A Study on Abenomics
| Autor: | Ying-Ying Li, 李盈瑩 |
|---|---|
| Rok vydání: | 2014 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 102 Based on the "Abenomics" from Shinzo Abe－the 57th and current Prime Minister of Japan－this thesis analyze his economic policy, implementation status and the difference between the U.S. subprime mortgage crisis and the Japanese asset price bubble. Chapter One explain the research background and motivation. Chapter Two illustrate the background and causes for the U.S. subprime mortgage crisis and the Japanese asset price bubble. Chapter Three focuses on the accommodative monetary policy in the U.S. and Japan. The U.S. Federal Reserve had avoided the situation of economic recession by implemented QE1, QE2, and QE3, and coordinated with the policy of Operation Twist. Japan is the first country to implement accommodative monetary policy but failed by former Prime Minister Junichiro Koizumi. Abenomics is based upon "three arrows" of fiscal stimulus, monetary easing and structural reforms. This chapter compares the similarity situation in timing and the difference of economic fundament in the U.S. and Japan, evaluating the effects of accommodative monetary policy in both countries. During the U.S. subprime mortgage crisis, many monetary theoretical assumptions are challenged. Chapter Four shows that Hyman Minsky''s financial instability hypothesis was able to point out the reasons for its occurrence. After adopting monetary easing policy for Japanese asset price bubble, it caused great changes of the economic indicators in the short term to stabilize the economy out of deflation. However, the after effects of policy also triggered other factors that may lead to problems. The last Chapter concludes the content of previous chapters, takes summary for every kind of possibilities. It provides the direction for which should continue to observe and pay attention in near future, to be used for determining the final outcome and possible impact of Abenomics. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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