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Discussion Paper Discussion Paper 134 (2012.1)

[No.134] Central Bank Balance Sheets Expansion: Japan’s Experience

岩田 一政
  代表理事・理事長
竹中 慎治
  副主任研究員

2012/01/31

Abstract

Facing the global financial crises, the central banks of developed countries have continued their monetary expansion and unconventional policy measures. Japan and Switzerland, for instance, have witnessed the appreciation of their home currency while the US dollar has kept its depreciation. The comparative values of currencies lead to different effects, depending on the exchange rate policies, export firms’ choice of invoice currency and the price setting behavior of those firms, which all affect the terms of trade among the countries and the nations’ welfare. Contrary to their initial impression of the public, a monetary expansion is not necessarily beneficial for the domestic welfare; the theories of new open-economy macroeconomics show their effectiveness for analyzing the ramification of monetary expansions in the contemporary globalized economy amid the financial distress, accompanied by fiscal expansions in many cases. Employing such theoretical development in macroeconomics, this paper attempts to clarify the recent behavior of central banks, the changes in the exchange rates and the effects on the welfare of those nations.

<要旨>

世界的な金融危機を受け、各国の中央銀行は名目金利の引き下げと非伝統的な金融政策による金融緩和に相次いで踏み切った。中央銀行のバランスシートが拡大される間、米ドルが減価する傾向とは対照的に、円やスイスフランは増価した。ただし、為替制度・企業の価格設定行動によって交易条件が左右されるため、金融緩和が各国の経済厚生を改善させると結論づけることは必ずしも容易でない。1980年代から理論的な進歩の続く「新しい開放マクロ経済学(New Open-Economy Macroeconomics)」の枠組みを踏まえ、近年における金融緩和政策、為替レートの変動、経済厚生の関係を考察する。