Primjena politike ciljanja inflacije u Japanu

master's thesis

• Title (english): Applying inflation targeting policy in Japan
• Author: Mateja Đurić
• Mentor: Gordana Kordić (mentor)
• Committee member: Ivan Lovrinović (predsjednik povjerenstva)
• Committee member: Martina Nakić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2015-09-25, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Tema ovog diplomskog rada je „Primjena politike ciljanja inflacije u Japanu“. Problem deflacije, koji je u Japanu bio prisutan gotovo dva desetljeća, pokušao je riješiti japanski premijer Shinzo Abe politikom ciljanja inflacije. Politika ciljanja inflacije prvi je put primijenjena na Novom Zelandu, a nakon toga se počela primjenjivati i u drugim razvijenim, ali i tranzicijskim zemljama. S obzirom na pozitivna iskustva s ovom strategijom monetarne politike, u ovom radu se analiziraju učinci njene primjene na japansko gospodarstvo.
Japanska Vlada je u suradnji sa Središnjom bankom Japana sastavila program oporavka japanskog gospodarstva nazvan „Abenomika“, koji obuhvaća tri vrste mjera: ekspanzivnu monetarnu politiku s ciljem dostizanja stope inflacije od 2%, fiskalne poticaje s ciljem poticanja potražnje te deregulaciju gospodarstva. Program oporavka imao je pozitivne učinke na gospodarski rast, pri čemu je važan izvor rasta bio izvoz na čiju dinamiku pozitivno djeluje oporavak potražnje u razvijenim gospodarstvima te vrlo niska vrijednost jena u odnosu na najvažnije svjetske valute. Slabljenje japanske valute odraz je snažne monetarne ekspanzije koju od početka 2013. godine provodi japanska središnja banka, čime se primarni novac povećao za više od 50%. Također, program oporavka pridonio je i rješavanju problema dugotrajne inflacije, ali je vrlo teško procijeniti koliko je na porast inflacije utjecalo povećanje domaće potražnje i inflacijskih očekivanja, a koliko su takva kretanja odraz slabljenja nacionalne valute.
Iako se inflacija, odnosno porast opće razine cijena, smatra negativnom pojavom jer ostavlja brojne negativne posljedice na pojedinca, poduzeća i društvo u cjelini, u Japanu je imala pozitivne efekte na gospodarski rast i razvoj te se smatra najboljim rješenjem dugoročnog problema deflacije u japanskom gospodarstvu.

Abstract (english)

The main subject explored through this thesis is the 'Application of inflation targeting policy in Japan'. The first public official from Japan who tried to tackle the issue of deflation with the use of inflation targeting policy was the country's Prime Minister - Shinzo Abe. The first recorded use of inflation targeting policy as a measure of inflation reduction took place in New Zealand, which served as a model for its later applications in some developed and developing countries. This particular strategy of monetary policy had displayed a lot of potential, which in turn provides ample ground for a more thorough analysis of the effects it had on the economy of Japan itself.
The application of inflation targeting policy in Japan started with the introduction of recovery program based upon "three arrows" of fiscal stimulus, monetary easing and structural reforms. „Abenomics“ - a joint project of the Government of Japan and the Bank of Japan is an umbrella term for three sets of measures: growth induced monetary policy with a goal of reaching an inflation rate of 2%, economy deregulation and fiscal stimuli aimed at demand maximization. The program had positive effect on economic growth, where important source of growth was export, on which dynamics positive effect had revival of demand in developed economies and very low value of yen. The depretiation of yen was the mirror of strong monetary expansion which was led by Bank of Japan from the start of 2013. The result of that was that primary money had rised by more than 50 %. The program of revival was also useful for managing the problems caused by long term inflation. It is very hard to decide what was the cause for inflationary rise - was it the rise of domestic demand and inflationary expectations or depletion of domestic currency.
Although inflation is generally negative term for all economy, in Japan that ‘’negative term’’ left very positive effects on economic growth and development and it’s considered to be the best solution for long term deflation problems for the economy of Japan.

• Keywords: inflacija; deflacija; Japan; Središnja banka Japana; politika ciljanja inflacije; „Abenomika“
• Keywords (english): inflation; deflation; Japan; Bank of Japan; inflation targeting policy; „Abenomics"
• Language: croatian
• URN:NBN: urn:nbn:hr:148:661039
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2016-10-20 12:06:21