Новая денежная политика Японии

Весь экономический мир вздохнул с облегчением, когда Банк Японии объявил, что собирается увеличить денежное предложение Японии, чтобы стимулировать спрос. Рынок ценных бумаг Японии сразу поднялся приблизительно на10%, хотя уже и снизился немного с того момента. Беспокойство по поводу Японии - второй в мире по величине экономике, зажатой в тиски стагнации в течение многих лет - весьма велико. Если денежная политика по - настоящему не изменится, Америка и Япония могут одновременно впасть в рецессию, с риском для всего остального мира.

В 1980- х годах, японская экономика могла бы не допускать просчетов. Экономический рост Японии ежегодно составлял 4% , значительно быстрее, чем ежегодный 3-х процентный показатель роста Америки. Тем не менее, в 1990 - х, показатель экономического роста Японии насчитывал менее, чем половина ежегодного показателя экономического роста Соединенных Штатов, составлявшего 3.4%.

Для плохой экономической деятельности существуют два обычных объяснения. Один состоит в том, что Япония до сих пор испытывает негативные последствия от лопнувшего финансового пузыря в конце 1980-х годов. Резкий упадок цен акций на рынках ценных бумаг и недвижимости оставил многих финансовых банкротов и слабую банковскую систему в плохих долгах. Правительство Японии было достаточно неэффективным в прояснении создавшейся путаницы, например, откладывая почти на десятилетие ре-капитализацию Японских банков.

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