バブル期の日銀の金融政策について

概要

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The Japanese economy in the latter half of the 1980s was a bubble economy of historical scale. Thereafter the Japanese economy was destructively damaged by the bubble economy. I think that one of the factors of the bubble economy was the monetary policy of the Bank of Japan in those days. The Bank of Japan did not raise its official discount rate till the end of May in 1989, though the bubble of asset prices expanded extraordinarily. The Bank of Japan attached great importance to 'price stability'. In the latter half of the 1980s, prices stabilized because of the yen's appreciation. So the Bank of Japan did not raise the official discount rate. I think that this stance by the Bank of Japan was not sound. Whatever prices are stabilizing, the Bank of Japan has to operate its monetary policy for other economic phenomena like the bubble. In my opinion, the Bank of Japan should change its stance in the monetary policy. And the Law of the Bank of Japan should be revised from this point of view.
鹿児島国際大学の論文
2004-03-31