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Quantitative Easing Limits. Evidence From Japan

Author

Listed:
  • Andreea-Emanuela Drăgoi

    (Institute for World Economy, Romanian Academy Bucharest)

  • Ana-Cristina Bâlgăr

    (Institute for World Economy, Romanian Academy Bucharest)

Abstract

In the post-crisis reality, the Quantitative Easing (QE) has started to be used as a tool for boosting credit activity and to revival the economic growth. While QE initiatives have been enforced by some advanced economies (U.S., Japan, EU) our paper aims to assess their success,basing its assumptions mainly on the Japanese experience. Our analysis will briefly review several important theoretical contributions to this particular topic presented in the recent scientific literature and will further evaluate, through a SWOT analysis, the strengths and the weaknesses of this unconventional monetary policy. In the final part of our research we will assess the possible success of the European Central Bank’s (ECB) QE initiative through a comparative analysis which takes into account the “lessons learned” from the Japanese experience.

Suggested Citation

  • Andreea-Emanuela Drăgoi & Ana-Cristina Bâlgăr, 2016. "Quantitative Easing Limits. Evidence From Japan," Romanian Economic Business Review, Romanian-American University, vol. 11(4), pages 60-70, december.
    • Handle: RePEc:rau:journl:v:11:y:2016:i:4:p:60-70
    as

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    References listed on IDEAS

    as
    1. William Dudley, 2013. "Lessons at the zero bound: the Japanese and U.S. experience," Speech 105, Federal Reserve Bank of New York.
    2. repec:fip:fednsp:y:2013:i:may21 is not listed on IDEAS
    3. Michael Joyce & David Miles & Andrew Scott & Dimitri Vayanos, 2012. "Quantitative Easing and Unconventional Monetary Policy – an Introduction," Economic Journal, Royal Economic Society, vol. 122(564), pages 271-288, November.
    4. Joseph E. Gagnon, 2016. "Quantitative Easing: An Underappreciated Success," Policy Briefs PB16-4, Peterson Institute for International Economics.
    5. David Andolfatto & Li Li, 2014. "Quantitative easing in Japan: past and present," Economic Synopses, Federal Reserve Bank of St. Louis, issue 1.
    6. Hiroshi Ugai, 2006. "Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses," Bank of Japan Working Paper Series 06-E-10, Bank of Japan.
    Full references (including those not matched with items on IDEAS)

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