Analysis Of The Super Quantitative Easing Monetary Policy And Effect In Japan

Japan is the first country in the world to put forward quantitative easing monetary policy practice.At the end of the 1980 s,the collapse of the Japanese asset bubble led to a sharp contraction in domestic credit and the economy began to fall into a prolonged depression.In order to reverse this situation,Japan has been to reduce interest rates,the implementation of low interest rate policy,followed by the introduction of �zero interest rate policy�.The implementation of �zero interest rate policy�,Japanese economy has been a short-term recovery,can the economy into recession again good times doesn't last long.At this time,Japanese economy has fallen into a liquidity trap,the interest rate policy has no room for further reduction,the traditional monetary policy failure.So,in 2001,Japan proposed quantitative easing monetary policy,and conducted the first practice on a global scale.Until the first round of quantitative easing monetary policy introduced in 2006,the policy has played a positive role in the recovery of Japanese economy.In 2007 the U.S.subprime mortgage crisis triggered by the global financial crisis,in the face of Japan under the background of the domestic trouble and foreign invasion again using the quantitative easing monetary policy.Then,in 2012,Abe Shinzo once again becomes a success,Japan's new prime minister.As soon as he came to power,he launched a series of bold and radical economic policies known as "Abe economics".One of the most interesting is the large-scale quantitative easing monetary policy.In March 2013 Haruhiko Kuroda took over as the new central bank governor of the Bank of Japan,and in the same year in April 4th,the introduction of quantitative and qualitative monetary easing concept,once again expanded the size of its quantitative easing.At this point,the implementation of quantitative easing monetary policy under the Abe regime has been the world's attention.This dissertation is based on the theory of quantitative easing monetary policy,systematically analyzes the effect of background,main contents,characteristics and quantitative easing monetary policy under the Abe regime and the existence of hidden dangers,and finally put forward policy recommendations.In the research methods,this dissertation mainly uses qualitative analysis method.First of all,this paper makes a general analysis of the quantitative easing monetary policy,and expounds the definition,the implementation goal and the transmission mechanism of the quantitative easing monetary policy.In contrast with the traditional monetary policy,find the difference of the quantitative easing monetary policy and the traditional monetary policy,then it is the first time the quantitative easing monetary policy and a new round of quantitative easing monetary policy background in detail.Finally,based on the analysis of the super quantitative easing monetary policy,the implementation effect of the policy is analyzed.The results show that: although the super quantitative easing monetary policy has achieved some success in the short term,the space is narrowing,the effect is gradually declining.And the implementation of the policy,the future development of Japan's economy there are certain hidden danger and risks.