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OLHC Tjrkc`d ^opir ]ircis

\brii Orrjws ja ‖Ohi`jecms― o`l tbi]trumturof Xiajre ja Gopo`7C`afotcj` \orditc`d ^jfcmy ja tbi Mi`trof Ho`k,Acsmof Mj`sjfclotcj`, o`l Drjwtb ]trotidy

@ojyukc Sjsbc`j o`lAorbol \odbczolib-Bisory

@j. <38 Oudust 8>?< 

Osco` Livifjpei`t Ho`k C`stctuti

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\bi Tjrkc`d ^opir sircis cs o mj`tc`uotcj` ja tbi ajreirfy `oeil Lcsmusscj` ^opir sircis;tbi `uehirc`d ja tbi popirs mj`tc`uil wctbjut c`tirruptcj` jr mbo`di. OLHC–s wjrkc`dpopirs riafimt c`ctcof clios j` o tjpcm o`l ori pjstil j`fc`i ajr lcsmusscj`. OLHC i`mjurodisriolirs tj pjst tbicr mjeei`ts j` tbi eoc` podi ajr iomb wjrkc`d popir (dcvi` c` tbimctotcj` hifjw). ]jei wjrkc`d popirs eoy livifjp c`tj jtbir ajres ja puhfcmotcj`.

]uddistil mctotcj`7

Sjsbc`j, @., o`l A. \odbczolib-Bisory. 8>?<. \brii Orrjws ja ‖Ohi`jecms― o`l tbi]trumturof Xiajre ja Gopo`7 C`afotcj` \orditc`d ^jfcmy ja tbi Mi`trof Ho`k, AcsmofMj`sjfclotcj`, o`l Drjwtb ]trotidy. OLHC Tjrkc`d ^opir <38. \jkyj7 Osco` Livifjpei`tHo`k C`stctuti. Ovocfohfi7 bttp7//www.olhc.jrd/wjrkc`d-popir/8>?</>2/>?/1=4>.tbrii.orrjws.ohi`jecms.riajre.gopo`/

^fiosi mj`tomt tbi outbjrs ajr c`ajreotcj` ohjut tbcs popir.

Ieocf7 `yjsbc`jNolhc.jrd; aorboltbNz=.kicj.gp

@ojyukc Sjsbc`j cs Lio` ja tbi Osco` Livifjpei`t Ho`k C`stctuti.

Aorbol \odbczolib-Bisory cs o` olgu`mt risiormbir o`l ^bL mo`lcloti ot tbi ]mbjjf jaImj`jecms, Kicj Y`cvirscty. Bi cs ofsj sirvc`d os o vcsctc`d smbjfor ot tbi C`stctuti ja

I`irdy Imj`jecms ja Gopo`.\bi vciws ixprissil c` tbcs popir ori tbi vciws ja tbi outbjr o`l lj `jt `imissorcfyriafimt tbi vciws jr pjfcmcis ja OLHC, OLH, cts Hjorl ja Lcrimtjrs, jr tbi djvir`ei`tstbiy riprisi`t. OLHC ljis `jt duoro`tii tbi ommuromy ja tbi loto c`mfulil c` tbcs popiro`l ommipts `j rispj`schcfcty ajr o`y mj`siqui`mis ja tbicr usi. \irec`jfjdy usil eoy`jt `imissorcfy hi mj`scsti`t wctb OLH jaacmcof tires.

Tjrkc`d popirs ori suhgimt tj ajreof rivcscj` o`l mjrrimtcj` hiajri tbiy ori ac`ofczilo`l mj`scliril puhfcsbil.

C` tbcs ripjrt, ‖$― riairs tj Y] ljffors, u`fiss jtbirwcsi stotil.

 Osco` Livifjpei`t Ho`k C`stctutiKosuecdosikc Hucflc`d 2A

=-8-9 Kosuecdosikc, Mbcyjlo-ku\jkyj ?>>-1>>2, Gopo`

\if7 +2?-=-=93=-99>>Aox7 +2?-=-=93=-994?YXF7 www.olhc.jrdI-eocf7 c`ajNolhc.jrd

© 8>?< Osco` Livifjpei`t Ho`k C`stctuti

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

Ohstromt

‖Ohi`jecms― riairs tj tbi imj`jecm pjfcmcis olvjmotil hy ^rcei Ec`cstir ]bc`zj Ohi wbjhimoei prcei ec`cstir ja Gopo` ajr o simj`l tcei wbi` bcs porty, tbi Fchirof Liejmrotcm

^orty, wj` o` jvirwbifec`d eogjrcty ot tbi di`irof ifimtcj` c` Limiehir 8>?8. Ohi`jecmsbos ‖tbrii orrjws―7 (c) oddrisscvi ej`itory pjfcmy, (cc) acsmof mj`sjfclotcj`, o`l (ccc) drjwtbstrotidy. \bi Gopo`isi imj`jey aomis o` odc`d pjpufotcj` o`l ixpo`lc`d sjmcof wifaoriixpi`sis. @j jtbir mju`try bos ixpirci`mil Gopo`–s ropcl drjwtb ja ritcril pijpfi. C` tbcspopir wi wcff ixpfoc` tbisi tbrii ospimts ja Ohi`jecms o`l tbi murri`t stoti ja tbiGopo`isi imj`jey, o`l ixoec`i wbot aurtbir rieilcis eoy hi riqucril ca Gopo` cs tjrimjvir arje cts fj`d-tire liafotcj`. Ti fjjk ot sumb prjpjsofs os bjeitjw` c`vistei`ttrust au`ls o`l pjstpj`c`d ja tbi ritcriei`t odi tbrjudb tbi c`trjlumtcj` ja o afixchfi wodiroti systie.

GIF Mfosscacmotcj`7 I98, I18, D8? 

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

Mj`ti`ts

?.  C`trjlumtcj` ............................................................................................................... = 

8. 

\bi Afjw ja Au`ls c` Gopo` ...................................................................................... = 

8.? 

Lcvirscacmotcj` ja Bjusibjfls– Ossit Offjmotcj`............................................... = 

8.8 

Xiqucril Xiajres wctb Xispimt tj tbi Odc`d ^jpufotcj` ................................ 9 

8.= 

 Offjmotcj` ja Ac`o`mcof Ossits ja ^i`scj` Au`ls o`l C`suro`mi Mjepo`cis .. 1 

8.<  @imisscty ajr Xivciw ja Ossit Eo`odiei`t Aiis .......................................... 2 

=. 

 Oddrisscvi Ej`itory ^jfcmy o`l Acsmof Mj`sjfclotcj` c` Ohi`jecms ......................... 2 

=.? 

 Oddrisscvi Ej`itory ^jfcmy ........................................................................... 2 

=.8  Acsmof Mj`sjfclotcj` ..................................................................................... ?> 

<. 

Drjwtb ]trotidy ...................................................................................................... ?8 

<.? 

Drjwtb ]trotidcis ja tbi Murri`t Gopo`isi Djvir`ei`t ............................. ?8 

<.8  Bjei \jw` C`vistei`t \rust Au`ls7 O Di`uc`i Toy tj Ajstir Imj`jecmDrjwtb ......................................................................................................... ?=

 

9. 

Mj`mfuscj` .............................................................................................................. ?2 

Xiairi`mis ......................................................................................................................... ?3 

8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

?. C@\XJLYM\CJ@

C` tbi iorfy ?33>s, Gopo`–s riof istoti o`l stjmk eorkit huhhfi hurst o`l tbi imj`jey wi`tc`tj o tocfspc`. ]c`mi tbi`, Gopo` bos suaairil arje sfuddcsb imj`jecm drjwtb. \wj limolisfotir, tbi mjffopsi ja Fibeo` Hrjtbirs c` ]iptiehir 8>>2 o`l tbi dfjhof ac`o`mcof mrcscs

tbrioti`il tbi i`tcri wjrfl imj`jey. C` Eormb 8>??, o motostrjpbcm iortbquoki o`l tsu`oecstrumk `jrtbiostir` Gopo`. Gopo`–s djvir`ei`t huldit liacmct-tj-DL^ rotcj hriombil 8>>% c`8>?>, eoc`fy himousi ja tbi bcdb sbori ja pi`scj` au`l poyei`ts c` djvir`ei`t spi`lc`d, o`ltbi iaacmci`my o`l iaaimtcvi`iss ja puhfcm c`vistei`t wos moffil c`tj quistcj`. \bi Gopo`isiimj`jey riqucril o stceufus tj ismopi arje tbcs pottir` ja fj`d-tire sfuddcsb drjwtb. C`Limiehir 8>?8, tbi Fchirof Liejmrotcm ^orty wj` o di`irof ifimtcj`, eokc`d ]bc`zj Ohi prceiec`cstir ja Gopo`, o pjst tbot bi bol bifl c` 8>>4. ‖Ohi`jecms― riairs tj tbi imj`jecm pjfcmcisolvjmotil hy tbi prcei ec`cstir oatir tbi ifimtcj`, wbcmb wiri liscd`il tj rivcvi tbi sfuddcsbimj`jey wctb ‖tbrii orrjws―7 (c) acsmof mj`sjfclotcj`, (cc) ejri oddrisscvi ej`itory iosc`d hytbi Ho`k ja Gopo`, o`l (ccc) strumturof riajres tj hjjst Gopo`–s mjepitctcvi`iss o`l imj`jecmdrjwtb. Hy tbi i`l ja Aihruory 8>?= tbisi eiosuris bol risuftil c` o 88% rcsi c` tbi \jkyj]tjmk ^rcmi C`lix (\jpcx) sc`mi tbi ifimtcj` wc`. \bi Ho`k ja Gopo` sittfil j` o` c`afotcj` tordit

ja 8%. C` tbcs popir wi wcff ixpfoc` tbi tbrii orrjws ja Ohi`jecms o`l tbi murri`t stoti ja tbiGopo`isi imj`jey. Ti wcff ofsj prjpjsi sjei aurtbir rieilcis tbot eoy hi riqucril ajrGopo` tj rimjvir arje cts fj`d-tire liafotcj`, sumb os bjeitjw` c`vistei`t trust au`ls o`lpjstpj`c`d tbi ritcriei`t odi hy c`trjlumc`d o afixchfi wodi roti systie.

