| 来源类型 | AJISS-Commentary
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| 规范类型 | 评论
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| The Fiscal Costs of Unconventional Monetary Policy |
| Mitsuhiro Fukao
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| 发表日期 | 2016-05-19
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| 出处 | AJISS-Commentary No.229
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| 出版年 | 2016
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| 语种 | 英语
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| 摘要 | The quantitative/qualitative easing policy that constitutes one pillar of Abenomics proved successful from the outset in realizing a cheaper yen and higher stock prices, and in halting deflation in Japan.Nevertheless, the inflation rate has continued to fall short of the 2% target and, although the Bank of Japan hurriedly expanded quantitative easing and introduced a negative interest rate policy, the effects have been minimal.The quantitative easing and the current negative interest rate policy sought primarily to boost the expectations of market participants, and their effectiveness was always uncertain.It is quite likely that quantitative easing through high-volume purchases of long-term bonds will cause the Bank of Japan enormous losses over the medium to long term, imposing burdens on taxpayers both directly and indirectly. If the current quantitative easing continues, the Bank of Japan may find itself in the near future unable to cover such losses even using all of its seigniorage profits. |
| URL | https://www2.jiia.or.jp/en_commentary/201605/19-1.html
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| 来源智库 | Japan Institute of International Affairs (Japan)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/443365
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推荐引用方式
GB/T 7714 |
Mitsuhiro Fukao. The Fiscal Costs of Unconventional Monetary Policy. 2016.
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文件名：
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AJISS-Commentary229.pdf
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格式：
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Adobe PDF
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