Study On The Japan's Zero Interest Rate Policy And Quantitative Easing Monetary Policy

Interest rate policy and monetary policy as the central bank's main tool for regulating the economy, but also an important component of macroeconomic policy. The 1990s, the collapse of Japan's bubble economy is facing a turning point for the Japanese economy has far-reaching, strong influence, has become Japan's economic development is an important turning point. Subsequently, the Japanese economy although there have been several fleeting of economic recovery, but in general, or in long-term stagnation. National assets plummeted, banks'bad debt surge, the stock crash land, sluggish consumption, the reduction in prices of the situation has been lingering pessimism has become a common phenomenon in Japanese society. Long-term stagnation of the 1990s have lasted longer, affect a wide range of characteristics of severe exposure to the Japanese deep-seated economic and social contradictions, the Japanese economy in a very long time, get out of its shadow, do not see a bright future. In order to get rid of the negative impact of the bubble economy burst, out of the recession, the Bank of Japan has implemented a number of the zero interest rate policy and loose monetary policy. Japan's zero interest rate policy and loose monetary policy has a number of typical significance, breaking the world financial history of the first column, the length of time of its implementation is not available in other countries. Although the number of zero interest rate policy and loose monetary policy of the Japanese economy controversial, but it has important research value.Japan's economy as an important part of the world economy, the implementation of the policy have a profound impact on the domestic economy, but also bound to affect the world economy running. Following Japan's zero interest rate and the number of loose monetary policy after the 2008 financial crisis in the United States in the context of short-term interest rate target will be set to zero to 0.25%, the implementation of the zero interest rate policy. Meanwhile, the Fed also announced the implementation of quantitative easing to stimulate economic growth. In this paper, the interest rate policy and monetary policy, the basic theory, time-sequential, objective and systematic exposition of the number of Japan's zero interest rate policy and loose monetary policy of the background, causes, implementation of results, lessons learned, summed up the reference to China and inspiration. In research methods, this paper uses qualitative analysis method, first implemented in Japan from the theoretical analysis of the number of zero interest rate policy and loose monetary policy, expected results, and to rely on historical data, a detailed analysis of the number of Japan's zero interest rate policy and loose monetary policy on consumption, investment, economic growth, the actual impact or effect. Studies have shown that, although the number of zero interest rate policy and loose monetary policy to stimulate consumption and stabilize the financial system and to promote economic recovery played a positive role, but its effectiveness is far from the desired objectives, role in promoting the economy is very limited, even back to the future economic potential problems of inflation.Japan's zero interest rate policy and the implementation of a wide number of loose monetary policy choices of China's monetary policy has an important reference for reference. For a long time, China's national economy to ensure sustained and stable growth, and often use interest rate policy for macro-economic slowdown, especially in the U.S. financial crisis in the face of the case, has also taken continuously to reduce interest rates and increased money supply policy. Although this is the economy such circumstances, but not the best choice to promote economic development. At present, China is in the interest rate market is an important stage of the process, to learn from the experience of Japan as early as possible to achieve the interest rate market. Practice has proved that the implementation of Japan's zero interest rate policy and loose monetary policy, the number of negative effects on the economy greatly. In order to reduce the number of low-interest rate policy and monetary policy easing the negative impact, we need to use a variety of sound policies to meet each other to make up for deficiencies, it is conducive to the normal and orderly development of the national economy. Secondly, in order to better implement policies to achieve the established goal, we must further strengthen central bank independence. Zero from the Bank of Japan interest rate policy and the number of loose monetary policy lessons of view, monetary policy can be smoothly implemented and the expected results, and is closely related to central bank independence. Finally, our interest rate policy and the implementation of monetary policy to maintain a policy of control flexibility, leaving the operational space, as much as possible to avoid adverse effects on the economy.So far, most Chinese and foreign scholars is the zero interest rate policy or monetary policy in a number of liberal studies, research is also more concentrated in the zero interest rate policy or monetary policy in a number of loose, few of both a comprehensive system elaboration. The main contribution of this paper is based on relevant financial theory, the use of rich and detailed data, the theoretical analysis of the same time, the number of Japan's zero interest rate policy and loose monetary policy, the implementation of the background, causes, effects and effect, made a comprehensive objective analysis. However, in the writing process, language skills as the author shallow, could not access to enough Japanese literature to get more first-hand information. Moreover, since the stock of knowledge is not enough, not able to use the methods of empirical analysis, and further on the number of Japan's zero interest rate policy and loose monetary policy, the results are quantitative economic analysis, only refer to other empirical results of the analysis. In addition, limited by its own professional standards, this theoretical analysis is also not deep enough, need to continue to enhance future learning.