通货膨胀如何影响日本的 "量化宽松 "经济

Chris G. Pope
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引用次数: 0

摘要

本文认为,日本央行因过去二十年的量化宽松政策和长期通货膨胀而陷入困境。为了应对国外的量化紧缩政策,日本央行面临着提高利率和/或允许十年期政府债券收益率上升的压力。这是因为七国集团(G7)国家应对通胀的措施削弱了日元的走势,这清楚地表明了日本央行恢复经济增长的方法,即量化宽松政策的缺陷,因为任何试图利用货币方法来适应国际社会应对通胀的努力,都有可能因国内和国外市场的流动性不足问题而引发一连串的贷款违约。为了证明这一点,文章评价了日本的量化宽松措施,包括日本央行的收益率曲线控制政策,并评估了日本央行因通胀而面临的问题以及应对措施,包括国外的货币紧缩政策。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
How inflation affects Japan’s “quantitatively eased” economy

This article argues that the Bank of Japan is caught in a bind owing to both its quantitative easing policies of the last two decades and chronic inflation. In response to quantitative tightening abroad, the Bank of Japan is under pressure to raise interest rates and/or allow yields on ten-year government bonds to rise. This is because the response to inflation among G7 nations has undermined the yen, which have made clear the flaws of the Bank of Japan’s approach to restoring economic growth, namely quantitative easing as any attempt to adapt to international efforts to address inflation, using monetary methods, runs the risk of triggering a cascade of loan defaults due to illiquidity issues both at home and in foreign markets. To demonstrate this, the article evaluates Japanese quantitative easing measures, including the Bank of Japan’s yield curve control policy, and assesses the problems it faces due to inflation and the responses to it, including monetary tightening abroad.

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