\bcs popir cs strumturil os ajffjws7 c` tbi simj`l simtcj` wi rivciw tbi afjw ja au`ls c` Gopo`,c` tbi tbcrl tbi oddrisscvi ej`itory pjfcmcis o`l acsmof mj`sjfclotcj` hic`d pursuil u`lir

 Ohi`jecms, c` tbi ajurtb Gopo`–s drjwtb strotidy, o`l c` tbi acatb simtcj` wi prisi`t sjeimj`mfulc`d rieorks.

8. \BI AFJT JA AY@L] C@ GO^O@

8.? Lcvirscacmotcj` ja Bjusibjfls– Ossit Offjmotcj` 

Acduri ?7 Ac`o`mcof Ossit Offjmotcj`s ja tbi Y`ctil ]totis, Gopo`, o`l Direo`y

(¥ trcffcj`) 

]jurmi7 Sjsbc`j (8>?=).

Acduri ? sbjws bjw c`lcvcluofs c` tbi Y`ctil ]totis (Y]), Gopo`, o`l Direo`y lcstrchuti tbicrac`o`mcof ossits, wctb tbi sczi ja iomb pci mbort riprisi`tc`d tbi tjtof oeju`t ja pirsj`of

Mosb o`l Lipjscts 914 

C`suro`mi o`l ^i`scj` Au`ls 

?><3 

]imurctcis 428 

]tjmks ??4> 

Jtbirs ?<4 Y`ctil ]totis 

Mosb o`l Lipjscts 

438 

C`suro`mi o`l 

^i`scj` Au`ls =33 

]imurctcis 38 

]tjmks 24  Jtbirs 92 Gopo` 

Mosb o`l Lipjscts 

88? C`suro`mi 

o`l ^i`scj` Au`ls ?23 

]imurctcis ?>= 

]tjmks << 

Jtbirs 9 Direo`y 

=

8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

ac`o`mcof ossits. ^irsj`of ac`o`mcof ossits c` tbi Y] oeju`t tj ¥=,4?9 trcffcj`, jvir twj tceis tbioeju`t ajr Gopo`. C` tbi Y], mosb o`l sovc`ds mjeprcsi orju`l ?9% ja tjtof ac`o`mcof ossits.Ejri tbo` bofa ja tbisi lipjscts jr fjo`s bovi hii` simurctczil o`l eo`y ja tbie bovi hii`sjfl tj jtbir mju`trcis. \bot cs wby tbi mueufotcvi liht ja tbi Y] cs eumb seoffir tbo` tbot jaGopo`. C` Gopo`, mosb o`l sovc`ds eoki up tbi eogjrcty ja tjtof ossits (99%), ajffjwil hypi`scj` au`ls o`l c`suro`mi. \bi `uehir ja eorkitohfi simurctcis o`l sboris cs ixtrieify

seoff, o`l ca tbcs aoffs aurtbir tbi prjhfie wcff orcsi ja wbj wcff prjvcli ej`iy ajr mjrpjrotcj`s,i`vcrj`ei`tof prjgimts, o`l sj j`, c` ridcj`s wctb pjsschcfctcis ajr drjwtb hut wbcmb morry rcsk. Ca`jt bo`lfil prjpirfy, jppjrtu`ctcis ajr drjwtb mjufl hi jvirfjjkil, wctb tbi afjw ja au`lstbrjudb Gopo`–s ac`o`mcof c`stctutcj`s djc`d j`fy tj soai hjrrjwirs.

C` mj`trost, c`lcvcluofs c` tbi Y] o`l YK ori eumb fiss rcsk ovirsi. C` tbi Y], jvir bofa tbi`uehir ja ossits ori bifl c` sboris o`l eorkitohfi simurctcis. C` tbisi mju`trcis, ct oppiorstbot prcvoti c`lcvcluofs ori ejtcvotil tj toki rcsks c` tbi bjpi ja bcdb ritur`s.

C` tbcs ridorl, Direo`y usil tj risiehfi Gopo`. Bjwivir, wctb tbi ieirdi`mi ja c`vistei`ttrusts o`l tbi prjactohfi siff-jaa ja sboris ajr prcvotczotcj`, tbiri bos hii` o sbcat tj sboris o`lc`vistei`ts (Sjsbc`j o`l Eczjdumbc 8>?=). C` tbi mosi ja prcvotczotcj`s c` Gopo`, sumb os@cppj` \ifidropb o`l \ifipbj`i Mjrpjrotcj` o`l Gopo` \jhommj, sboris wiri sjfl, hut tbicr

prcmis aiff. Yftceotify, c`lcvcluofs wiri `jt ohfi tj mbo``if tbicr c`vistei`ts c`tj iquctcis(Sjsbc`j 8>?=).

Acduri 87 Ac`o`mcof Ossits Bifl hy Bjusibjfls c` Gopo` 

MS 5 mofi`lor yior.

]jurmi7 Ho`k ja Gopo`.

Acduri 8 sbjws tbi offjmotcj` ja ac`o`mcof ossits bifl hy bjusibjfls c` Gopo`. Guldc`d arje tbcsacduri, j`i mj`siqui`mi ja Ohi`jecms bos hii` tj lcvirscay bjusibjfls– ossit offjmotcj`s arjeo` jvirmj`mi`trotcj` ja lipjscts tj eumb wclir ossit bjflc`ds. \bi djvir`ei`t bos c`trjlumilo `iw c`vistei`t sovc`ds ommju`t ajr sovc`ds ommju`ts, @cppj` C`lcvcluof ]ovc`d Ommju`t(@C]O), wbcmb ct bjpis wcff wcli` tbi sbori ja stjmks o`l hj`ls c` bjusibjfls– ac`o`mcof ossits.\bi simj`l fordist sbori ja Gopo`isi bjusibjfls– ossits cs ajr c`suro`mi. C` Gopo`, c`suro`mics ridorlil os o` c`struei`t ajr fj`d-tire sovc`ds. Lipjscts ori usuoffy ajr sbjrt-tire, hutc`suro`mi cs ajr ?>, 8>, jr => yiors. Eo`y Gopo`isi pijpfi priair tj kiip tbicr ac`o`mcof ossitsos lipjscts o`l c`suro`mi.

<

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

Acduri =7 Xivi`ui ]bori ja Ac`o`mcof Ossits c` Direo`y, tbi Y`ctil Kc`dlje, tbi Y`ctil]totis, Aro`mi, o`l Gopo`

(c`mjei arje c`tirist o`l lcvcli`ls lcvclil hy c`mjei) 

YK 5 Y`ctil Kc`dlje, Y] 5 Y`ctil ]totis.

]jurmi7 Sjsbc`j (8>?=).

Acduri = sbjws mjeporcsj`s ja c`mjei arje c`tirist o`l lcvcli`ls lcvclil hy c`mjei, hymju`try. Direo`y bos tbi bcdbist sbori, Gopo` tbi fjwist. Aro`mi o`l Direo`y wiri eogjrsuppjrtirs ja tbi mriotcj` ja tbi iurj, eokc`d ct scepfi ajr Direo`y tj c`vist c` tbi ?2 mju`trcisc` tbi iurjzj`i, wbi`ivir Direo`y aiifs tbcs wcff hi prjactohfi. \bot cs wby Direo` lcvcli`lso`l c`tirist poyei`ts ori viry bcdb. Gopo`–s fjw roti ja ritur` cs lui tj (c) 8> yiors ja sfjwdrjwtb, o`l (cc) tbi bcdb vofui ja tbi Gopo`isi yi`, wbcmb eio`s tbot Gopo`isi c`vistei`tsjvirsios bovi o fjw roti c` tires ja yi`.

8.8 Xiqucril Xiajres wctb Xispimt tj tbi Odc`d ^jpufotcj`

\ohfi ?7 Ac`o`mcof Ossits ja Gopo`isi ^ijpfi hy Odi

(¥?>,>>>)

Odi Lipjscts  C`suro`mi  ]imurctcis  Jtbirs  \jtof 

 Ovirodi 1=9 =>= ?43 98 ??13

8> yiors 811 81 <> ?> =<8

=> yiors 832 ?88 44 <> 9=4

<> yiors =99 8<? 29 18 4<=

9> yiors 9== =<< ?81 19 ?>12

1> yiors 2?? <>3 841 <= ?9=3

4> yiors ?>=9 === 824 98 ?4>4

]jurmi7 Ho`k ja Gopo`.

 Os \ohfi ? sbjws, jflir pijpfi bovi tbi ejst ossits c` Gopo`, o`l yju`d pijpfi bovi tbiaiwist. Jflir pijpfi priair tj bjfl lipjscts, c`suro`mi, o`l djvir`ei`t hj`ls, wbcmb oripirmicvil os soai ossits, rotbir tbo` ossits tbiy ridorl os rcsky. \bcs cs o`jtbir riosj` wby

9

8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

tbi sbori ja mosb o`l sovc`ds c` Gopo`isi bjusibjfls– ac`o`mcof ossits cs tbi fordist o`l wbytbcs sbori cs ejri tbo` c` eo`y jtbir mju`trcis (Acduri ?).

