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In his inaugural address, Prime Minister Shinzo Abe expressed\nhis firm intention to promote a set of economic policies named the “three arrows” : aggressive\nmonetary easing, flexible fiscal stimulus, and a new growth strategy, with the aim of rescuing the\nJapanese economy from prolonged deflation. Pushed by the government, and based on a joint announcement\n(policy accord) issued with the government, Masaaki Shirakawa, the then Governor\nof the Bank of Japan (BOJ) agreed to set a 2% inflation target in January 2013. To achieve this\ntarget, Haruhiko Kuroda, who succeeded Mr. Shirakawa in March 2013, introduced the quantitative\nand qualitative monetary easing (QQE) policy on April 4, 2013.\nDuring the period of rock-bottom rates that started in 1995, the BOJ introduced a new monetary\nmeasure called “unconventional monetary policies,” including zero interest rates, quantitative\nmonetary easing (QE) and comprehensive monetary easing policies. Similar unconventional\nmonetary policies have also been employed in the United States and European countries since the\nLehman Brothers went bankrupt in 2008. Generally, the QQE policy adopted by the Kuroda-led\nBOJ can be categorized as an extension of these unconventional monetary policies. However, because\nthe implementation level and impact of QQE are more extensive than existing policies in\nterms of scale and extent, the QQE policy by Mr. Kuroda is also called “ijigenkanwa” (different\ndimension easing policy). It can be said that QQE was actually introduced under compulsion of\nthe government as a measure to attain the 2% inflation target.\nAlthough three years and several months have passed since the introduction of the QQE policy,\nthe BOJ has not yet achieved its initial goal of “realizing a 2% inflation target within two years.”\nThe purpose of this study is to assess the monetary easing policies implemented by the BOJ. 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安倍政権下の「量的・質的金融緩和」政策 に関する一考察
https://stars.repo.nii.ac.jp/records/2000382
https://stars.repo.nii.ac.jp/records/2000382f8b69080-4d5e-4d38-a909-f3d70393d60a
名前 / ファイル | ライセンス | アクション |
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29_木村二郎.pdf (357 KB)
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Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||||
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公開日 | 2023-08-18 | |||||||
タイトル | ||||||||
言語 | ja | |||||||
タイトル | 安倍政権下の「量的・質的金融緩和」政策 に関する一考察 | |||||||
タイトル | ||||||||
言語 | en | |||||||
タイトル | A Study on the Abe Administration’s Quantitative and Qualitative Monetary Easing Policy | |||||||
言語 | ||||||||
言語 | jpn | |||||||
キーワード | ||||||||
言語 | ja | |||||||
主題 | 金融緩和,デフレーション,日本銀行,国債,物価安定目標 | |||||||
資源タイプ | ||||||||
資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||||
資源タイプ | departmental bulletin paper | |||||||
著者 |
木村二郎
× 木村二郎
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著者(英) | ||||||||
姓名 | KIMURA Jiro | |||||||
言語 | en | |||||||
抄録 | ||||||||
内容記述タイプ | Abstract | |||||||
内容記述 | In the 46th general election of members of the House of Representatives held on December 16, 2012, the Liberal Democratic Party of Japan (LDP) gained a substantial victory, and the Abe administration was established. In his inaugural address, Prime Minister Shinzo Abe expressed his firm intention to promote a set of economic policies named the “three arrows” : aggressive monetary easing, flexible fiscal stimulus, and a new growth strategy, with the aim of rescuing the Japanese economy from prolonged deflation. Pushed by the government, and based on a joint announcement (policy accord) issued with the government, Masaaki Shirakawa, the then Governor of the Bank of Japan (BOJ) agreed to set a 2% inflation target in January 2013. To achieve this target, Haruhiko Kuroda, who succeeded Mr. Shirakawa in March 2013, introduced the quantitative and qualitative monetary easing (QQE) policy on April 4, 2013. During the period of rock-bottom rates that started in 1995, the BOJ introduced a new monetary measure called “unconventional monetary policies,” including zero interest rates, quantitative monetary easing (QE) and comprehensive monetary easing policies. Similar unconventional monetary policies have also been employed in the United States and European countries since the Lehman Brothers went bankrupt in 2008. Generally, the QQE policy adopted by the Kuroda-led BOJ can be categorized as an extension of these unconventional monetary policies. However, because the implementation level and impact of QQE are more extensive than existing policies in terms of scale and extent, the QQE policy by Mr. Kuroda is also called “ijigenkanwa” (different dimension easing policy). It can be said that QQE was actually introduced under compulsion of the government as a measure to attain the 2% inflation target. Although three years and several months have passed since the introduction of the QQE policy, the BOJ has not yet achieved its initial goal of “realizing a 2% inflation target within two years.” The purpose of this study is to assess the monetary easing policies implemented by the BOJ. In Chapter 1, I examine the dogma of pro-reflation economists (a doctrine that considers deflation as the cause of the economic stagnation), which is an underlying idea of the QQE policy, from a critical viewpoint. Chapter 2 clarifies that although the QQE policy has had a favorable impact on the monetary economy such as foreign exchange rates, the stock market and the bond market, their effectiveness in the real economy has not yet been adequately confirmed. Chapter 3 examines the relationship between monetary policy and fiscal policy, particularly focusing on “monet ary financing” issues, in an attempt to point out that the increase in the future risk of economic difficulties such as sudden rise of interest rate (sudden drop of government bond price), hyper inflation and so on is an adverse effect of the QQE policy. Chapter 4 introduces existing principal statements/opinions on QQE policy assessment issues. Chapter 5 provides a critical examination of the details of “a shift in monetary easing policy” and “comprehensive assessment,” which were discussed at the BOJ Monetary Policy Meeting held in September 2016. |
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言語 | en | |||||||
書誌情報 |
ja : 桃山学院大学総合研究所紀要 巻 42, 号 3, p. 29-43 |
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出版者 | ||||||||
言語 | ja | |||||||
出版者 | 桃山学院大学総合研究所 | |||||||
ISSN | ||||||||
収録物識別子タイプ | ISSN | |||||||
収録物識別子 | 1346048X | |||||||
書誌レコードID | ||||||||
収録物識別子タイプ | NCID | |||||||
収録物識別子 | AA11337282 |