日本宽松货币政策:缘起、效能与趋势

Japanese Easy Monetary Policy:Causes,Effectiveness and Trends

为应对长期通货紧缩,日本银行推行通货膨胀目标制,实施数量宽松政策,而后出台分类阶梯管理的负利率政策。日本银行与政府、商业银行、居民的国债交易产生差异化扩张效果,货币供应量、商业银行资产对基础货币的弹性较小,影响货币政策效力的发挥。短期内,消费支出、投资支出、对外净出口拉动经济增长的可能性较小。在未来,宽松货币政策可能继续维持负利率,对政策操作方式进行微调,强化与财政政策的协调,发挥政策组合的合力作用。

Inflation targeting was accepted by BOJ in order to deal with deflation,it means quantitative easing policy was carried out in Japan.Soon BOJ turned to negative interest rate policy managed according to its classification.The treasury bond trades of BOJ with the government,commercial banks and residents will be different in effects.Money supply and assets of commercial banks react less elastically to money base.Therefore,the efficiency of quantitative easing policy was affected.Any of consumer expenditure,investment expenditure and net export could hardly drive the economic growth of Japan in short terms.The negative interest rate level will probably be maintained except a little adjustment on operating mode,or the coordination between monetary policy and fiscal policy will be strengthened in future to exert their utmost effects.