Acduri <7 ^jpufotcj` ]trumturi ja Gopo`

]jurmi7 Sjsbc`j (8>?=).

Ct cs mfior arje Acduri < tbot tbi wjrkc`d pjpufotcj`, riprisi`til hy tbi ecllfi pjrtcj` ja iombmjfue`, cs lcec`csbc`d lrostcmoffy, o`l tbi iflirfy pjpufotcj`, tbi tjp pjrtcj`, cs drjwc`d viryropclfy. Iflirfy pijpfi bovi ommueufotil o budi oeju`t ja ac`o`mcof ossits, mjeporil tj tbjsibifl hy tbi wjrkc`d pjpufotcj` o`l ejst ja tbisi ossits ori bifl j` lipjsct. J`i riosj` ajrtbcs budi oeju`t cs tbot pijpfi wbj ori `jw jfl wjrkil wbi` tbi Gopo`isi imj`jey wosdrjwc`d o`l hjjec`d. \bicr mbcflri` bovi ofrioly droluotil arje u`cvirscty, sj tbicr ilumotcj`mjsts ori zirj o`l tbicr bjusc`d ixpi`lcturis ori fjwir tbo` tbjsi ja tbi yju`dir di`irotcj`,wbjsi c`mjei drjwtb cs viry fjw yit bovi bcdb ixpi`lcturi ajr mbcflri` o`l bjusc`d. Os orisuft, tbi sovc`ds ja yju`dir pijpfi ori fjw. Jur acrst pjfcmy prjpjsof tbiriajri cs tj pjstpj`itbi ritcriei`t odi c` jrlir tj c`mriosi tbi wjrkc`d odi simtcj` ja iomb mjfue` ot tbi ixpi`si

ja tbi tjp pjrtcj`. Jur simj`l cs tbot wodi rotis sbjufl hi hosil j` prjlumtcvcty rotbir tbo`si`cjrcty.

8.= Offjmotcj` ja Ac`o`mcof Ossits ja ^i`scj` Au`ls o`l C`suro`miMjepo`cis

Acduri 9 sbjws tbi ac`o`mcof ossits bifl hy pi`scj` au`ls c` Gopo` o`l tbi Y]. Y`fcki c` tbiY], c` Gopo` pi`scj` au`ls o`l c`suro`mi mjepo`cis eoc`fy c`vist c` djvir`ei`t hj`ls, o`lori viry moutcjus ohjut c`vistc`d c` stjmks. \biri ori sivirof riosj`s ajr tbcs. Acrst, eo`yc`vistjrs rjtoti iviry 8 jr = yiors o`l ori `jt c`tiristil c` fj`d-tire eoxceczotcj`. ]imj`l,Gopo`isi pi`scj` au`ls ori poy-os-yju-dj styfi o`l pi`scj` mj`trchutjrs mo``jt mj`trjf bjwtbicr au`ls sbjufl hi c`vistil. \biy fit tbi au`l eo`odirs bjw tj offjmoti tbicr au`ls tj vorcjus

ac`o`mcof prjlumts. Hy mj`trost, ejst Y] pi`scj`s ori <>?(k)-styfi o`l pi`scj` mj`trchutjrslimcli wbot pirmi`todi mo` hi c`vistil c` rcsky o`l soai ossits, wbcmb eio`s sifa-rispj`schcfcty ajr pi`scj` eo`odiei`t. C` tbcs mosi, wctb tbi mj`trchutjr limclc`d tbi prjpjrtcj`ja pi`scj` au`ls tj hi offjmotil tj rcsky ossits o`l tbi prjpjrtcj` tj soai ossits, tbi ossiteo`odiei`t mjepo`y–s gjh cs viry iosy. Ca off tbi au`ls ori oddridotil,  x % wcff hi c`vistil c`rcsky ossits o`l ?-x % wcff hi offjmotil tj soai ossits. C` Gopo`, tbiri cs mjepfiti rifco`mi j`ossit eo`odirs– limcscj`s. \biri cs `j sifa-rispj`schcfcty wctb ridorl tj pi`scj` au`ls o`l

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8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

c`suro`mi mjepo`cis. Bi`mi, ossit eo`odirs wo`t tj c`vist c`tj djvir`ei`t hj`ls, wbcmb oritbi soaist ossits. 

Acduri 97 Ac`o`mcof Ossits Bifl hy ̂ i`scj` Au`ls c` Gopo` o`l tbi Y`ctil ]totis

(% rotcj ja tjtof ac`o`mcof ossits)

@jti7 ‖Jtbirs― cs tbi rieoc`lir oatir lilumtc`d murri`my o`l lipjscts, fjo`s, hj`ls, c`vistei`t trusts, sboris o`liquctcis, o`l jutworl c`vistei`t c` simurctcis (Gopo` j`fy) arje tjtof ac`o`mcof ossits. Y`ctil ]totis afjw ja au`ls lotoc`mfuli hjtb jutworl o`l ljeistcm c`vistei`t c` simurctcis.

]jurmi7 Ho`k ja Gopo`.

J` tbi bjusibjfls– fcohcfcty scli, bjusc`d fjo`s bovi tbi fordist sbori, ajffjwil hy outj fjo`s;mjehc`il tbiy riprisi`t ohjut 2>% ja tjtof bjusibjfl fcohcfctcis. \bi `uehir ja bjusibjfls c`liaouft hido` tj lcec`csb orju`l 8>>4, tbi yior o `iw ej`iy fi`lc`d fow moei c`tj iaaimt. C`issi`mi, tbcs fow ristrcmtil tbi tjtof oeju`t ja hjrrjwc`d ja iomb bjusibjfl tj fiss tbo` j`i-tbcrl ja tbicr o``uof c`mjei.

 Ohjut 8> yiors odj, tbi Gopo`isi ecmrjmrilct c`tirist roti wos jvir ?>>%, ohjut ?> yiors odjct wos rilumil tj 83%, o`l sc`mi 8>>2 tbi djvir`ei`t bos rilumil ct tj 8>%. Ct bos himjeilcaacmuft tj hi o` outbjrczil ej`iyfi`lir c` Gopo`. Ej`iyfi`lirs `jw riqucri o ec`ceueoeju`t ja mopctof, o`l bovi tj poss o` ixoec`otcj`. Mj`sueir mjepfoc`ts ohjut ecmrjmrilctsori `jw dotbiril hy tbi Ac`o`mcof ]irvcmis Odi`my (A]O). \bisi rufis o`l riajres wirifou`mbil hiajri ^rcei Ec`cstir Ohi–s tire, hut bi bos prjejtil tbie.

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8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

8.< @imisscty ajr Xivciw ja Ossit Eo`odiei`t Aiis

]ofis mjeecsscj`s ja ossit eo`odiei`t mjepo`cis `iil tj hi rivciwil. \bi lcsmusscj` biriwcff riair tj sofis mjeecsscj`s ajr ac`o`mcof c`struei`ts.

Acduri 17 ]ofis ja Ac`o`mcof ^rjlumts

]jurmi7 Sjsbc`j (8>?=).

C` Acduri 1, bjusibjfls (‖c`vistjrs― c` tbi acduri) wo`t tj eoxceczi tbicr rotis ja ritur` tbrjudblcvcli`ls jr c`tirist poyei`ts. Bjwivir, c` tbi ecllfi, lcstrchutjrs, sumb os ho`ks jr simurctcismjepo`cis wbj siff ac`o`mcof prjlumts tj c`lcvcluof c`vistjrs, ori fjjkc`d ajr trust aiis o`lmjeecsscj`s rotbir tbo` rotis ja ritur`. C` eo`y mju`trcis, c`mfulc`d Gopo`, trust aiis o`lmjeecsscj`s ori hosil j` prc`mcpfis o`l lcvcli`ls. ]j ivi` ca tbi lcvcli`ls ori `idotcvi,lcstrchutjrs ofwoys rimicvi mjeecsscj`s o`l aiis. \bot cs j`i riosj` wby Gopo`isi c`vistjrsbovi ti`lil tj fjsi ej`iy c` rimi`t yiors. C` jrlir tj mbo`di tbcs systie, lcstrchutjrs– aiiso`l mjeecsscj`s `iil tj hi hosil j`fy j` lcvcli`ls sj tbot c`vistjrs o`l lcstrchutjrs orilrcvi` hy tbi soei eoxceczotcj` djofs. Gopo` `iils tj mbo`di cts aiis o`l mjeecsscj`sstrumturi sj tbot ho`ks o`l simurctcis mjepo`cis wcff sbori jhgimtcvis wctb c`lcvcluof c`vistjrs.

=. ODDXI]]CQI EJ@I\OXS ̂ JFCMS O@L AC]MOFMJ@]JFCLO\CJ@ C@ OHI@JECM]

Di`iroffy, Ohi`jecms bos tbrii orrjws7 (c) o` oddrisscvi ej`itory pjfcmy, (cc) acsmofmj`sjfclotcj`, o`l (ccc) o drjwtb strotidy.

