{"created":"2021-03-01T07:01:50.048412+00:00","id":42005,"links":{},"metadata":{"_buckets":{"deposit":"20158e9f-5133-4a46-8b8a-e66945a93bfb"},"_deposit":{"id":"42005","owners":[],"pid":{"revision_id":0,"type":"depid","value":"42005"},"status":"published"},"_oai":{"id":"oai:repository.dl.itc.u-tokyo.ac.jp:00042005","sets":["62:7433:7437","9:7435:7436"]},"item_8_alternative_title_1":{"attribute_name":"その他のタイトル","attribute_value_mlt":[{"subitem_alternative_title":"The Role of Monetary Policy under Financial Turbulence : What role did the quantitative easing policy play in Japan?"}]},"item_8_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2008-10","bibliographicIssueDateType":"Issued"},"bibliographicVolumeNumber":"CIRJE-J-205","bibliographic_titles":[{"bibliographic_title":"Discussion paper series. CIRJE-J"}]}]},"item_8_description_13":{"attribute_name":"フォーマット","attribute_value_mlt":[{"subitem_description":"application/pdf","subitem_description_type":"Other"}]},"item_8_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"本稿では、金融システムに深刻な問題が発生した1990 年代後半から2000 年代前半にかけての日本経済における金融政策のあり方を、プルーデンス政策という観点から再検証する。この時期、日本銀行はかつてない超低金利政策を実施した。「流動性の罠」のもとで、オーソドックスな金融政策がもはや有効でなくなった状況下で、極端な金融政策がいかなる効果をもたらしたかはいまだ議論が収斂したとは言い難い。分析では、まず1990 年代半ばから後半にかけて実施された日銀特融やロンバート型貸出のあり方を、局面ごとにピックアップし、その効果を考察する。次に、日中のコールレートの最高値と最安値の差（スプレッド）がリスク・プレミアムを反映して発生することに注目し、それがゼロ金利政策期や量的緩和政策期と、それ以外の期間でどのような違いがあるかを検討する。そして、当時の日本銀行の施策が、金融システムなど当時の日本経済の安定にどのような影響を与えたのかを、スプレッドの縮小が株価へ正の影響を与えたことを示すことによって考察する。超低金利政策は、短期金利の誘導目標を0%に近づけるだけでなく、コール市場で発生するスプレッドを縮小させる上で有効であった。とりわけ、量的緩和政策は、コールレートのスプレッドを大幅に縮小させ、コール市場の取引からリスク・プレミアムをほぼ取り去った。したがって、量的緩和政策などの究極の金融政策は、結果的に株価上昇のような経済全体のパフォーマンスの改善に役立った可能性が高い。究極の金融政策は、本来マーケットメカニズムで淘汰されるべき金融機関にモラルハザードを生み出す。しかし、それと同時に、市場の流動性リスクや信用リスクを減少させる上で極めて効果的である。本稿の結果は、超金融緩和政策はさまざまな問題点はあったものの、後者の役割が、特に量的緩和政策において、重要であったことを示唆するものである。","subitem_description_type":"Abstract"},{"subitem_description":"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 policies were not effective under liquidity trap from a view point of classical macroeconomics. However, they were powerful in providing ample liquidity to the short-term money market. In the first part, we investigate what role the BOJ played as the lender of last resort and as the lender of so-called Lombard lending facility. The BOJ had played an important role as the lender of last resort until the early 2000s but it lost its role under the quantitative easing policy. In the second part, we explore how effective the unprecedented monetary policies were in stabilizing intra-daily call market. Even under the zero interest rate policy, some overnight loans were transacted at the interest rates that were significantly higher than 0%. In contrast, risk premiums almost disappeared in the short-term financial market under the quantitative easing policy. This was particularly true when the BOJ intensified its quantitative easing policy. We show that the extreme monetary policy was useful in improving macroeconomic performance such as average stock prices.","subitem_description_type":"Abstract"}]},"item_8_description_6":{"attribute_name":"内容記述","attribute_value_mlt":[{"subitem_description":"本文フィルはリンク先を参照のこと","subitem_description_type":"Other"}]},"item_8_full_name_3":{"attribute_name":"著者別名","attribute_value_mlt":[{"nameIdentifiers":[{"nameIdentifier":"96667","nameIdentifierScheme":"WEKO"}],"names":[{"name":"Fukuda, Shin-ichi"}]}]},"item_8_publisher_20":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"日本経済国際共同センター"}]},"item_8_relation_25":{"attribute_name":"関係URI","attribute_value_mlt":[{"subitem_relation_type_id":{"subitem_relation_type_id_text":"http://www.cirje.e.u-tokyo.ac.jp/research/dp/2008/2008cj205ab.html","subitem_relation_type_select":"URI"}}]},"item_8_source_id_10":{"attribute_name":"書誌レコードID","attribute_value_mlt":[{"subitem_source_identifier":"AA11451834","subitem_source_identifier_type":"NCID"}]},"item_8_subject_15":{"attribute_name":"日本十進分類法","attribute_value_mlt":[{"subitem_subject":"333","subitem_subject_scheme":"NDC"}]},"item_8_text_21":{"attribute_name":"出版者別名","attribute_value_mlt":[{"subitem_text_value":"Center for International Research on the Japanese Economy"}]},"item_8_text_4":{"attribute_name":"著者所属","attribute_value_mlt":[{"subitem_text_value":"東京大学大学院経済学研究科"}]},"item_access_right":{"attribute_name":"アクセス権","attribute_value_mlt":[{"subitem_access_right":"metadata only access","subitem_access_right_uri":"http://purl.org/coar/access_right/c_14cb"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"福田, 慎一"}],"nameIdentifiers":[{"nameIdentifier":"96666","nameIdentifierScheme":"WEKO"}]}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"jpn"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"technical report","resourceuri":"http://purl.org/coar/resource_type/c_18gh"}]},"item_title":"バブル崩壊後の金融市場の動揺と金融政策","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"バブル崩壊後の金融市場の動揺と金融政策"}]},"item_type_id":"8","owner":"1","path":["7436","7437"],"pubdate":{"attribute_name":"公開日","attribute_value":"2013-05-31"},"publish_date":"2013-05-31","publish_status":"0","recid":"42005","relation_version_is_last":true,"title":["バブル崩壊後の金融市場の動揺と金融政策"],"weko_creator_id":"1","weko_shared_id":null},"updated":"2022-12-19T04:17:20.738658+00:00"}