Japonya'da Niceliksel Gevşeme: Para Politikası Etkileri ve Zorluklarının Boylamsal Analizi

Abstract

Bu çalışma, Japonya'da bir para politikası aracı olarak niceliksel genişlemenin etkilerinin ve zorluklarının kapsamlı bir analizini sunmaktadır. Japonya, yirmi yılı aşkın bir süre boyunca ekonomisini canlandırmak için niceliksel genişlemeyi uygulamaya koydu; bu, hem kısa vadeli faydalar hem de uzun vadeli belirsizliklerle karakterize edilen benzersiz bir ekonomik manzarayla sonuçlandı. Tarihsel gelişmeleri, son ekonomik eğilimleri ve potansiyel riskleri inceleyen bu araştırma, Japonya'da para politikası ile ekonomik sonuçlar arasındaki karmaşık etkileşime ışık tutuyor. Bu akademik çalışma, hem kısa vadeli faydalara hem de uzun vadeli sonuçlara odaklanarak Japonya'daki parasal genişlemenin etkileri ve zorluklarına ilişkin kapsamlı bir analiz sunacak. Aynı zamanda son ekonomik eğilimleri ve Japon ekonomisine yönelik potansiyel riskleri de inceleyerek politika yapıcılara içgörüler ve tavsiyeler sunacak ve bu para politikasının uzun vadeli etkilerini çevreleyen belirsizlikleri de kabul edecek.

Keywords

• Ekonomik teşvik
• Para Politikası
• Niceliksel Gevşeme

Supporting Institution

None

Ethical Statement

Study Title: Quantitative Easing in Japan: A Longitudinal Analysis of Monetary Policy Effects and Challenges Researcher(s): Prof. Habib Badawi, Dr. Mohamad Hani and Karim Wattar. The study titled "Quantitative Easing in Japan: A Longitudinal Analysis of Monetary Policy Effects and Challenges" adhered rigorously to ethical principles. We ensured: Informed consent of all participants. Strict confidentiality and privacy measures. Compliance with relevant regulations. Data integrity and accuracy. Proper acknowledgment of all sources. Transparent reporting without bias.

Thanks

I extend my heartfelt gratitude to the Izmir Journal of Economics and the esteemed academic community at Dokuz Eylul University for providing an exceptional platform for scholarly discourse and publication. The opportunity to contribute our study, "Quantitative Easing in Japan: A Longitudinal Analysis of Monetary Policy Effects and Challenges," to this esteemed journal has been invaluable. Your commitment to fostering academic excellence and facilitating the dissemination of scholarly work is commendable. We are immensely grateful for the honor of being part of this esteemed journal and the Turkish academic circle. The professionalism and dedication exhibited by your team in maintaining academic standards are truly commendable. We sincerely appreciate this collaboration and the opportunity to contribute to the academic conversation. It is our hope that this marks the beginning of a longstanding partnership. We look forward to continued cooperation and the prospect of sharing more insights and research in the future. Thank you once again for the privilege of being a part of your esteemed journal. We eagerly anticipate further collaboration and shared contributions to the academic landscape.

Quantitative Easing in Japan: A Longitudinal Analysis of Monetary Policy Effects and Challenges

Abstract

This study presents a comprehensive analysis of the effects and challenges of quantitative easing as a monetary policy tool in Japan. Over a period of more than two decades, Japan has implemented quantitative easing to stimulate its economy, resulting in a unique economic landscape characterized by both short-term benefits and long-term uncertainties. By examining historical developments, recent economic trends, and potential risks, this research sheds light on the complex interplay between monetary policy and economic outcomes in Japan. This academic study will provide a comprehensive analysis of the effects and challenges of quantitative easing in Japan, focusing on both short-term benefits and long-term consequences. It will also examine recent economic trends and potential risks to the Japanese economy, offering insights and recommendations for policymakers while acknowledging the uncertainties surrounding the long-term effects of this monetary policy.