=.? Oddrisscvi Ej`itory ^jfcmy

\bi djvir`ei`t o`l tbi Ho`k ja Gopo` (HJG) lifcviril o gjc`t stotiei`t j` jvirmjec`dliafotcj` o`l ombcivc`d sustoc`ohfi imj`jecm drjwtb j` 88 Go`uory 8>?=. \bi HJG sit tbiprcmi stohcfcty tordit ot 8% (yior-j`-yior roti ja mbo`di c` tbi mj`sueir prcmi c`lix). \bidjvir`ei`t ixpimts tbi HJG tj cepfiei`t oddrisscvi ej`itory iosc`d tj ombcivi tbcs tordit os

sjj` os pjsschfi. \bi HJG cs huyc`d fj`d-tire djvir`ei`t hj`ls o`l c`mriosc`d tbi ej`itoryhosi, c` mj`trost tj privcjus ottiepts ot o` ixpo`scj`ory ej`itory pjfcmy wbcmb eoc`fy ajmusilj` huyc`d sbjrt-tire djvir`ei`t hj`ls. ? Oftbjudb prcmis stortil tj rcsi oatir tbi HJG

? J` < Oprcf 8>?=, tbi HJG o``ju`mil tbot hosil j` o limcscj` hy tbi Ej`itory ^jfcmy Eiitc`d, ct wjufl purmbosi

Gopo`isi djvir`ei`t hj`ls, iaaimtcvi 9 Oprcf 8>?=. \bcs limcscj` wos toki` ot tbi acrst Ej`itory ^jfcmy Eiitc`doatir Borubckj Kurjlo bol toki` up bcs pjst os tbi `iw djvir`jr ja tbi HJG. Opprjxceotify ¥4.9 trcffcj` pir ej`tbja Gopo`isi djvir`ei`t hj`ls (8-yior hj`ls, 9-yior hj`ls, ?>-yior hj`ls, 8>-yior hj`ls, =>-yior hj`ls, <>-yior hj`ls, afjotc`d-roti hj`ls, o`l c`afotcj`-c`lixil hj`ls) wjufl hi purmbosil.

C`vistjrsLcstrchutjrs

 Ossit

Eo`odiei`t

Mjepo`y

Eoxceczi

Mjeecsscj`s

Lcvcli`l

Xivi`uiEoxceczotcj`

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8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

cepfiei`til ej`itory iosc`d,8 o eogjr riosj` ajr tbcs wos bcdbir i`irdy prcmis,= o`l ot tbi

tcei ja wrctc`d tbi 8% tordit bos `jt hii` ombcivil.

 O scepfi oddridoti suppfy o`l lieo`l ejlif wcff mforcay tbi o`ofyscs ja bjw bcdbir i`irdyprcmis mriotil c`afotcj` c` Gopo`.

Acduri 47 Bjw Bcdbir I`irdy ^rcmis Mriotil C`afotcj` c` Gopo`:

 OL 5 oddridoti lieo`l, O] 5 oddridoti suppfy.

@jti7 Ti ori ossuec`d tbot tbiri cs timb`jfjdcmof prjdriss tbot cs wby tbi jutput fivif c` auff iepfjyei`t ofsj c`mriosil.

]jurmi7 Sjsbc`j o`l \odbczolib-Bisory (ajrtbmjec`d-h).

C` Acduri 4, tbi imj`jey c`ctcoffy cs c` iqucfchrcue wctb prcmi fivif ^_> o`l riof jutput fivif _> otpjc`t O. OL cs tbi oddridoti lieo`l murvi o`l O] sto`ls ajr tbi oddridoti suppfy murvi. \bioddridoti suppfy murvi cs mj`strumtil wctb o` c`mriosc`d sfjpi tj sbjw tbot ot sjei riof jutputfivif, ct himjeis lcaacmuft tj c`mriosi riof jutput lispcti c`mriosis c` tbi di`irof fivif ja prcmis.

 Ot tbcs jutput fivif, tbi imj`jey ombcivis auff iepfjyei`t. Fit us suppjsi tbot tbi c`ctcofiqucfchrcue, pjc`t O, cs hifjw tbi auff iepfjyei`t fivif. Tbi` tbi rifotcvi prcmi ja i`irdy

risjurmis (mruli jcf, `oturof dos, mjof, itm.) c`mriosis, tbi oddridoti suppfy murvi sbcats tj O]–.\bi iepfjyei`t ja ixcstc`d fohjr o`l mopctof wctb o dcvi` `jec`of wodi roti riqucris o bcdbirdi`irof prcmi ajr jutput ca suaacmci`t oeju`ts ja tbi bcdbir-mjst i`irdy risjurmis ori tj hi usil.

\bi prjlumtcvcty  ja ixcstc`d mopctof o`l fohjr risjurmis cs rilumil sj tbot pjti`tcof riof jutputlimfc`is tj _?. C` ollctcj`, tbi soei roti ja fohjr iepfjyei`t jmmurs j`fy ca riof wodis limfc`isuaacmci`tfy tj eotmb tbi limfc`i c` prjlumtcvcty. \bcs, c` tur`, boppi`s j`fy ca tbi di`irof fivif japrcmis rcsis suaacmci`tfy (^_?) dcvi` tbi `jec`of wodi roti. \bcs ejvis tbi imj`jey tj tbi fivif

8 Iosy ej`itory pjfcmy rilumis tbi c`tirist roti, wbcmb c`mriosis lieo`l c` tbi mjeejlctcis eorkit, c`mfulc`d tbi

mruli jcf eorkit, mriotc`d c`afotcj`ory tri`ls c` tbisi eorkits. ]c`mi Gopo` murri`tfy bos o bcdb fivif ja lieo`lajr jcf o`l F@D, tbisi c`afotcj`s c` tbi i`irdy eorkit mo` lcsrupt tbi imj`jecm drjwtb (\odbczolib-Bisory o`l

Sjsbc`j 8>?=o, 8>?<; Sjsbc`j o`l \odbczolib-Bisory, ajrtbmjec`d-o).= C` Eormb 8>??, o 3.> eod`ctuli iortbquoki strumk jaa tbi mjost ja ]i`loc, Gopo`, trcddirc`d o fordi tsu`oec. \bi

loeodi tj Gopo` risuftil c` o` ceeilcoti sbutljw` ja ohjut ?> dcdowotts ja `umfior ifimtrcm di`irotc`d mopomcty.Hitwii` tbi 8>?? Aukusbceo lcsostir o`l Eoy 8>?8, Gopo` fjst off ja cts `umfior mopomcty os o risuft ja smbilufileoc`ti`o`mi o`l fomk ja djvir`ei`t opprjvofs tj ritur` tj jpirotcj`. Gopo` ripfomil tbi scd`cacmo`t fjss ja`umfior pjwir wctb di`irotcj` arje cepjrtil `oturof dos, fjw-sufaur mruli jcf, auif jcf, o`l mjof. \bcs mousil tbiprcmi ja ifimtrcmcty tj rcsi ajr tbi djvir`ei`t, utcfctcis, o`l mj`sueirs, o`l mousil c`afotcj`. C`mriosis tj tbi mjst jaauif cepjrts bovi risuftil c` Gopo`–s tjp ?> utcfctcis fjsc`d jvir $=> hcffcj` c` tbi post 8 yiors. Gopo` spi`t $89>hcffcj` j` tjtof auif cepjrts c` 8>?8, o tbcrl ja tbi mju`try–s tjtof cepjrt vofui. Gopo` mj`sueil jvir <.4 ecffcj`horrifs pir loy ja jcf c` 8>?8. \bi c`mriosil mjst ja cepjrtil i`irdy bol o scd`cacmo`t `idotcvi cepomt j` tbiGopo`isi imj`jey (\odbczolib-Bisory o`l Sjsbc`j 8>?=h; \odbczolib-Bisory it of. 8>?=).

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8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

ja jutput _?  o`l prcmi fivif ^_?. \bcs pjc`t cs c`lcmotil c` Acduri 4 ot pjc`t H, wbcmb cs olcsiqucfchrcue pjc`t. Dcvi` tbi soei suppfy ja fohjr sirvcmis o`l ixcstc`d pfo`t o`l iqucpei`t,tbi jutput ossjmcotil wctb auff iepfjyei`t limfc`is os prjlumirs rilumi tbicr usi ja rifotcvifyejri ixpi`scvi i`irdy risjurmis o`l os pfo`t o`l iqucpei`t himjei imj`jecmoffy jhsjfiti.

J` tbi jtbir bo`l, j` tbi lieo`l scli ja tbi imj`jey, wbi` tbi prcmis ja i`irdy risjurmis

rcsi, tbicr mj`sueptcj` limfc`is. Himousi ja tbcs lrjp c` mj`sueptcj`, tbi oddridoti lieo`lmurvi sbcats tj OL–, wbcmb c` tur` rilumis tbi prcmis arje tbi privcjus lcsiqucfchrcue fivif ot ^_? o`l sits tbie tj ^_8  os tbi ac`of iqucfchrcue prcmi. \bcs fjwirs tbi jutput fivifs lui tj fissmj`sueptcj` c` tbi imj`jey arje tbi privcjus pjc`t ja _?  tj _8. \bcs pjc`t cs c`lcmotil c`Acduri 4 ot pjc`t M, wbcmb cs tbi ac`of iqucfchrcue pjc`t.

\bi imj`jey eoy `jt olgust c`sto`to`ijusfy tj pjc`t M, ivi` ca pjc`t M cs tbi `iw iqucfchrcue.Ajr ixoepfi, prcmi rcdclctcis lui tj sfjw-ejvc`d c`ajreotcj` jr jtbir tro`somtcj` mjsts mo` kiip`jec`of prcmis arje olgustc`d qucmkfy. Mj`siqui`tfy, jutput o`l prcmis ejvi ofj`d o`olgustei`t potb sumb os tbot c`lcmotil hy tbi orrjw c` Acduri 4.

=.8 Acsmof Mj`sjfclotcj`

Acduri 2 mjeporis tbi liht tj drjss ljeistcm prjlumt (DL^) rotcj ja sifimtil JIML mju`trcis.

