, and analyzes the influence of negative interest rate policy on economic growth and price level in combination with the performance of financial market after the implementation of the policy. Finally, this paper summarizes the applicability and limitation of Japan's economic structure and development model to the negative interest rate policy, and provides new ideas and suggestions for the Japanese government to solve the problem of deflation.
【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F833.13
本文编号：2290733
[Abstract]:Japan has been in deflation since the bubble burst in the 1990 s. In response to deflation, the Bank of Japan initiated a zero-rate policy in 1999, opening an ultra-low interest rate policy model. In the wake of the subprime crisis, the Bank of Japan widened the boundaries of ultra-low interest rates again in the face of insufficient domestic demand, overhang of public debt and stagnant bank lending, adding negative interest rates to quantitative easing in January 2016. The central bank divided the deposit accounts of financial institutions into three categories, applying positive, zero and negative interest rates in an effort to stimulate economic growth and raise inflation expectations in line with policies such as Treasury bond purchases. After the implementation of the policy, Treasury yields turned negative, related interest rates are also at historic lows, but economic growth and prices have not improved. Japan's negative interest rate policy breaks through the zero lower bound theory of traditional economic theory and provides a new way for central banks to deal with deflation. This paper focuses on the analysis and evaluation of the practice and effect of Japan's negative interest rate policy, and puts forward some suggestions for the Japanese government to solve the problem of deflation. This paper will clarify the development course of Japan's ultra-low interest rate policy and introduce the general situation of the Bank of Japan's development from zero interest rate policy in the 1990s to negative interest rate policy after the subprime mortgage crisis. This paper mainly introduces and analyzes the practice of Japanese negative interest rate policy from the aspects of content, background and transmission mechanism, and analyzes the influence of negative interest rate policy on economic growth and price level in combination with the performance of financial market after the implementation of the policy. Finally, this paper summarizes the applicability and limitation of Japan's economic structure and development model to the negative interest rate policy, and provides new ideas and suggestions for the Japanese government to solve the problem of deflation.
【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F833.13
【参考文献】
相关期刊论文 前10条
1 柳谊生;沈润涛;;日本负利率政策的内外影响[J];银行家;2016年09期
2 李文龙;唐新科;;日本央行负利率政策初步评估及展望[J];中国发展观察;2016年15期
3 管涛;;负利率能够治通缩吗?[J];金融论坛;2016年08期
4 巴曙松;邵杨楠;廖慧;;名义负利率及其影响[J];中国金融;2016年10期
5 张慧莲;;负利率能否帮助全球经济走出困境?[J];金融与经济;2016年04期
6 娄飞鹏;;理性看待名义负利率[J];武汉金融;2016年04期
7 汪川;;负利率的理论分析与政策实践[J];银行家;2016年04期
8 刘宏海;;负利率货币政策机理与实践[J];中国金融;2016年07期
9 吴秀波;;海外负利率政策实施的效果及借鉴[J];价格理论与实践;2016年03期
10 张昕;;利率政策对商业银行风险承担影响研究[J];浙江金融;2015年02期
，本文编号：2290733
本文链接：https://www.wllwen.com/jingjilunwen/huobiyinxinglunwen/2290733.html
