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AN00234698-20160600-0015.pdf
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Title |
Title |
量的緩和, マイナス金利政策の財政コストと処理方法
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Kana |
リョウテキ カンワ, マイナス キンリ セイサク ノ ザイセイ コスト ト ショリ ホウホウ
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Romanization |
Ryoteki kanwa, mainasu kinri seisaku no zaisei kosuto to shori hoho
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Fiscal cost of quantitative easing and negative interest rate policy by the bank of Japan : resolution method of a central bank with large negative equity
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深尾, 光洋
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Kana |
フカオ, ミツヒロ
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Romanization |
Fukao, Mitsuhiro
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Affiliation |
慶應義塾大学商学部
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慶應義塾大学出版会
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Kana |
ケイオウ ギジュク ダイガク シュッパンカイ
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Romanization |
Keio gijuku daigaku shuppankai
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Issued (from:yyyy) |
2016
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三田商学研究
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Name (Translated) |
Mita business review
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59
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2
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2016
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6
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Start page |
15
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End page |
30
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Abstract |
日銀の量的緩和とマイナス金利政策による景気刺激策は, 一見コストなしに実行できているように見える。しかし少し長い目で見ると, 金融緩和にも相当の財政コストが必要となる可能性が高い。日銀は量的緩和の実施により巨額の国債を保有することになったため, デフレからの脱却に伴って予想される国債価格の下落が日銀に大きな損失を発生させるリスクを生んでいる。また日銀当座預金に対するマイナス金利の適用は日銀の収益を改善させるが, 国債のマイナス金利での買いオペは, 損失を発生させるため, 全体で見ると日銀収益を悪化させる可能性が高い。本稿では, 量的緩和, マイナス金利政策の財政コストを検討する。また日銀が巨額の損失を被った場合の処理方法についても考察する。
The Bank of Japan's quantitative and qualitative easing of monetary policy looks like costless on the surface. However, in the long run, the Bank is likely to incur huge fiscal cost. Since the Bank is buying a massive amount of long-term JGBs, it will face a large loss from the falling JGB prices once Japan exits from deflationary environment. The Bank's negative interest policy in February 2016 will reduce the interest payment on a part of the reserves held by private financial institutions. However, this will be more than offset by the cost from the open market purchase of long-term JGBs with negative yield. In this paper, we will estimate the fiscal cost of quantitative easing policy. We also discuss the resolution methods of the central bank with permanent negative cash flow.
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Jun 26, 2017 | | フリーキーワード, 抄録, 版, 本文 を変更 |
Feb 20, 2018 | | 著者 を変更 |
Feb 28, 2018 | | 著者 を変更 |
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