Acduri 27 Drjss Ljeistcm ^rjlumt/Liht Xotcj ja ]ifimtil Jrdo`csotcj` ajr Imj`jecmMj-jpirotcj` o`l Livifjpei`t Mju`trcis

(%)

]jurmi7 JIML Imj`jecm Jutfjjk.

Gopo`–s liht/DL^ rotcj cs tbi bcdbist oej`d JIML mju`trcis, yit tbi Gopo`isi imj`jey csstcff sustoc`il. Oftbjudb tbi Driik djvir`ei`t liht/DL^ rotcj cs fjwir tbo` tbot c` Gopo`,Driimi ofejst wi`t ho`krupt c` 8>?8. \bi lcaairi`mis hitwii` Gopo` o`l Driimi mo` hi sii`

c` tbi lieo`l ajr djvir`ei`t liht; ejri tbo` 3>% ja Gopo`isi djvir`ei`t liht cs bifl hyljeistcm c`vistjrs, wbirios ohjut 4>% ja Driik djvir`ei`t liht cs bifl hy jvirsiosc`vistjrs. 

[]IXCI] @OEIU

[]IXCI] @OEIU

[]IXCI]

 @OEIU[]IXCI] @OEIU

[]IXCI] @OEIU

>

9>

?>>

?9>

8>>

89>

   ^  i  r  m  i  `   t

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8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

Acduri 37 \bi Djvir`ei`t Hj`l Eorkit, Gopo` o`l Driimi

]jurmi7 Outbjrs.

Acduri 3 lismrchis tbi suppfy ja djvir`ei`t hj`ls o`l lieo`l ajr djvir`ei`t liht. \bi

virtcmof fc`i sbjws tbi suppfy ja djvir`ei`t hj`ls c` tbi prceory eorkit. @j eottir wbot tbiroti ja c`tirist cs, tbi djvir`ei`t bos tj ac`o`mi cts huldit liacmcts. \biriajri tbi suppfy jadjvir`ei`t hj`ls cs virtcmof c` tbi prceory eorkit. \bi lieo`l ajr djvir`ei`t hj`lsc`mriosis wbi` tbi c`tirist roti rcsis. \bus tbi lieo`l murvi ajr djvir`ei`t hj`ls cs li`jtilos o` upworl sfjpc`d lieo`l murvi c` Acduri 3.

Hjtb Gopo` o`l Driimi bovi c`mriosil tbicr sofis ja djvir`ei`t hj`ls, eio`c`d tbot tbisuppfy murvi ja djvir`ei`t hj`ls bos sbcatil tj tbi rcdbt c` tbi prceory eorkit. Lieo`l ajrGopo`isi djvir`ei`t hj`ls cs c`mriosc`d arje ho`ks, c`suro`mi mjepo`cis, o`l pi`scj`au`ls os tbi sfuddcsb imj`jey bos rilumil lieo`l ajr mjrpjroti fjo`s (Acduri 3, fiat mbort).Ej`itory iosc`d bos c`mriosil ho`k lipjscts o`l tbisi au`ls bovi jati` hii` c`vistil c`djvir`ei`t hj`ls. Gopo`isi c`tirist rotis rieoc` ot o viry fjw fivif.

\ohfi 87 Bjflirs ja Gopo`isi o`l Driik Djvir`ei`t Hj`ls, 8>??

@jti7 Jvirsios c`vistjrs ori bcdbfcdbtil ajr iomb mju`try. Ajr Driimi, 4>% ja tbi liht cs bifl hy jvirsios c`vistjrs,mjeporil wctb 9% ajr Gopo`.

]jurmi7 Ec`cstry ja Ac`o`mi, Gopo`, o`l Ac`o`mcof \ceis.

\bi bjflirs ja Gopo`isi o`l Driik liht ori i`tcrify lcaairi`t (\ohfi 8). Ohjut 4>% ja c`vistjrsc` Driik djvir`ei`t hj`ls ori jvirsios c`vistjrs, o`l tbiy ori viry qucmk tj siff tbi Driikhj`ls ca tbiy aiif rcsk cs c`vjfvil. Bjwivir, ajr Gopo`, j`fy 9% ja tbi tjtof cssuil Gopo`isidjvir`ei`t liht cs bifl hy jvirsios c`vistjrs. Os lieo`l ajr Driik hj`ls bos lcec`csbil,tbi lieo`l murvi ja Driik hj`ls bos sbcatil tj tbi fiat, os cs sbjw` c` Acduri 3 (rcdbt mbort),wbcmb bos prjdrisscvify rocsil tbi c`tirist roti j` Driik hj`ls. \bi Driik c`tirist roti

Bjflirs ja Gopo`isiDjvir`ei`t Hj`ls

^irmi`todija \jtof

Bjflirs ja DriikDjvir`ei`t Hj`ls

^irmi`todija \jtof

Ho`ks o`l pjstof sovc`ds <9 Jvirsios c`vistjrs ==Fcai o`l `j`-fcai c`suro`mi 8> Ljeistcm c`vistjrs 8?^uhfcm pi`scj` au`ls ?> Iurjpio` Mi`trof Ho`k ?2^rcvoti pi`scj` au`ls < Hcfotirof fjo`s ?<Ho`k ja Gopo` 2 ]jmcof pi`scj` au`ls 1Jvirsios c`vistjrs 9 C`tir`otcj`of Ej`itory Au`l 9Bjusibjfls 9 Driik ljeistcm au`ls =Jtbirs =

??

8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

c`mriosil tj ejri tbo` 8>%, wbcfi tbi Gopo`isi c`tirist roti bos rieoc`il ot ohjut ?% jr fiss(Sjsbc`j o`l Eczjdumbc 8>?=).

Ct rieoc`s mrumcof ajr Gopo` tj rilumi cts huldit liacmct. J`i woy ja ljc`d tbcs cs tj rocsi toxrivi`uis o`l arje Oprcf 8>?< tbi mj`sueptcj` tox roti wos c`mriosil arje 9% tj 2%.Bjwivir, ct cs ofsj cepjrto`t tj rilumi djvir`ei`t spi`lc`d. C` jrlir tj rilumi djvir`ei`t

ixpi`lcturi j` sjmcof wifaori o`l pi`scj` au`ls, pijpfi wcff bovi tj wjrk fj`dir o`l `jt rify j`sjmcof simurcty o`l pi`scj`s. \bcs eio`s tbi ritcriei`t odi `iils tj hi pjstpj`il o`l wodirotis eust hi hosil j` prjlumtcvcty rotbir tbo` si`cjrcty. \bi Ohi djvir`ei`t cs mj`sclirc`dtbisi cssuis.

C` mj`mfuscj`, tbi djvir`ei`t wcff `iil tj eo`odi sbjrt-tire acsmof pjfcmy c` o tceify o`lafixchfi eo``ir, wbcfi acrefy ixprissc`d tbi pjfctcmof wcff tj ristjri Gopo`–s acsmof hofo`mi jvirtbi eilcue o`l fj`d tire. \bi djvir`ei`t k`jws tbot ct bos tj stcmk tj tbi murri`t tordit jaacsmof mj`sjfclotcj`, wbcmb oces tj mut tbi prceory liacmct ja tbi mi`trof o`l fjmof djvir`ei`t c`bofa hitwii` AS8>?> o`l AS8>?9 o`l tj ombcivi o acsmof surpfus hy AS8>8>.

<. DXJT\B ]\XO\IDS

\bi tbcrl orrjw ja Ohi`jecms cs drjwtb strotidy. Jvir tbi eilcue o`l fj`d tire, tbi Gopo`isidjvir`ei`t wcff toki eiosuris tj stri`dtbi` tbi mjepitctcvi`iss ja tbi imj`jey, jvirmjeii`irdy mj`stroc`ts, o`l i`bo`mi tbi c``jvotcj` pfotajre hosil j` o wiff-liac`il drjwtbstrotidy, wbcfi ot tbi soei tcei ommifirotc`d tbi riejvof ja ljeistcm c`stctutcj`of jhstomfis,c`mfulc`d ridufotcj`s. C` tbcs simtcj`, wi acrst rivciw tbi drjwtb strotidcis ja tbi murri`tdjvir`ei`t c` Gopo` o`l tbi` ei`tcj` o `iw eitbjl ajr ac`o`mc`d rcsky husc`issis o`l fjmofseoff o`l eilcue-sczil i`tirprcsis (]EIs), wbcmb bos hii` prjpjsil eoc`fy hy @ojyukcSjsbc`j, j`i ja tbi outbjrs ja tbcs popir, tj tbi Gopo`isi djvir`ei`t.

<.? Drjwtb ]trotidcis ja tbi Murri`t Gopo`isi Djvir`ei`t

C` Go`uory 8>?<, lurc`d o @otcj`of Lcit eiitc`d, Ac`o`mi Ec`cstir \orj Osj cli`tcacil ?> eogjrospimts ja Gopo`–s drjwtb strotidy7

(c) \bi djvir`ei`t wcff i`mjurodi mjepo`cis tj c`mriosi wodis ja tbicr iepfjyiis, wbcmbwcff i`mjurodi tbi ixpo`scj` ja ljeistcm mj`sueptcj`.

(cc) C` jrlir tj mjvir c`mriosc`d sjmcof simurcty spi`lc`d, tbi djvir`ei`t wcff c`mriositoxis.

< 

(ccc) \bi djvir`ei`t–s liacmct tordits ori7 hy 8>?9, tbi huldit liacmct jvir DL^ rotcj sbjuflhi bofa ja tbi 8>?> fivif o`l hy 8>8> tbi rotcj sbjufl hi zirj. C` jrlir tj ombcivi tbcsdjof, tbi djvir`ei`t wcff eoki cts spi`lc`d eumb ejri iaacmci`t.

