2022 Fiscal Year Final Research Report
Theoretical and empirical study on optimal exit strategy from non-standard monetary easing by European Central Bank
Project/Area Number |
19K01748
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Research Category |
Grant-in-Aid for Scientific Research (C)
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Allocation Type | Multi-year Fund |
Section | 一般 |
Review Section |
Basic Section 07060:Money and finance-related
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Research Institution | Kansai University |
Principal Investigator |
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Project Period (FY) |
2019-04-01 – 2023-03-31
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Keywords | 欧州中央銀行 / 非標準的金融緩和政策 / マイナス金利政策 / 出口政策 / 金融システムの安定性 |
Outline of Final Research Achievements |
In this research, I have been researching the suspension of monetary easing by the European Central Bank and the start of monetary tightening. Non-standard monetary easing has seen European housing and financial asset prices rise. However,the easing was not much inflation until energy prices began to rise. This is the same result as the time-series study of this study. In addition, negative interest rates and monetary easing through quantitative easing could worsen bank profits in particular and have a negative impact on the financial system. Therefore, in this study, we conduct theoretical research and derive the conditions for the limit point of monetary easing in order to achieve both the macroeconomic environment and the stability of the financial system. In addition, considering the impact of the new coronavirus infection, we also use a time series model to verify whether monetary easing at that time will have an effect.
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Free Research Field |
国際金融論
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Academic Significance and Societal Importance of the Research Achievements |
欧州金融・債務危機からの回復がなかなか進まない中、伝統的な金融政策と呼ばれる金利を誘導する金融政策から、マイナス金利政策を含む量的緩和政策である非標準的な金融緩和政策を、日本銀行に続いて欧州中央銀行も導入することとなった。しかし、欧州経済の回復が進もうとする時に、その非標準的金融緩和政策をどのように転換するのか、日本同様に模索が続いてきた。現在、インフレが進行する中で金融緩和を欧州中央銀行は転換したが、果たしてそれが適切だったのかどうかを考察するため、本研究の示唆は学術的にもまた社会的にも有意義なものと考えられる。
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