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Niedrigzinspolitik und Sparkultur in Japan: Implikationen für die Wirtschaftspolitik

  • Gunther Schnabl EMAIL logo and Tim Sepp
From the journal ORDO


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.

JEL codes: E21; E43; E52


Wir danken Taiki Murai für die ausgezeichnete Unterstützung bei der Datenrecherche und der Stiftung für die Wissenschaft, Bonn, für die Förderung der Arbeit.


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