1818-4049 Власть и управление на Востоке россии POWER AND ADMINISTRATION IN THE EAST OF RUSSIA 10.22394/1818-4049-2023-102-1-162-175 Представляю к защите Монетарная и антиинфляционная политика: японский вариант Monetary and anti-inflation policies: Japanese version Криводубова Юлия Валерьевна Криводубова Юлия Валерьевна Krivodubova Yulia V. krivodubova@ecrin.ru Институт экономических исследований, Дальневосточное отделение Российской академии наук, Хабаровск, Россия The Economic Research Institute, the Far-Eastern branch of RAS, Khabarovsk, Russia 01 01 2023 1(102) 162 175 15 02 2023 03 03 2023 28 02 2023

В контексте современного глобального тренда устойчиво высокой инфляции в развитых экономиках мира и соответствующего ей ужесточения национальными регуляторами денежно-кредитной политики особым случаем выглядит монетарная и антиинфляционная деятельность, проводимая в Японии. В статье рассматриваются генезис и особенности японской финансовой системы, рынков капитала и функционирования финансовых институтов. Показано, как уникальные характеристики японской финансовой системы оказывали влияние на формирование денежно-кредитной политики в стране на разных этапах ее развития и в значительной мере обусловили в Японии более низкий уровень инфляции в сравнении с другими развитыми странами.

In the context of modern global trend of consistently high inflation rates and corresponding monetary tightening by the national regulators, monetary and anti-inflation actions, taken in Japan, look as a special case. The article reviews genesis and specific features of Japanese financial system, capital markets and functioning of financial institutions. The article shows how unique characteristics of Japanese financial system influenced monetary policy in the country at different stages of its development and conditioned to a significant extent a lower inflation rate in comparison with the other developed economies.