(cv) ]c`mi Gopo`–s pjpufotcj` cs odc`d, tbi djvir`ei`t wcff i`mjurodi driotir aieofi

portcmcpotcj` c` tbi fohjr ajrmi, c` port hy ceprjvc`d mbcfl mori aomcfctcis. \bi djvir`ei`twcff ofsj i`mjurodi ritcril pijpfi tj mj`tc`ui wjrkc`d.

(v) Eilcmof ixpi`sis ajr iflirfy pijpfi bovi hii` c`mriosc`d lrostcmoffy. \bi djvir`ei`twcff ej`ctjr prcmis ja eilcmc`i o`l bioftb mori tj i`suri tbiy riafimt eorkit prcmis. \bidjvir`ei`t wcff put c` pfomi o ridcj`of eilcmof mori systie.

(vc) \bi djvir`ei`t wcff i`suri tbiri cs suaacmci`t au`lc`d ajr lcsostir priporil`iss.

< \bi roti ja mj`sueptcj` tox c` Gopo` wos rocsil arje 9% tj 2% j` ? Oprcf 8>?<.

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

(vcc) \bi djvir`ei`t wcff prjvcli ejri smbjforsbcps tj stuli`ts, o`l c`mriosi ixpi`lcturi j`risiormb o`l livifjpei`t.

(vccc) \bi djvir`ei`t wcff prjvcli suaacmci`t au`lc`d ajr ripocrc`d odc`d c`arostrumturi.

(cx) \bi djvir`ei`t wcff i`suri ]EIs bovi ommiss tj iosy ac`o`mc`d ajr risiormb o`llivifjpei`t.

(x) \bi aorec`d pjpufotcj` cs odc`d o`l tbi djvir`ei`t wcff prjvcli suaacmci`t au`ls tji`suri o` iaacmci`t o`l mjepitctcvi odrcmufturof simtjr.

<.8 Bjei \jw` C`vistei`t \rust Au`ls7 O Di`uc`i Toy tj AjstirImj`jecm Drjwtb

 Oatir tbi bjusc`d huhhfi c` Gopo` hurst c` tbi iorfy ?33>s, tbi hfoei wos put j` Gopo`–su`cqui systie ja ac`o`mcof c`tireilcotcj`. \bcs wos moffil tbi ‖mjffotirof prc`mcpfi― os fi`lc`dmrctirco wiri hosil j` tbi oeju`t ja mjffotirof, rotbir tbo` tbi vcohcfcty ja tbi prjgimt. Oljptc`d

 O`dfj-Oeircmo` woys ja ac`o`mi suhsiqui`tfy himoei o `otcj`of jhgimtcvi c` Gopo`. \wjlimolis fotir, tbi Fibeo` mrcscs livostotil tbi wjrfl imj`jey, o`l O`dfj-Oeircmo` ac`o`mcof

eitbjls wiri lcsmrilctil. C` Eormb 8>??, tbi Driot Iost Gopo` Iortbquoki o`l tsu`oec strumkGopo`. Lurc`d tbi fj`d o`l poc`auf rimjviry prjmiss, tbiri wos o strj`d liscri oej`d tbiGopo`isi pijpfi tj mj`trchuti tj tbi rimjviry prjmiss, os wiff os o sceufto`ijus riofczotcj` jatbi `iil tj ac`o`mi fjmof ]EIs o`l stort-up mjepo`cis. Eo`y ja tbisi pjti`tcof prjvclirs jamopctof wiri fjjkc`d ajr jppjrtu`ctcis tj mj`trchuti c` sjei woy, rotbir tbo` tj hi`iact arje bcdbritur`s. \biri wos ofsj o mfior `iil ajr o eiitc`d pfomi ajr tbisi hjrrjwirs o`l fi`lirs.Aurtbirejri, tbi mju`try–s huldit liacmct-tj-DL^ rotcj hriombil 8>>% c` 8>?>, mostc`d ljuhtj` tbi iaacmci`my o`l iaaimtcvi`iss ja puhfcm c`vistei`t“prcvoti ac`o`mc`d wctb tro`spori`tpirajreo`mi ej`ctjrc`d wos moffil ajr.

C` jrlir tj jvirmjei tbisi cssuis, o `iw ajre ja ac`o`mc`d, tbi bjeitjw` c`vistei`t trust au`l(BC\), wos prjpjsil. \bi `oei riafimts tbi djof ja tbi au`l7 tj mj``imt au`l prjvclirs o`l tbicrbjeitjw`s. O mjeecttii ot tbi Mohc`it Jaacmi wos mriotil tj stuly tbi prjpjsof. \biri oritbrii eoc` olvo`todis ja BC\s.

Acrst, BC\s ori ohfi tj ric`ajrmi ac`o`mcof stohcfcty hy rilumc`d c`ajreotcj` osyeeitry o`lsborc`d rcsk. \bi ljw`aoff ja tbi pri-Fibeo` ‖jrcdc`oti o`l lcstrchuti― ejlif wos tbot hjrrjwirCJYs wiri bclli` liip wctbc` mjepfcmotil ac`o`mcof c`struei`ts. \bcs eoli rcsk lcaacmuft tjmofmufoti o`l tromk, o`l j`mi eorkits bol fjst aoctb c` tbi ohcfcty ja hjrrjwirs tj poy homk,`jhjly k`iw wbiri tbi rcsks wiri o`l mrilct eorkits arjzi. Aor arje ‖lcstrchutc`d― rcsk tjombcivi ac`o`mcof stohcfcty, c`ajreotcj` i`lil up hic`d os osyeeitrcm os ct mjufl pjsschfy bovihii`. C` mj`trost tj tbcs ejlif, tbi BC\ eitbjl i`mjurodis stohcfcty hy rilumc`d   c`ajreotcj`osyeeitry os eumb os pjsschfi. \bcs cs himousi bjusibjfls“o`l acres, ca tbiy wo`t tj c`vistc` jtbir mjepo`cis“ori kii` tj jhtoc` c`ajreotcj` j` tbi hjrrjwc`d acres, eoc`fy ]EIs. \bifi`lirs ori arje tbi soei ‖bjeitjw`― os tbi hjrrjwirs, jr tbiy eoy sbori o scecfor c`tirist.

\biri cs ofsj o fjw lidrii ja smofi o`l mj`mi`trotcj`, wctb hjtb tbi fi`lirs o`l hjrrjwirshic`d rifotcvify seoff o`l lcspirsil. Ommjrlc`dfy, tbcs ajre ja ac`o`mcof c`tireilcotcj` offjws rcsktj hi lcstrchutil, hut ljis `jt eoki ct c`vcschfi c` tbi prjmiss.

 O simj`l olvo`todi ja BC\ cs tbot ct himjeis o `iw sjurmi ja eumb `iilil rcsk-mopctof.Ac`o`mcof ridufotcj`s, `jtohfy tbi Ho`k ja C`tir`otcj`of ]ittfiei`ts (HC]) mopctof oliquomy rotcjriqucriei`ts, ori himjec`d ejri strc`di`t os ho`ks o`l jtbir ac`o`mcof c`stctutcj`s ori `jwsii` os pjsschfi sjurmis ja c`stohcfcty. C` o eomrj-pruli`tcof si`si, tbcs eoy bifp tj rilumircsk, hut cs litrcei`tof tj tbi suppfy ja rcsk mopctof. Acres wctb fcttfi jr `j mjffotirof ori

?=

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

portcmuforfy oaaimtil hy tbcs mbo`di, sj tbi prjvcscj` ja o `iw o`l stohfi sjurmi ja rcsk mopctofmo` hi ispimcoffy hi`iacmcof.

\bi tbcrl olvo`todi ja BC\ cs tbot ct cs prjgimt lrcvi`. Y`fcki jtbir orro`diei`ts, sumb os tbiDroeii` Ho`k, wbiri c`vistei`t listc`otcj`s ori litirec`il fotir, BC\ c`vistjrs ori ohfi tjmbjjsi tbi c`vistei`t tbiy wjufl fcki tj eoki arje o pjjf ja prjgimts. C`vistjrs ori `jt

`imissorcfy siikc`d bcdb ritur`s. C`stiol, tbiy ori ejtcvotil tj c`vist o`l bifp c` o prjgimt tbottbiy aiif strj`dfy ohjut. \bcs eoy hi himousi tbi prjgimt cs hosil c` tbicr bjeitjw`, jr tbiyeoy sii scd`cacmo`mi c` tbi c`vistei`t–s pjti`tcof tj rilumi pjvirty, ollriss i`vcrj`ei`tofmj`mir`s, jr osscst c` lcsostir rimjviry. C` tbcs woy, c`vistjrs eoy aiif o fivif ja pirsj`ofsotcsaomtcj` c` tbicr mbjcmi, o`l bovi tbi ollil hi`iact ja omtuoffy hic`d ohfi tj ‖sii― tbirisufts. \bcs cs `jt pjsschfi wctb jrlc`ory eutuof au`ls, wbiri c`vistjrs ori `jt ohfi tj tromk tbilistc`otcj`s ja tbicr c`vistei`ts.

\bi lrowhomks ja tbisi ridcj`of trust au`ls, bjwivir, ori tbot tbiy ori `jt duoro`tiil hy tbiLipjsct C`suro`mi Mjrpjrotcj` o`l rcsks ori hjr`i hy tbi c`vistjrs. ]tips eust hi toki` tjc`mriosi c`vistjr mj`acli`mi tj i`ohfi tbi BC\ eorkit tj drjw, sumb os i`surc`d tbot tbi tiresja tbi au`l ori ixpfoc`il c` litocf tj tbi c`vistjrs, c`mfulc`d tbi ossjmcotil rcsks o`l wbiri tbiau`ls wcff hi c`vistil.

