日本银行的量化宽松“新政”:特征、背景及其面临的挑战

发布时间：2019-08-14 11:17

【摘要】：2016年9月21日,日本银行开始实施新的量化宽松政策,将其操作目标由货币供给量转向收益率曲线(长期利率)控制。这是日本银行量化宽松政策的一次重大调整,也是安倍经济学实施以来其金融政策的一次新的探索。我们认为,此次日本银行的政策调整并非以往多次进行的"追加缓和",而是形成了一种新的政策框架,无异于一场量化宽松"新政",不论从货币金融政策的目标、特征或运行方式等方面都具有新的重要意义。本文着重分析了"新政"的主要内容、特征、出台的背景及其面临的挑战与前景。总起来看,由于日本经济原有的结构性问题仍然存在,且面临着更为复杂的国际政治经济形势,"新政"难以解决"旧政"所积累的矛盾与问题,但其金融政策框架的调整、与财政政策和政府"成长战略"协调的重视等趋向,在很大程度上意味着日本银行正在试图回归正常化的货币政策,并为其金融缓和政策探寻一个"出口"。
[Abstract]:On Sept. 21, 2016, the Bank of Japan began a new quantitative easing policy, shifting its operational target from money supply to yield curve (long-term interest rate) control. This is a major adjustment of the quantitative easing policy of the Bank of Japan, and it is also a new exploration of its financial policy since the implementation of Abenomics. We believe that the policy adjustment of the Bank of Japan is not an "additional easing" carried out many times in the past, but has formed a new policy framework, which is tantamount to a "new deal" of quantitative easing, which is of new significance in terms of the objectives, characteristics or mode of operation of monetary and financial policy. This paper focuses on the analysis of the main contents, characteristics, background, challenges and prospects of the New deal. On the whole, due to the existing structural problems of the Japanese economy and the more complex international political and economic situation, the "New deal" is difficult to solve the contradictions and problems accumulated by the "old policy". However, the adjustment of its financial policy framework and the importance attached to coordination with the fiscal policy and the government's "growth strategy" to a large extent mean that the Bank of Japan is trying to return to the standardized monetary policy. And for its financial easing policy to explore a "export."
【作者单位】：吉林大学经济学院;吉林大学中日经济共同研究中心(基地);
【基金】：2015年度国家社科基金年度重大招标项目“一带一路战略实施中推进人民币国际化问题研究”(15ZDA017)的资助
【分类号】：F823.13

【相似文献】