【作者】 彭亮；

【导师】 聂丹；

【作者基本信息】 华东师范大学 ， 金融学， 2006， 硕士

【摘要】 20世纪90年代以前，日本经济经历了多次经济高速增长与危机的交迭更替，日本银行在原有的经济体制下实施货币政策，取得了较好的宏观调控效果，促成了日本极为成功的经济增长模式。泡沫经济破灭后，日本经济陷入了长期的衰退之中。为此，日本银行采取了一系列旨在刺激经济复苏的扩张性货币政策，然而却没有取得预期的效果。 平成不况时期日本的货币政策有效性如何?其深层次的制约因素是什么?如何才能提高货币政策的有效性?本文围绕这三个问题展开了论述。 通过对平成不况时期日本银行所采取的一系列货币政策进行分析后发现，这段时期日本货币政策的有效性呈下降趋势。从宏观经济指标看，货币政策有效性的失灵似乎是货币传导机制受阻造成的。但是，货币政策传导的理论无法解释日本极度扩张的货币政策为何在长达十余年间没有取得明显刺激经济复苏的效果。 在考察战后日本经济制度变迁的基础上，本文从微观制度的角度对日本的商业银行、企业和消费者的经济行为进行了详细地分析，发现日本的货币政策在微观层面的传导受到了阻碍，而造成这一问题的根本原因在于泡沫经济破灭后日本经济制度逻辑的逆转。此外，金融机构严重的不良债权、结构调整的失衡等问题也是导致货币政策有效性失灵的重要原因。 从长远的角度看，日本经济必须依靠经济结构的调整和制度的创新提升产业结构，以及向内需主导型的经济发展方向转变，才能走出经济的衰退。因此，全面推进结构改革、理顺体制关系是日本经济重整的唯一出路，也是提高日本货币政策有效性的必要条件。更多还原

【Abstract】 Japan’s economy had experienced several alternations of rapid economic growth and recession before 1990’s. Under previous economic system, Bank of Japan (BOJ) executed monetary policies and achieved successful macro adjustment results, contributing to the once highly successful model of economic growth. Nevertheless, after the burst of ’the Bubble Economy’, BOJ had taken a series of extremely loose monetary polices to bring the economy back, yet achieved no obvious results.How efficient were Japan’s monetary polices during Heisei recession? What is the major reason that affects the efficiency of monetary policy and how to improve? These three questions are to be discussed in the thesis.The analysis of this paper shows the efficiency of Japan’s monetary policy during Heisei recession is in a downward slope. From the macro economic indicators, the inefficiency of monetary policy results from the blocking of monetary transmission system. However, the theories of monetary transmission cannot explain the fact that Japan’s extremely loose monetary policies haven’t achieved obvious results in such a long period. Based on the analysis of the hiking of Japan’s economic institutions post the Second World War, I analyzed the economic behavior of Japan’s commercial banks, enterprises and consumers from a prospect of micro institutions, and made up with the point that the reason why Japan’s monetary policies were inefficient is the logic of Japan’s economic system has changed. Besides, the serious problem of non-performing assets and lagging of structure reform also contribute to this issue.In the long run, the only way out of recession for Japan’s economy is to rely on the adjustment of economic structure and innovation of institutions to promote industrial structure and to develop an economy that depends on domestic demands. Therefore, overall reform of the economic structure and straightening out the order of economy systems is the sole way to reconstruct Japan’s economy as well as the prerequisite of improving the efficiency of Japan’s monetary policies.更多还原