Keywords

• Economic stimulus
• Monetary Policy
• Quantitative Easing

References

1. Deloitte Insights. (2023). Japan economic outlook. Deloitte . https://www2.deloitte.com/us/en/insights/economy/asia-pacific/japan-economic-outlook.html
2. Abadie, A. G. (2017). The economic costs of conflict: A case-control study for the Basque Country. Journal of the European Economic Association, 15(3), 649-679. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4799647/
3. Abe, N. (2010, February 12). Japan's shrinking economy. Brookings: https://www.brookings.edu/articles/japans-shrinking-economy/#:~:text=In%20the%201990s%2C%20the%20Japanese,to%20pull%20up%20the%20economy..
4. Al Jazeera. (2023). Japan's economy rebounds less than expected amid COVID recovery. Al Jazeera: https://www.aljazeera.com/economy/2023/2/14/japans-economy-rebounds-less-than-expected-amid-covid-recovery
5. Andolfatto, D., and Li, L. (2014). Quantitative easing in Japan: Past and present,. St. Louis: Federal Reserve of St. Louis. https://files.stlouisfed.org/files/htdocs/publications/es/14/ES_1_2014-01-10.pdf
6. AP News. . (2023). Japan's economy rebounds less than expected amid COVID recovery. AP News. https://apnews.com/article/japan-economy-rebound-covid-485274f6ff1f842bd05f9ec161ef0f43
7. Asian Development Bank. (2014). The Impact of quantitative easing and tax policy on income inequality in Japan. Asian Development Bank. https://www.adb.org/publications/impact-quantitative-easing-and-tax-policy-income-inequality-japan
8. Bank of Japan. (2023). Outlook for economic activity and prices . Bank of Japan. https://www.boj.or.jp/en/mopo/outlook/gor2307a.pdf

