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The Financial Policy of Japanese Central Bank after the Plaza Agreement

Author: ZhouYi
Tutor: YangDongLiang
School: Nankai University
Course: World History
Keywords: Japanese bank Financial policy Bubble economy Prudent supervisionpolicy Deflation Interest rates at zero policy Quantitative easing policy Time axispolicy
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Type: PhD thesis
Year: 2012
Downloads: 46
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Abstract


Since the plaza accord in1985years,under the influence of the inner and outerenvironment,Japanese economy undergo a progress from bubble expanding tocollapse,and through the reform for recovery. In the process,What role and influenceto economic entity produced by the reform of financial system and the policyoperation of central bank named Japanese bank? What are the lessons learned? Thispaper is to explore the basic problems.In the paper,it uses the empirical research method,applies monetary banking、international coordination theory、behavioral psychology、social action group andother theoretical analysis tools,introduced the financial policy and institutionalreform of Japanese central bank from1985to2006.According to the changes of Japanese economic and financial policy in thisperiod,the main body of the four chapters emphasize the low interest rates policywhich the central bank promotes to the bubble economy,the higher interest ratespolicy which lead to burst the bubble economy,the function as "a lender of lastresort" to save the enterprises, the interest rates at zero and quantitative easingpolicy in the period of system change.Through to detailed analysis of Japanese Banks and financial policies after the squareagreement,we can draw the conclusive opinions:First,the bubble economy’s expandingand collapse are directly related to financial policy,the central bank had an obviousproblem on control the interest rate at the time and the intensity; Secondly,with thenational power as the background,the central bank played "a lender of last resort"role in the financial order,resolving the non-performing loan; thirdly,compare withthe financial policy at the same period, in the face of long-suffering status ofeconomical development,the central banks choose a policy goal of stable currency soas to ensure the stability of the financial order and restore the financial credit crisis.Fourth,the reform of "financial big bang" is the dividing line,it is the end of financialmanagement system which was called "escort ships" type since the World War II, independence of the central bank was enhanced. Furthermore, through ourinvestigation, scholars both at home and abroad, the government and ruling partyoften put forward to policy Suggestions based on all kinds of purposes,some are notaccepted by the Japanese bank,these often produce all sorts of arguments. In general,this debate is essential,and also good for the development of economic theory. Butwith the media’s rendering、bias reporting,these often form the pressure of publicopinion to Japanese bank. So what is the bottom line the central bank should abide by?Or, which the proposal is acceptable, which the proposal is not acceptable absolutely?Through the empirical studies of this paper,the answer is artificially cause inflationand neighbor immiserizing policy is cannot acceptable absolutely.Because of the incomplete of the individual historical materials,Agent of folkand academic judgment on economic situation may appear to the phenomenon ofgeneralization. Because the writer’s knowledge is insufficient,the width and depth ofissue is not mastered all-around,it should be addressed and solved in the futureresearch.

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