日本量化寬鬆政策之總體經濟效果

江慈華

doi:10.6837/NCNU.2015.00057

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日本量化寬鬆政策之總體經濟效果

The Effect of Quantitative Easing Policy on The Macroeconomic Factors：Evidence From Japan

江慈華 , Masters　　Advisor：林佑龍　　

繁體中文 DOI： 10.6837/NCNU.2015.00057

貨幣量化寬鬆政策；貨幣供給；國內生產毛額；匯率；進口；出口； Quantitative easing policy ； Money supply ； Gross domestic product ； JPY/USD Exchange rate ； Import ； Export

Abstract │ Reference (27) │ Times Cited (2) │ Altmetrics

Abstract 〈TOP〉

Parallel Abstract 〈TOP〉

The purpose of this research is to examine the impacts of three round of Japan quantitative easing policy on the macroeconomic, by using time-series approaches in the period of January 2000 to November 2014. The standard time-series method: stationarity test, Johansen cointegration test, and Granger-causality test are employed to inspect the relationships among ten variables (money supply, JPY/USD exchange rate, financing bill rate, lending rate, inflation rate, gross domestic product, consumption, investment, import, and export) in this paper. 
My empirical results finds that money supply has positive and significant effect on GDP and has negative effect on exports and imports, which implies quantitative easing policy may improve Japanese macroeconomics. Besides, lending rate also has positive and significant impact on GDP, financing bill rate, imports and exports. However, the empirical result of this paper shows that there is no Granger-causality relationship between money supply and JPY/USD exchange rate. The reason is probably due to the delayed appearance of quantitative easing policy, which resulted in no effect during the period of research.

Reference ( 27 ) 〈TOP〉

謝德宗，劉明德與吳孟道，（2009），「金融海嘯各國財政政策比較研究」，財團法人國家政策研究基金會。
連結：
蘇顯揚，（2014），「日本安倍經濟學的內涵與影響」，財團法人中華經濟研究院日本中心。
連結：
Agénor, P.-R., and K. E. Aynaoui,（2010）, “Excess liquidity, bank pricing, and monetary policy,” Journal of Banking & Finance, 34, 923-933.
連結：
Cagan P.,（1958）, “The demand for currency relative to the total money supply,” Journal of Political Economy, 66, 303-328.
連結：
Dedola L., and F. Lippi,（2005）, “The monetary transmission mechanism：evidence from the industries of five OECD countries,” European Economic Review, 49, 1543-1569.
連結：

Times Cited (2) 〈TOP〉

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