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Niedrigzinspolitik und Sparkultur in Japan: Implikationen für die Wirtschaftspolitik

Author

Listed:
  • Schnabl Gunther

    (Universität Leipzig, Grimmaische Straße 12, 04109 Leipzig, Germany)

  • Sepp Tim

    (Universität Leipzig, Grimmaische Straße 12, 04109 Leipzig, Germany)

Abstract

Das Papier untersucht die Veränderung der Sparkultur in Japan während mehr als 30 Jahren Niedrig-, Null- und Negativzinspolitik basierend auf einer Analyse der Allokationsfunktion von Zinsen und der Transformationsfunktion der Banken bei der Kreditvergabe. Es wird gezeigt, wie durch die anhaltend lockere Geldpolitik der Bank von Japan die Sparkultur in Japan grundlegend von einer hohen Haushaltssparquote zu einer sehr niedrigen Haushaltssparquote verändert wurde. Es werden aufbauend auf der theoretischen Literatur zu Sparmotiven Kanäle identifiziert, die das Haushalts- und Unternehmenssparen maßgeblich verändert und damit die Wachstumskräfte des Landes anhaltend geschwächt haben.

Suggested Citation

  • Schnabl Gunther & Sepp Tim, 2023. "Niedrigzinspolitik und Sparkultur in Japan: Implikationen für die Wirtschaftspolitik," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 72(1), pages 392-440, December.
    • Handle: RePEc:bpj:ordojb:v:72-73:y:2023:i:1:p:392-440:n:10
    DOI: 10.1515/ordo-2023-2001
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    References listed on IDEAS

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    1. Grossmann, Volker & Steger, Thomas M. & Trimborn, Timo, 2013. "The macroeconomics of TANSTAAFL," Journal of Macroeconomics, Elsevier, vol. 38(PA), pages 76-85.
    2. Schäfer, Andreas & Schneider, Maik T., 2015. "Endogenous Enforcement Of Intellectual Property, North–South Trade, And Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 19(5), pages 1074-1115, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Japan; Sparen; Sparkultur; Geldpolitik; Haushaltssparen; Unternehmenssparen; Abenomics; Nullzinspolitik;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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