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Netradičná menová politika a kvantitatívne uvolňovanie Centrálnej banky Japonska v rokoch 2001-2006

Unconvenional Monetary Policy and Quantitative Easing in Japan 2001-2006

Miroslav Titze ()

Politická ekonomie, 2015, vol. 2015, issue 5, 603-623

Abstract: The paper explains wider economic, financial and macroeconomic context of the unconventional monetary policy during 2001-2006 in Japan. The objective of the article is complex discussion of Bank of Japan's unconventional monetary policy measures from theoretical and practical point of view. The structure of the papers is following: the fi rst part reveals macroeconomic condition behind unconventional monetary policy, the second part describes changes in monetary policy implementation, focuses also on commercial assets purchasing and describes exit strategy as well. The last part of the paper evaluates unconventional monetary policy impacts. Bank of Japan achieved accommodative financial condition and reduced uncertainty in the money market. Large liquidity buffer works preventive in case of unexpected liquidity shocks. Excess ample liquidity did not support prices and real economic activity considering broader deleveraging process and corporate markets fragmentation. Entry and exits strategy was successful without financial markets disruption but exit was not complete. Finally, the paper can conclude, that unconventional monetary policy had positive stabilization effect without significant transmission to the real economy.

Keywords: quantitative easing; Bank of Japan; money market operations; balance sheet recession; reserve targeting (search for similar items in EconPapers)
JEL-codes: E40 E43 E50 E58 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.18267/j.polek.1015

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