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金融危機と中央銀行の役割:ゼロ金利政策、量的緩和政策、および信用緩和政策
http://hdl.handle.net/2261/32430
http://hdl.handle.net/2261/32430a1064e32-e5f8-46c0-87a4-0902ebbf1f54
Item type | テクニカルレポート / Technical Report(1) | |||||
---|---|---|---|---|---|---|
公開日 | 2013-05-31 | |||||
タイトル | ||||||
タイトル | 金融危機と中央銀行の役割:ゼロ金利政策、量的緩和政策、および信用緩和政策 | |||||
言語 | ||||||
言語 | jpn | |||||
資源タイプ | ||||||
資源 | http://purl.org/coar/resource_type/c_18gh | |||||
タイプ | technical report | |||||
アクセス権 | ||||||
アクセス権 | metadata only access | |||||
アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
その他のタイトル | ||||||
その他のタイトル | The Role of the Central Bank under the Japanese Financial Crisis: Zero Interest Rate, Quantitative Easing, and Credit Easing | |||||
著者 |
福田, 慎一
× 福田, 慎一 |
|||||
著者別名 | ||||||
識別子 | 96685 | |||||
識別子Scheme | WEKO | |||||
姓名 | Fukuda, Shin-ichi | |||||
著者所属 | ||||||
著者所属 | 東京大学大学院経済学研究科 | |||||
抄録 | ||||||
内容記述タイプ | Abstract | |||||
内容記述 | 本稿では、1990 年代後半から2000 年代前半にかけての日本における非伝統的金融政策のあり方を概観すると同時に、信用緩和政策という観点から再検証する。「流動性の罠」のもとで有効な政策として、(I)将来の政策の予想のコントロール、(II)バランスシートの規模の拡張、(III)特定資産の大量購入(信用緩和政策)、の3つが提案されている。当時日銀が行った非伝統的政策は、モラルハザードを伴いながらも、信用緩和政策として一定の効果を発揮した。ただし、当時の金融危機は、流動性不足よりも、貸出の不良債権化が深刻な問題であり、この点では当時の信用緩和政策には限界があった。 | |||||
抄録 | ||||||
内容記述タイプ | Abstract | |||||
内容記述 | Under the financial turbulence, the Bank of Japan (BOJ) had launched a series of unprecedented monetary policies in the late 1990s and the early 2000s. The conventional monetary policies were not effective under liquidity trap. However, some unconventional monetary policies, including zero interest rate, quantitative easing, and credit easing, had important roles in stabilizing the economy. The first is to stabilize long-run expectations through the BOJ's commitment that the policy will continue until deflationary concerns disappear. The second is to maintain the proper functioning of the market so as to avoid disturbance in the short-term money market. The latter part of this paper shows that the second element was successful in stabilizing the short-term money market in Japan in the early 2000s. The credit easing policy was more powerful tool in providing ample liquidity under the Japanese Financial Crisis. However, the unconventional monetary policies caused a variety of moral hazards in the markets. We show that the extreme monetary policy was useful in improving macroeconomic performance with some nonnegligible costs. | |||||
内容記述 | ||||||
内容記述タイプ | Other | |||||
内容記述 | 本文フィルはリンク先を参照のこと | |||||
書誌情報 |
Discussion paper series. CIRJE-J 巻 CIRJE-J-215, 発行日 2009-12 |
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書誌レコードID | ||||||
収録物識別子タイプ | NCID | |||||
収録物識別子 | AA11451834 | |||||
フォーマット | ||||||
内容記述タイプ | Other | |||||
内容記述 | application/pdf | |||||
日本十進分類法 | ||||||
主題 | 338 | |||||
主題Scheme | NDC | |||||
出版者 | ||||||
出版者 | 日本経済国際共同センター | |||||
出版者別名 | ||||||
Center for International Research on the Japanese Economy | ||||||
関係URI | ||||||
識別子タイプ | URI | |||||
関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2009/2009cj215ab.html |