【摘要】：上世紀(jì)九十年代經(jīng)濟(jì)泡沫破滅后,日本一直處于通貨緊縮狀態(tài)。為應(yīng)對(duì)通縮困境,1999年日本央行首創(chuàng)零利率政策,開啟了超低利率政策模式。次貸危機(jī)以后,面對(duì)國內(nèi)需求不足、公共債務(wù)過剩和銀行貸款裹足不前等問題,日本央行再次拓寬了超低利率政策的界限,于2016年1月在量化寬松貨幣政策中加入負(fù)利率政策。央行將金融機(jī)構(gòu)的存款賬戶劃分為三級(jí),分別適用正利率、零利率和負(fù)利率,以期配合國債購買計(jì)劃等政策刺激經(jīng)濟(jì)增長和提高通脹預(yù)期。政策實(shí)施后,國債收益率轉(zhuǎn)為負(fù)值,相關(guān)利率也處于歷史低點(diǎn),但經(jīng)濟(jì)增長及物價(jià)水平仍未得到改善。日本負(fù)利率政策突破了傳統(tǒng)經(jīng)濟(jì)理論中的零利率下限理論,為各國央行應(yīng)對(duì)通貨緊縮問題提供了新的思路。本文將圍繞日本負(fù)利率政策的實(shí)踐和效果進(jìn)行重點(diǎn)分析和評(píng)價(jià),為日本政府解決通縮問題提出建議。文章將理清日本超低利率政策的發(fā)展歷程,介紹日本央行由上世紀(jì)九十年代零利率政策到次貸危機(jī)后負(fù)利率政策的發(fā)展概況。從內(nèi)容、背景和傳導(dǎo)機(jī)制等方面重點(diǎn)介紹和分析日本負(fù)利率政策的實(shí)踐,結(jié)合政策實(shí)施后金融市場的表現(xiàn)來分析負(fù)利率政策對(duì)經(jīng)濟(jì)增長和物價(jià)水平的影響。最后結(jié)合日本自身經(jīng)濟(jì)結(jié)構(gòu)和發(fā)展模式對(duì)負(fù)利率政策的適用性及局限性進(jìn)行總結(jié),為日本政府解決通縮問題提供新的思路和建議。
[Abstract]:Japan has been in deflation since the bubble burst in the 1990 s. In response to deflation, the Bank of Japan initiated a zero-rate policy in 1999, opening an ultra-low interest rate policy model. In the wake of the subprime crisis, the Bank of Japan widened the boundaries of ultra-low interest rates again in the face of insufficient domestic demand, overhang of public debt and stagnant bank lending, adding negative interest rates to quantitative easing in January 2016. The central bank divided the deposit accounts of financial institutions into three categories, applying positive, zero and negative interest rates in an effort to stimulate economic growth and raise inflation expectations in line with policies such as Treasury bond purchases. After the implementation of the policy, Treasury yields turned negative, related interest rates are also at historic lows, but economic growth and prices have not improved. Japan's negative interest rate policy breaks through the zero lower bound theory of traditional economic theory and provides a new way for central banks to deal with deflation. This paper focuses on the analysis and evaluation of the practice and effect of Japan's negative interest rate policy, and puts forward some suggestions for the Japanese government to solve the problem of deflation. This paper will clarify the development course of Japan's ultra-low interest rate policy and introduce the general situation of the Bank of Japan's development from zero interest rate policy in the 1990s to negative interest rate policy after the subprime mortgage crisis. This paper mainly introduces and analyzes the practice of Japanese negative interest rate policy from the aspects of content, background and transmission mechanism, and analyzes the influence of negative interest rate policy on economic growth and price level in combination with the performance of financial market after the implementation of the policy. Finally, this paper summarizes the applicability and limitation of Japan's economic structure and development model to the negative interest rate policy, and provides new ideas and suggestions for the Japanese government to solve the problem of deflation.
【學(xué)位授予單位】：華中師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F833.13

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本文編號(hào)：2290733