{"created":"2021-03-01T07:02:31.752645+00:00","id":42616,"links":{},"metadata":{"_buckets":{"deposit":"dc4d7f5b-c6d9-498d-af19-028bf6b26d9d"},"_deposit":{"id":"42616","owners":[],"pid":{"revision_id":0,"type":"depid","value":"42616"},"status":"published"},"_oai":{"id":"oai:repository.dl.itc.u-tokyo.ac.jp:00042616","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":"Quantitative and Qualitative Easing by the Bank of Japan : A Provisional Evaluation"}]},"item_8_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2013-09","bibliographicIssueDateType":"Issued"},"bibliographicVolumeNumber":"CIRJE-J-252","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":"この論文は、いわゆるアベノミックスの第一の矢、すなわち強力な金融緩和政策に対する期待と２０１３年４月における異次元緩和の実施が、資産市場、実体経済に２０１３年秋までの時点でどのような影響を及ぼしたかを分析し、この政策の中間評価を試みたものである。分析のポイントは、それまでは効果が限定的といわれていた非伝統的金融政策が、なぜ今回は大幅な資産価格変化（円安・ドル高）をもたらしたのかという点である。論文ではまず、統計的分析により今回の資産価格の反応がやはり過去の非伝統的金融政策に対する反応と異なって大きなものであったことを確認する。次に、こうした資産価格変化の脆弱性を指摘する。すなわち、資産価格変化は国内投資家のポートフォリオ・リバランス効果によるのではなく、ヘッジ・ファンド等の投機的資金に支えられている。また、彼らの一部は経済のファンダメンタルズよりも、近い過去における変数間の単純な相関関係に基づいて行動する傾向がある（例えば、理由が何であれ、ベースマネーが増えると自国通貨安や株高が発生するという期待を持つ）といった点である。もちろん、日銀の行動が以前と変わった面がある（残存期間の長い国債を大量購入し、２％インフレを真剣に目指す）という点も投機筋の行動変化の一因である。他方、長期の経済停滞、デフレを体験してきた国内投資家、物価の反応は鈍く、２０１５年ごろまでに２％のインフレという目標が達成されるかどうかは予断を許さない。国内投資家の資産リバランスの遅れは、インフレ率が運よく上昇するケースに、急激な国債金利上昇を引き起こすリスクを内包している。","subitem_description_type":"Abstract"},{"subitem_description":"This paper analyzes the effects of the first arrow of Abenomics, aggressive monetary easing, on asset markets and the economy. The paper first confirms through a statistical analysis that the non-conventional monetary policy measures and/or the expectation of their implementation during the period since November 2012 have had larger effects on asset prices, especially, the yen and Nikkei, than those in earlier years. The paper then points out the fragility of the current asset price response to the monetary easing. The response of the yen and Nikkei has been mainly led by the global fast money community. Global investors have front-run, but domestic investors have not followed suit. That is, the so-called portfolio rebalancing effects of the BOJ’s large purchases of Japanese government bonds have not taken place. I argue that foreign investors have formed a too rosy view of the effectiveness of non-conventional monetary policy based on their experience with the recent Fed’s and ECB’s policies, while domestic investors suffer from entrenched deflationary expectations. The slow response of domestic investors carries the risk of a sharp rise in interest rates if inflation in fact starts to move up on a sustained basis.","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":"98008","nameIdentifierScheme":"WEKO"}],"names":[{"name":"Ueda, Kazuo"}]}]},"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/2013/2013cj252ab.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_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":"植田, 和男"}],"nameIdentifiers":[{"nameIdentifier":"98007","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":"異次元の金融緩和 : 中間評価","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"異次元の金融緩和 : 中間評価"}]},"item_type_id":"8","owner":"1","path":["7436","7437"],"pubdate":{"attribute_name":"公開日","attribute_value":"2014-01-16"},"publish_date":"2014-01-16","publish_status":"0","recid":"42616","relation_version_is_last":true,"title":["異次元の金融緩和 : 中間評価"],"weko_creator_id":"1","weko_shared_id":null},"updated":"2022-12-19T04:17:43.131552+00:00"}