本文選題：日本　切入點(diǎn)：超規(guī)模量化寬松政策　出處：《天津財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：在2008年國際金融危機(jī)之后,日本國內(nèi)經(jīng)濟(jì)再次陷入疲軟狀態(tài),通貨緊縮與低利率水平并存,為了改善國內(nèi)經(jīng)濟(jì)環(huán)境,刺激實(shí)體經(jīng)濟(jì)投資和消費(fèi),日本央行從2010年開始一直實(shí)施溫和的量化寬松政策,但是對國內(nèi)經(jīng)濟(jì)環(huán)境的改善并不顯著,因此,日本央行為了擺脫長期的經(jīng)濟(jì)疲軟局面,決定從2012年開始推行超規(guī)模的量化寬松政策。本文主要研究了在日本本輪量化寬松政策推行期間,日本央行官方貨幣政策會(huì)議決議的發(fā)布和主要領(lǐng)導(dǎo)人關(guān)于量化寬松政策的公開言論以及其他非官方渠道發(fā)布的有關(guān)該政策的信息對該政策的實(shí)施效果的作用。第一章導(dǎo)言部分在闡述了本文的選題背景和意義之后,詳細(xì)分析了國內(nèi)外有關(guān)本輪日本量化寬松政策的研究及言論,并在此基礎(chǔ)上提出了本文研究的創(chuàng)新點(diǎn)是引入了信息發(fā)布的虛擬變量對日本量化寬松實(shí)施效果進(jìn)行研究,同時(shí)提出了本文的研究思路和方法。第二章主要從幾個(gè)不同的角度闡述了量化寬松政策的發(fā)展史,并且重點(diǎn)梳理了不同學(xué)派之間關(guān)于貨幣政策對實(shí)體經(jīng)濟(jì)傳導(dǎo)機(jī)制的論點(diǎn),并結(jié)合此次日本實(shí)施該量化寬松政策的背景提出了自己的觀點(diǎn)。第三章主要是在前入研究貨幣政策的基礎(chǔ)上提出了本文所使用的GARCH計(jì)量模型,并結(jié)合研究目標(biāo)選取了合適的控制變量和虛擬變量。第四章選取了最新數(shù)據(jù),在第三章模型的基礎(chǔ)上,進(jìn)行了模型的細(xì)分,并進(jìn)行了相關(guān)的實(shí)證檢驗(yàn),并對檢驗(yàn)結(jié)果進(jìn)行了分析。第五章主要是結(jié)合本文實(shí)證研究的結(jié)果分析,提出了相應(yīng)的結(jié)論,并在此基礎(chǔ)上,梳理對我國量化寬松的相關(guān)貨幣政策的啟示。研究表明日本實(shí)施量化寬松貨幣政策對日經(jīng)指數(shù)有顯著性正面影響,對消費(fèi)者信心和企業(yè)信心有顯著提升作用,降低了國內(nèi)失業(yè)率,這些經(jīng)驗(yàn)對于我國經(jīng)濟(jì)改革和金融發(fā)展具有較高的參考價(jià)值。
[Abstract]:After the 2008 international financial crisis, Japan's domestic economy was once again in a state of weakness. Deflation and low interest rates coexist. In order to improve the domestic economic environment and stimulate investment and consumption in the real economy, The Bank of Japan has been implementing moderate quantitative easing policies since 2010, but the improvement to the domestic economic environment has not been significant, so the Bank of Japan is trying to get rid of the long-term economic weakness. We have decided to implement the policy of excessive quantitative easing from 2012. This paper mainly studies the period of this round of quantitative easing in Japan. The impact of the issuance of the resolution of the Bank of Japan's official monetary policy meeting and public statements by key leaders on the policy of quantitative easing, as well as other unofficial information on the policy, on the effectiveness of the implementation of the policy. In the introduction part, after explaining the background and significance of this paper, This paper analyzes in detail the domestic and foreign research and comments on the policy of quantitative easing in Japan, and puts forward the innovation point of this paper, which is the introduction of virtual variables of information release to study the effect of quantitative easing in Japan. At the same time, it puts forward the research ideas and methods of this paper. Chapter two mainly expounds the history of quantitative easing policy from several different angles, and mainly combs the arguments between different schools on the transmission mechanism of monetary policy to the real economy. Combined with the background of this policy of quantitative easing in Japan, this paper puts forward its own viewpoint. Chapter three mainly puts forward the GARCH measurement model used in this paper on the basis of the previous study of monetary policy. The fourth chapter selects the latest data, on the basis of the model in chapter 3, carries on the subdivision of the model, and carries on the related empirical test, and then selects the appropriate control variable and the fictitious variable in combination with the research goal, the fourth chapter selects the newest data, carries on the model subdivision, and carries on the related empirical test. The fifth chapter is based on the analysis of the results of the empirical research in this paper, and put forward the corresponding conclusions, and on this basis, The research shows that the implementation of quantitative easing monetary policy in Japan has a significant positive impact on the Nikkei index, and has a significant role in enhancing consumer confidence and business confidence. These experiences have a high reference value for China's economic reform and financial development.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F123.16;F823.13

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