Macroeconomia e mais. Recursos para as aulas do Professor Dr. Antony P. Mueller
segunda-feira, 10 de julho de 2017
Japão - política monetária
Japan Has Entered The Next Phase: Unlimited Money Printing
Investors have been watching Japan for over a decade now, wondering what happens to a country that has a debt-to-GDP ratio of 234%–too big to realistically pay off. We are starting to get the answer. For review, Japan was the first country in the modern central banking era to begin a policy of quantitative easing–an unconventional form of monetary policy that is used when interest rates have already been lowered to the zero bound. Quantitative easing, which involves the purchase of “printed” money to buy government bonds, was widely viewed in Japan as a failure, but what most people don’t understand about Japan’s early QE experiments is that they were very small–less than $20 billion a month. ...