 Ключевые слова финансовая система монетарная политика инфляция Япония экономика Японии методы государственного регулирования Keywords financial system monetary policy inflation Japan Japanese economy government regulation methods 1. Белов А. В. Экономическая политика Японии в период пандемии // Мировая экономика и международные отношения. 2021. Том 65. № 1. C. 33–41. 2. Брагинский С. В. Кредитно-денежная политика в Японии. М.: Наука. Главная редакция восточной литературы. 1989. 3. Брагинский С. В. Перестройка кредитно-денежной политики японского правительства и проблема контроля за денежной массой // Япония: экономика, политика, история. М.: Наука. Главная редакция восточной литературы. 1989. C. 175–183. 4. Никитина С. А. Эволюция денежно-кредитной политики и программа «Абэномики» // Вестник Института экономики РАН. № 6. 2015. C. 151–165. 5. Рензин О. М., Суслов Д. В. 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The Japanese Financial System in Transition // Banking in Japan. Volume III: Japanese Banking since 1973: Deregulation, Internationalization and Adjustment / William M. Tsutsui (ed.). London. 1999. 11. Mogi, Aiichi. The Formation of the Postwar Financial System // Japan Postwar Experience. The Japan Institute of International Affairs. 1994. 12. Patrick, Hugh. Finance Capital Market and Economic Growth in Japan // Banking in Japan. Volume II: Japanese Banking in the High-Growth Era. 1952-1973 / William M. Tsutsui (ed.). London. 1999. 13. Cargill, Thomas F., Royama, Shoichi. Monetary Policy Prior To Reform // Banking in Japan. Volume II: Japanese Banking in the High-Growth Era, 1952-1973 / William M. Tsutsui (ed.). London. 1999. 14. Suzuki, Yoshio. Money and Banking in Contemporary Japan // Yale University Press. New Haven and London. 1980. 15. Horiuchi, Akiyoshi. The «Low Interest Rate Policy» and Economic Growth in Postwar Japan // Banking in Japan. 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Institute of International Economics. September 2000. 20. Shimizu, Yoshinori. Convoy Regulation, Bank Management and the Financial Crisis in Japan // Japan’s Financial Crisis and Its Parallel to US Experience / Ryoichi Mikitani and Adam S. Posen (ed.). Institute of International Economics. September 2000. 21. Ito, Takatoshi. Is the Bank of Japan a Closet Monetarist? Monetary Targeting in Japan. 1978–1988. NBER Working Paper No. 2879. 1989. 22. Suzuki, Yoshio. Japan’s Monetary Policy Over the Past 10 Years // Bank of Japan Monetary and Economic Studies 3, No.2. 1985. 23. Ito, Takatoshi and Mishkin, Frederic S. Two Decades of Japanese Monetary Policy and the Defl ation Problem // NBER Working paper No. 10878. 2004. 24. Minutes of the Monetary Policy Meeting of the Bank of Japan Policy Board on March 10, 2023. URL: https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2023/k230310a.pdf 1. Belov A. V. (2021) Economic Policy of Japan in the Time of Pandemic. 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(2021) The anti-crisis policy in Japan during the COVID-19. Vlastj i uprvleniye na Vostoke Rossii [Power and administration in the East of Russia]. № 4 (97): 16–27. (In Russ.) 7. International Monetary Fund. 2022. World Economic Outlook: Countering the Cost-of-Living Crisis. Washington, DC. October. URL: https://www.imf.org/en/Publications/WEO/Issues/2022/10/11/world-economic-outlook-october-2022 8. Ackley, Gardner, Ishi, Hiromitsu. Fiscal, Monetary and Related Policies // Asia’s New Giant. How the Japanese Economy Works / Hugh Patrick, Henry Rosovsky (ed.). The Brookings Institute, Washington D.C. 1976. 9. Hamada, Koichi, Horiuchi, Akiyoshi. The Political Economy of the Financial Market // Banking in Japan. Volume III: Japanese Banking since 1973: Deregulation, Internationalization and Adjustment / William M. Tsutsui (ed.). London. 1999. 10. Sakakibara, Eisuke. The Japanese Financial System in Transition // Banking in Japan. Volume III: Japanese Banking since 1973: Deregulation, Internationalization and Adjustment / William M. Tsutsui (ed.). London. 1999. 11. Mogi, Aiichi. The Formation of the Postwar Financial System // Japan Postwar Experience. The Japan Institute of International Affairs. 1994. 12.Patrick, Hugh. Finance Capital Market and Economic Growth in Japan // Banking in Japan. Volume II: Japanese Banking in the High-Growth Era. 1952-1973 / William M. Tsutsui (ed.). London. 1999. 13. Cargill, Thomas F., Royama, Shoichi. Monetary Policy Prior To Reform // Banking in Japan. Volume II: Japanese Banking in the High-Growth Era, 1952-1973 / William M. Tsutsui (ed.). London. 1999. 14. Suzuki, Yoshio. Money and Banking in Contemporary Japan // Yale University Press. New Haven and London. 1980. 15. Horiuchi, Akiyoshi. The «Low Interest Rate Policy» and Economic Growth in Postwar Japan // Banking in Japan. Volume II: Japanese Banking in the High-Growth Era. 1952–1973 / William M. Tsutsui (ed.). London. 1999. 16. Teranishi, Juro. Development and Structural Change in the Financial System // The Financial Development of Japan, Korea and Taiwan: Growth, Repression and Liberalization. Patrick, Hugh, Yung Chul Park (ed.). New York, Oxford University Press. 1994. 17. Shinkai, Yoichi. The Internationalization of Finance in Japan// Banking in Japan. Volume III: Japanese Banking since 1973: Deregulation, Internationalization and Adjustment / William M. Tsutsui (ed.). London. 1999. 18. Cargill, Thomas. What caused Japan’s Banking Crisis? // in Crisis and Change in the Japanese Financial System/ Hoshi T. and Patrick H. (ed.). Kluver Academic Publishers: Boston, Massachusetts. 2000. 19. Posen, Adam. Introduction: Financial Similarities and Monetary Differences.// Japan’s Financial Crisis and Its Parallel to US Experience / Ryoichi Mikitani and Adam S. Posen (ed.). Institute of International Economics. September 2000. 20. Shimizu, Yoshinori. Convoy Regulation, Bank Management and the Financial Crisis in Japan // Japan’s Financial Crisis and Its Parallel to US Experience / Ryoichi Mikitani and Adam S. Posen (ed.). Institute of International Economics. September 2000. 21. Ito, Takatoshi. Is the Bank of Japan a Closet Monetarist? Monetary Targeting in Japan. 1978–1988. NBER Working Paper No. 2879. 1989. 22. Suzuki, Yoshio. Japan’s Monetary Policy Over the Past 10 Years // Bank of Japan Monetary and Economic Studies 3, No.2. 1985. 23. Ito, Takatoshi and Mishkin, Frederic S. Two Decades of Japanese Monetary Policy and the Deflation Problem // NBER Working paper No. 10878. 2004. 24.Minutes of the Monetary Policy Meeting of the Bank of Japan Policy Board on March 10, 2023. URL: https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2023/k230310a.pdf