9. Berkmen, S. P. (2012). Bank of Japan’s Quantitative and Credit Easing: Are They more effective now? IMF. https://www.imf.org/external/pubs/ft/wp/2012/wp1202.pdf
10. Bianchi, F., and Civelli, A. (2017). Globalization and inflation: Evidence from a time varying VAR. https://academiccommons.columbia.edu/doi/10.7916/D83J3MDF/download
11. Borio, C. E. (2022). Macroprudential policy, monetary policy and financial stability. BIS Working Papers No. 1030. https://www.bis.org/review/r220831a.pdf
12. Borio, C., and Disyatat, P. (2009). Unconventional monetary policies: An appraisal. Bank of International Settlements No.292, 1-29. https://www.bis.org/publ/bppdf/bispap19l.pdf
13. Bowman, D., Cai, F., Davies, S., and Kamin, S. (2015). Quantitative easing and bank lending: Evidence from Japan. Journal of International Money and Finance 57 , 15-30.
14. Cabinet Office Japan. (2023). Japan gdp growth rate. Trading economics: https://tradingeconomics.com/japan/gdp-growth
15. Callen, T., and Ostry, J. (2003). Japan's lost decade. IMF.
16. Caporale, G. M., and Girardi, A. (2013). Fiscal spillovers in the euro area. https://www.econ.queensu.ca/sites/econ.queensu.ca/files/student_papers/313.pdf
17. Creswell, J. W. (2009). Mapping the field of mixed methods research. Journal of Mixed Methods Research,3(2), 95-108. https://spada.uns.ac.id/pluginfile.php/510378/mod_resource/content/1/creswell.pdf
18. Curry, L. A., Nembhard, I. M., and Bradley, E. H. (2009). Qualitative and mixed methods provide unique contributions to outcomes research. American Heart Association, 1442-1452. https://www.ahajournals.org/doi/epub/10.1161/CIRCULATIONAHA.107.742775
19. Darracq Pariès, M., and Notarpietro, A. (2018). The Macroeconomic impact of quantitative and qualitative monetary policy: Differences and similarities between the Euro Area and the US. Journal of International Money and Finance, 88,, 25-51. https://www.sciencedirect.com/science/article/abs/pii/S0261560618306806
20. Felices, G., and Grisse, C. (2012). Gauging the impact of monetary policy on global risk premia.
21. CFS Working Paper,No. 2011/30.https://www.econstor.eu/bitstream/10419/57355/1/671923366.pdf
22. Haltmaier, J., Martin, R., and Gust, C. (2008). Effects of the Bank of Japan’s quantitative easing policy on economic activity. Federal Reserve.https://www.federalreserve.gov/monetarypolicy/files/fomc20081212memo07.pdf
23. Hughes, C. (2000). Japanese Policy and the East Asian currency crisis: Abject defeat or quiet victory? Review of International Political Economy, 7(2), 219-253.https://www.jstor.org/stable/4177341
24. International Monetary fund. (2012). Unconventional monetary policy recent experience and prospects. IMF. https://www.imf.org/external/pubs/ft/wp/2012/wp1202.pdf
25. Ito, T., and Mishkin, F. (2005). Monetary policy in Japan: Problems and solutions. New York: Center on Japanese Economy and Business, Colombia Business School. https://academiccommons.columbia.edu/doi/10.7916/D83J3MDF/download
26. Kageyama, Y. (2023, May 17). Japan’s economy rebounds on healthy consumption as COVID restrictions ease, tourists arrive. Associated Press: https://apnews.com/article/japan-economy-rebound-covid-485274f6ff1f842bd05f9ec161ef0f43.
27. Kalayci, I., and Şahin, G. (2015). An investigation on quantitative easing monetary policy : Experience of Japan. Hacettepe University Journal of Economics and Adminstartive Sciences,33(3), 99-130.
28. Kamada, K., and Sugo, T. (2006). Evaluating Japanese monetary policy under the non-negativity constraint on nominal short-term interest rates. Bank of Japan Working Paper Series,No.06-E-17.
29. Kawai, M. (2015). International spillovers of monetary policy: US Federal Reserve’s quantitative easing and Bank Of Japan’s quantitative and qualitative easing. ADBI Working Paper,No.512.Tokyo: Asian Development Bank Instituite.
30. Kondo, T., and Hirota, K. K. (2003). Effects of intravenous pimobendan on hemodynamics and oxygen metabolism in patients with chronic heart failure: comparison with dobutamine. Circulation, 107(7),, 839-844. https://www.ahajournals.org/doi/10.1161/circulationaha.107.742775
31. Kimura, T., Kobayashi, H., Muranaga, J., and Ugai, H. (2006). The effect of the increase in the monetary base on Japan’s economy at zero interest rates: An empirical analysis .Monetary policy in a changing environment.BIS Conference Series,19(pp.276-312).
32. Matousek, R., Papadamou, S. T., Tzeremes, N. G., and Ševic, A. (2018). The effectiveness of quantitative easing: Evidence from Japan. Journal of International Money and Finance, 1-15. https://www.sciencedirect.com/science/article/abs/pii/S0261560618306806
33. Pelin Berkmen, S. (2012). Bank of Japan’s Quantitative and Credit Easing. IMF.
34. Poloz, S. (2014). Money and monetary policy in an inflation-targeting regime. Queen's Economics Department Working Paper No. 1313. . https://www.econ.queensu.ca/sites/econ.queensu.ca/files/student_papers/313.pd
35. Reuters. (2023). Japan economy expands more than expected on post-COVID spending. Reuters: https://www.reuters.com/markets/asia/japan-economy-expands-more-than-expected-post-covid-spending-2023-05-17/
36. Reuters. (2024, 29 April). Why has the Japanese yen been so weak? Reuters: https://www.reuters.com/markets/currencies/japan-hiked-interest-rates-why-is-yen-falling-2024-03-25/
37. Ross, S. (2023, August 24). Japan's Case Study: The diminished effects of QE. Investopedia: https://www.investopedia.com/articles/markets/052516/japans-case-study-diminished-effects-qe.asp
38. Smith, A. (2017). Quantitative easing: Evolution of a policy instrument. Journal of Money, Investment and Banking, 34(1), 19-29. https://journals.sagepub.com/doi/10.1177/1609406917733847
39. Spiegel, M. (2006). Did Quantitative Easing by the Bank of Japan Work? FRBSF Economic Letter, Number 2006-2008, 1-4. https://www.frbsf.org/wp-content/uploads/el2006-28.pdf
40. Taguchi, H. (2017). Japan’s negative interest rate policy and the yield curve: The experience of the first three years. Journal of Economic Policy Reform, 20(3), 235-250. https://journals.sagepub.com/doi/10.1177/1609406917733847
41. Voutsinas, K., and Werner, R. A. (2012). New evidence on the effectiveness of “Quantitative Easing in Japan”. Frankfurt: Center for Financial Studies (CFS), Goethe University Frankfurt. doi:https://nbn-resolving.de/urn:nbn:de:hebis:30:3-241143%0A
42. Watanabe, S. (2007). The credit spread puzzle. Circulation, 116(13),, 1513-1514. https://www.ahajournals.org/doi/10.1161/circulationaha.107.742775
43. World Bank. (2022). Real GDP Growth Japan. World Bank.