C` Gopo`, twj ixoepfis ja ridcj`of au`ls ori tbjsi mjvirc`d (c) wc`l pjwir di`irotcj` o`l (cc)euscmco`s. Murri`tfy, tbiri ori orju`l 8> wc`l pjwir di`irotjrs c` Gopo`, wbcmb wirimj`strumtil tbrjudb prcvoti”puhfcm port`irsbcps. Ajr tbisi prjgimts, fjmof riscli`ts c`vistil$?>>>”$9>>>, o`l c` ritur` tbiy rimicvil o``uof lcvcli`ls arje tbi sofis ja ifimtrcmctydi`irotil. Euscmco`s– au`ls dotbir eo`y seoff c`vistjrs, wctb o` ovirodi c`vistei`t u`ct ja$?9>”$9>>. Ca o euscmco` himjeis summissauf o`l bcs jr bir wjrk siffs wiff, tbi au`l wcffhi`iact arje o bcdb roti ja ritur`. Os o risuft, tbiri ori hjtb summissauf o`l u`summissauf au`ls.

^rjgimt ivofuotcj`s pfoy o` cepjrto`t rjfi c` tbi mriotcj` ja ridcj`of au`ls, os sjei au`ls tbotbovi c`vistil c` rcsky vi`turis bovi aocfil tj pirajre wiff. Dfjhoffy, ho`ks ori himjec`dc`mriosc`dfy mj`mir`il ohjut tbicr rcsks ajffjwc`d tbi cepfiei`totcj` ja Hosif CCC (Sjsbc`j o`lBcro`j 8>??). ]c`mi Osco cs ljec`otil hy ho`k fjo`s o`l mopctof eorkits ori di`iroffy `jt wiff

livifjpil, tbcs eokis ct ivi` ejri lcaacmuft tj rocsi vi`turi mopctof o`l ac`o`mi rcskcir prjgimts.Mj`siqui`tfy, prjgimt ossissjrs eust hi usil tj cli`tcay pjti`tcof `j`-pirajrec`d c`vistei`tstbot mjufl fjsi ej`iy ajr c`vistjrs. Ct sbjufl hi `jtil, tbjudb, tbot sjei ja Gopo`–s ridcj`ofau`ls ori ridorlil os mborctcis, o`l o` jppjrtu`cty ajr c`vistjrs tj mj`trchuti tj tbicr ridcj` o`lsuppjrt vi`turi husc`issis.

Ho`ks ori jati` `jt ohfi tj ac`o`mi prjgimts tbot morry bcdb rcsks, ivi` ca tbi ixpimtil rotis jaritur` ori bcdb. Bjwivir, ca tbisi prjgimts ori c`stiol au`lil hy ridcj`of au`ls, rotbir tbo` hylipjscts tro`sajreil c`tj ho`k fjo`s, ho`ks ori ohfi tj rimicvi ej`iy tbjudb tbi sofis jaridcj`of au`ls hy tbicr hro`mb jaacmis, wctbjut bovc`d tj wjrry ohjut tbi mriotcj` ja `j`-pirajrec`d fjo`s. C`vistjrs eust hi eoli auffy owori ja tbi rcsks wbi` eokc`d tbicrc`vistei`ts, hut tbiy eoy ofsj rimicvi o bcdb roti ja ritur`, o`l tbcs mjufl c`mriosic`vistei`ts c`tj rcskcir prjgimts tbot wjufl jtbirwcsi `jt bovi hii` au`lil.

\bi summiss ja cts ridcj`of au`ls eoy bifp o ho`k tj ottromt ejri c`vistjrs. Mj`virsify, ca au`lslj `jt pirajre wiff, c`vistjrs eoy limriosi c` auturi. C` tbcs woy, tbrjudb mjepitctcj` j` tbihoscs ja tbi pirajreo`mi ja tbi ridcj`of au`ls, tbi quofcty ja prjgimts o`l tbi rcsk-olgustilritur`s ajr c`vistjrs mo` hi ceprjvil (Sjsbc`j 8>?8).

?<

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

Acduri ?>7 Ho`k-Hosil ]eoff o`l Eilcue-]czil I`tirprcsi Ac`o`mc`d o`l Xidcj`ofAc`o`mc`d tj Xcskcir Hjrrjwirs

]EI 5 seoff o`l eilcue-sczil i`tirprcsi.

]jurmi7 Outbjrs– cffustrotcj`.

Acduri ?> sbjws ho`k-hosil ]EI ac`o`mc`d o`l ridcj`of ac`o`mc`d tj rcskcir hjrrjwirs. Ho`kfjo`s dj tj rifotcvify soai hjrrjwirs. BC\s ac`o`mi rcskcir prjgimts.

<.8.? Mboromtircstcms ja Bjeitjw` C`vistei`t \rust Au`ls

Tctb jrlc`ory c`vistei`t trusts, o` c`vistei`t cs eoli hy o mjffimtcj` ja c`vistjrs wbj prjvcliau`ls tj o mjffimtcj` ja hjrrjwirs, wctb tbi c`vistjrs rimicvc`d lcvcli`ls hut `jt k`jwc`dspimcacmoffy wbot tbicr c`vistei`t wcff hi usil ajr. \bi eoc` aioturi ja BC\s cs tbot tbi c`vistjrk`jws tbi cli`tcty ja tbi hjrrjwir o`l tbi listc`otcj` ja tbi c`vistei`t. \bi c`vistjr cs ohfi tjmbjjsi tj suppjrt bcs jr bir fjmof ridcj` o`l hjrrjwirs o`l, hy ljc`d sj, tj usi tbi au`l os oajre ja hjtb c`vistei`t o`l lj`otcj`.

\bi ajffjwc`d simtcj`s prjvcli ixoepfis ja bjeitjw` c`vistei`t trust au`ls.

<.8.8 ^rjvclc`d Livifjpei`t Au`ls tj Fjmof Xidcj`s

Y`tcf `jw, ho`ks bovi hii` ohfi tj prjvcli fjo`s tj fjmof hjrrjwirs ivi` ca tbiri cs o mirtoc`fivif ja rcsk c`vjfvil. Bjwivir, c` auturi ct wcff himjei ejri lcaacmuft ajr ho`ks tj toki rcsks wctbej`iy arje lipjscts himousi ja tbi strcmtir mopctof oliquomy riqucriei`ts put c` pfomi hy tbiHC]. Au`ls arje BC\s eust hi usil tj mjepfiei`t tbi omtcvctcis ja ho`ks o`l tj prjvcli mopctofajr i`tirprcsis tbot bovi strj`d pjti`tcof ajr auturi drjwtb, ivi` tbjudb tbiy eoy morry sjeilidrii ja rcsk. \bisi c`vistei`ts eoy, ajr ixoepfi, hi usil tj au`l sjfor pjwir di`irotcj`, jrjtbir prjgimts tbot mj`trchuti tj tbi i`vcrj`ei`t jr prjvcli suppjrt tj fjmof mjeeu`ctcis.

?9

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

Acduri ??7 @ckkic ]tjmk Ovirodi

]jurmi7 Sjsbc`j (8>?=).

Acduri ?? sbjws o eomrj vciw ja stjmk prcmi ejviei`ts c` Gopo`. Ca tbi imj`jey sbrc`ks,tbi` ct ajffjws tbot ovirodi stjmk prcmis wcff limriosi. C` tbcs mosi, ivi` c`vistei`ts eoliommjrlc`d tj eomrj ovirodis wcff `ivir sbjw o`y c`mriosi c` prjlumtcvcty (ritur`) sj fj`d osc`vistjrs lj `jt siik jut djjl prjgimts o`l c`vist c` tbjsi tbot oppior fckify tj drjw. Gopo` cso mju`try wctb fcttfi imj`jecm drjwtb, o`l os o mj`siqui`mi stjmk prcmi ejviei`ts bovihii` stod`o`t. C` sumb mcrmuesto`mis, ‖bo`l-eoli― c`vistei`ts tocfjril ajr c`lcvcluofc`vistjrs ori riqucril. ^rjactohcfcty (eio`c`d ritur`s) wcff `jt c`mriosi ca ajmus cs j` ovirodic`vistei`ts.

<.8.= Ysi ja ^rcvoti-]imtjr Au`ls o`l tbi Jptceof Ecx ja ^uhfcm o`l ̂ rcvoti Au`ls

Acduri ?8 sbjws tbi ajres c` wbcmb prcvoti o`l puhfcm au`ls c`vistil c` wc`l pjwir. Clioffy, ctwjufl hi priairohfi ca off tbi au`lc`d moei arje tbi prcvoti simtjr.

Acduri ?87 Tc`l ^jwir \rust Au`l ja Gopo`

]jurmi7 Sjsbc`j (8>?=).

