货币政策应对流动性过剩有效性研究：日本的经验  

Effectiveness of Monetary Policy in Dealing with Excessive Liquidity: Japan’s Experience

作　　者：刘洁[1] 蔡允革[2] 汪明文[3] 

机构地区：[1]中国证监会 [2]中国银监会 [3]中国金融期货交易所

出　　处：《国际金融研究》2008年第6期49-54,共6页Studies of International Finance

摘　　要：本文通过对日本流动性过剩与货币政策之间的关系进行实证研究,发现货币政策在应对流动性过剩的问题上缺乏足够的有效性,货币政策能够在一定程度上调节流动性,但宽松的货币政策容易制造过剩流动性而紧缩的货币政策却难以吸收过剩流动性,根除流动性过剩仅靠货币政策是不够的,需要进行产业和金融制度的升级和改革。Through an emipicial study on the excessive liquidity and the monetary policy in Japan during 1980 to 2000, this paper finds that the monetary policy is not effective enough in dealing with excessive liquidity. Monetary policy can change liquidity in some extent, and expansionary monetary policy can create excessive liquidity easily, but contractory monetary policy can not absorb excessive liquidity. Monetary policy itself is not enough to eliminate the excessive liquidity. It needs to upgrade the industry and reform the financial system.

关 键 词：流动性过剩 货币政策 日本 

分 类 号：F831[经济管理—金融学]