新たな経済政策について
スポンサーリンク
概要
- 論文の詳細を見る
The Japanese economy has been in stagnation since the bubble broke down in the beginning of the 90's. The average growth rate of real GDP for the decade is only about 1 percent. And to make matters worse, the growth rate was negative in 1998. The government of Japan decided to use the traditional fiscal policy in order to recover from the recession and increased its expenditure many times since the early 90's. The Bank of Japan also lowered the interest rate to stimulate the investment of private sector as a usual monetary policy, and tried to increased money supply. But they did not succeed in pulling the nation's economy out of the recession and Japan still remains in stagnation. As the result of these policies in the 90's, the outstanding volume of the government bond has risen, and the level of the interest rate is very low, nearly 0 percent. If the government issues more bond to raise the fund that it uses as policy expenditure, the price of the bond may fall suddenly and the interest rate may rise to the contrary. The sudden rise of the interest rate reduces the investment expenditure so that the state of the economy will become worse. So the government cannot increase its expenditure to increase the aggregate demand and stimulate the economic activity. It is apparent that the Bank of Japan cannot lower the interest rate more. In this situation, the government and the Bank of Japan cannot use the traditional fiscal and monetary policies. Many researchers and economists have proposed a variety of means different from the traditional policies to rescue the Japanese economy from long-lasting stagnation. Although these policy proposals are different in practical means, the fundamental ideas are classified into few categories. Among these ideas, the important ones are to remove the nonperforming loans from the assets on the balance sheet, and to stop the deflation and realize a mild inflation. The purpose of this paper is to examine and try to appraise the effectiveness of these ideas.
- 奈良教育大学の論文
- 2003-10-31
著者
関連論文
- 準備預金制度と短期金利
- 産業政策における補助金と政府購入の財政効率性
- 金融機関の過剰参入定理 金融機関の費用関数が異なる場合
- ノンバンクと銀行の業務提携貸出契約における情報生産の利益
- ノンバンクと銀行の業務提携貸出契約における情報生産の利益
- 消費者金融サービス産業における公的金融機関の役割
- 消費者金融市場における公的金融
- 金融機関の過剰参入定理金融機関の費用関数が異なる場合
- 新たな経済政策について
- インフレ率目標と契約
- 目標金利の予想と金利のコントロール
- 金融政策における動学的不整合性