摘要
2008年,受全球性金融危机影响,日本经济增长减缓,核心CPI持续快速下滑,日本银行在全球同步降息风潮中调低市场利率,再度实施"零利率"政策。低利率刺激私人部门投机需求膨胀,银行则在审慎经营理念下收紧信贷规模,稀释了BOJ的货币扩张效果,日元的迅速升值可能使日本面临"输入型通缩"压力,成为"套利交易"的重要场所。由于货币当局未来降息空间有限,BOJ必然改革现行货币调控方式,将目前"价格型"政策工具调整为"数量型"政策工具。同时,注重宽松货币政策与积极财政政策的协调,但公共财政超标可能成为财政扩张的制约因素。
The 2008 global financial crisis has slowed down Japanese economic growth and has depressed the core CPI. The global rush for interest rate reduction encouraged Bank of Japan （BOJ） to return to the zero interest rate policy. The low rates give rise to the speculative demand for money from the private sector, and force the cautious commercial banks to to control the scale of credit flows, which offset the effects of expansive monetary policy. Moreover, the rapid appreciation of Japanese yen adds to the pressure of deflation from the outside, as well as arbitrage trades. Given the limited room for interest rate reduction, BOJ has to alter the pattern of monetary adjustment, from the price - oriented to the quantity - oriented. Meanwhile, BOJ will lay emphasis on coordination between fiscal policy and monetary policy, but the red budget may restrain the ability of fiscal expansion.
出处
《现代日本经济》
CSSCI
2010年第4期17-22,共6页
Contemporary Economy OF Japan
基金
国家社会科学基金项目"当前国际金融危机:原因
对我国的影响与对策"(08BJY145)