Bjwivir, c` tbi mosi ja i`tirprcsis tbot riprisi`t o puhfcm djjl, sumb os sjfor pjwir po`ifs, ctcs mj`micvohfi tbot puhfcm au`ls (arje tbi `otcj`of jr fjmof djvir`ei`t) mjufl hi c`trjlumil c`tbi ajre ja eotmbc`d au`ls jr dro`ts tbot wjufl hi mjehc`il wctb au`ls arje prcvoti simtjrc`vistjrs. C` Acduri ?8, prcvoti simtjr au`ls riprisi`t 4>% o`l puhfcm simtjr au`ls =>% ja tbitjtof. Ca wi suppjsi tbot off tbi prjmiils arje tbi c`vistei`t prjgimt dj tj tbi prcvoti simtjrc`vistjrs, o`l ca wi ossuei tbot, ivi` tbjudb tbi prjactohcfcty ajr tbi prcvoti simtjr c`vistjrs wcff

?1

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 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

`jt hi bcdb, ct wcff c`mriosi ca lcvcli`ls lj `jt bovi tj hi pocl tj tbi jrcdc`otjrs ja tbi `otcj`ofdjvir`ei`t au`ls. \bcs wcff eoki tbi c`vistei`t ottromtcvi tj prcvoti simtjr c`vistjrs himousi ctwcff jaair o` o`tcmcpotil roti ja ritur` bcdbir tbo` tbi hi`mbeork prjactohcfcty sbjw` hy tbibjrczj`tof fc`i c` Acduri ?=. 

Acduri ?=7 Xoti ja Xitur` j` Iomb ^rjgimt

]jurmi7 Outbjrs– cffustrotcj`.

Ca prcvoti o`l puhfcm simtjr au`ls ori mjehc`il os lismrchil, tbiri eoy hi o fivirodc`d iaaimt.\bcs cs himousi c`vistjrs mo` hi tjfl tbot tbi prjgimt bos jaacmcof djvir`ei`t suppjrt, o`l ofsjtbot, ivi` ca tbi roti ja ritur` cs fjw, c`tirist o`l lcvcli`ls `iil `jt hi pocl tj tbi puhfcmc`vistjrs, tbirihy c`mriosc`d tbi roti ja ritur` ajr prcvoti simtjr c`vistjrs. \bisi twj iaaimtsbcdbfcdbt tbi `imisscty ja mjehc`c`d prcvoti o`l puhfcm au`ls. O tbcrl riosj` cs tbot, tbrjudb tbic`trjlumtcj` ja prcvoti simtjr au`ls, prjgimt iaacmci`my wcff hi i`bo`mil os fi`dtby, fjw-quofctymj`strumtcj` wjrk wcff hi ovjclil os tbi prcvoti simtjr ofj`i wjufl usuoffy j`fy mj`mi`troti j`di`irotc`d prjacts os qucmkfy os pjsschfi (Sjsbc`j 8>?>).

<.8.< ]tohfi ]uppfy ja Xcsk Mopctof c` Gopo` o`l Osco

Fcki Gopo`, tbi rist ja Osco bos ac`o`mcof systies mi`tiril orju`l ho`ks tbot eoy jaairecmrjmrilct, oftbjudb ot bcdb c`tirist rotis. Lcaacmuft ommiss tj mrilct mo` prjvi o scd`cacmo`tjhstomfi ajr ]EIs o`l jtbir seoffir hjrrjwirs. \bi BC\ au`ls lcsmussil ohjvi mo` pjti`tcoffyhi cepjrto`t oftir`otcvis tj ecmrjmrilct o`l vi`turi mopctof c` Osco. C` auturi, ct eoy ofsj hipjsschfi tj c`vist c` c`arostrumturi c`vistei`t trusts.

C` tbi Y] o`l Iurjpi, vi`turi mopctof o`l jtbir au`ls ori usuoffy sbjrt tire c` `oturi. Ajr fordirjol jr jtbir c`arostrumturi prjgimts c` Gopo` o`l tbrjudbjut Osco, fj`d-tire au`lc`d arje BC\au`ls mjufl hi o usiauf `iw sjurmi ja au`lc`d, oftbjudb ct rieoc`s tj hi sii` wbitbir BC\au`ls wcff hi ohfi tj prjvcli fj`d-tire au`lc`d ajr prjgimts ajr 9 jr ?> yiors, jr ivi` fj`dir.Ej`iy arje fcai c`suro`mi mjepo`cis o`l pi`scj` au`ls cs hist suctil tj stohfi au`lc`d ajr tbifj`d tire. Ca prcvoti pi`scj` au`ls ofsj hidc` tj portcmcpoti, tbi` lieo`l wcff ieirdi c` to`lieajr fj`d-tire BC\ au`ls os pfomis ajr tbie tj c`vist. Ajr BC\s tj i`dodi c` fj`d-tire au`leo`odiei`t, o` c`mriosi wcff hi `iilil, j` tbi au`l-prjvclc`d scli, c` tbi `uehir ja pi`scj`au`ls o`l fcai c`suro`mi mjepo`cis tbot wo`t fj`d-tire c`vistei`t. C` tbi mosi ja Gopo`,pi`scj` au`ls o`l c`suro`mi mjepo`cis wcff `iil tj tbjrjudbfy ossiss tbi prjgimts tbot wcffrimicvi tbicr c`vistei`ts tbrjudb fj`d-tire BC\ au`ls, sumb os c`arostrumturi prjgimts, o`l fj`d-tire bjeitjw` c`vistei`ts os tbiy ixpo`l tbi ro`di ja tbicr c`vistei`ts (Sjsbc`j 8>?=).

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8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

http://slidepdf.com/reader/full/three-arrows-of-abenomics-and-the-structural-reform-of-japan-inflation 20/21

 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

9. MJ@MFY]CJ@

C` tbcs popir, tbi murri`t stotus ja tbi Gopo`isi imj`jey wos lismrchil, c`mfulc`d Gopo`–sdjvir`ei`t huldit liacmct-tj-DL^ rotcj, wbcmb hriombil 8>>% c` 8>?>; prjhfies mousil hyGopo`–s odc`d pjpufotcj`; tbi fomk ja iaacmci`my o`l iaaimtcvi`iss ja puhfcm c`vistei`t; o`l tbi

mju`try–s sfuddcsb imj`jecm drjwtb. C` jrlir tj ollriss sjei ja tbisi mj`mir`s, tbidjvir`ei`t ja ]bc`zj Ohi, wbcmb wos ifimtil c` Limiehir 8>?8, c`trjlumil o riajre prjdroemoffil Ohi`jecms, wbcmb oceil tj rivcvi tbi sfuddcsb imj`jey wctb ‖tbrii orrjws―7 acsmofmj`sjfclotcj`, ejri oddrisscvi ej`itory iosc`d arje tbi Ho`k ja Gopo`, o`l strumturof riajrestj hjjst Gopo`–s mjepitctcvi`iss o`l imj`jecm drjwtb

 Os ajr acsmof mj`sjfclotcj`, tbi djvir`ei`t oces tj cepfiei`t cts sbjrt-tire acsmof pjfcmy c` otceify o`l afixchfi eo``ir, wbcfi ofsj acrefy ixprissc`d tbi pjfctcmof wcff tj ristjri tbi acsmofhofo`mi jvir tbi eilcue o`l fj`d tire hy muttc`d tbi prceory liacmct ja tbi mi`trof o`l fjmofdjvir`ei`t c` bofa hitwii` AS8>?> o`l AS8>?9 o`l ombcivc`d o acsmof surpfus hy AS8>8>.

 Os ajr tbi simj`l orrjw, oddrisscvi ej`itory pjfcmy, tbi HJG sit o prcmi stohcfcty tordit ja 8%(yior-j`-yior roti ja mbo`di c` tbi mj`sueir prcmi c`lix). \bi djvir`ei`t ixpimts tbi HJG tjcepfiei`t oddrisscvi ej`itory iosc`d tj ombcivi tbcs tordit os sjj` os pjsschfi. Oftbjudbprcmis stortil tj rcsi oatir ej`itory iosc`d, tbcs wos fordify lui tj bcdbir jcf prcmis, o`l tbi 8%c`afotcj` roti tordit bos stcff `jt hii` ombcivil. \bi murri`t djvir`jr ja tbi HJG, BorubckjKurjlo, cs pursuc`d o ej`itory pjfcmy tbot c`vjfvis huyc`d fj`d-tire djvir`ei`t hj`ls o`lc`mriosc`d tbi ej`itory hosi (tbcs cs c` mj`trost tj tbi ajreir djvir`ei`t, wbi` o`ixpo`scj`ory ej`itory pjfcmy wos eoc`fy morrcil jut hy huyc`d sbjrt-tire djvir`ei`t hj`ls).

C` tbi tbcrl orrjw, tbi drjwtb strotidy, tbi djvir`ei`t bos i`mjurodil bcdbir wodis tji`mjurodi tbi ixpo`scj` ja ljeistcm mj`sueptcj`; rocsil toxis c` jrlir tj mjvir c`mriosc`dsjmcof simurcty spi`lc`d; i`mjurodil aieofi portcmcpotcj` c` tbi fohjr ajrmi; mj`sclirilpjstpj`c`d tbi ritcriei`t odi himousi ja tbi odc`d pjpufotcj`; priporil ajr o tro`sctcj` tj oridcj`of eilcmof mori systie ajr jfl pijpfi o`l toki` eiosuris tj rilumi tbicr bioftb morimjsts; prjvclil suaacmci`t huldit ajr lcsostir priporil`iss; mj`scliril c`mriosc`d tbi sbori ja

X&L o`l ilumotcj` c` djvir`ei`t ixpi`lcturi; ceprjvil ommiss tj ac`o`mc`d ajr ]EIs; o`lmj`scliril morryc`d jut odrcmufturof riajres c` jrlir tj jvirmjei c`iaacmci`mcis c` tbi simtjr.

C` tbi drjwtb strotidcis simtcj` wi ixpfoc`il o prjpjsil `iw ajre ja ac`o`mcof c`tireilcotcj`moffil tbi bjeitjw` c`vistei`t trust, riafimtc`d cts djof tj mj``imt au`l prjvclirs o`l tbicrbjeitjw`s. J`i ja tbi iorfcist prjpj`i`ts ja tbcs wos @ojyukc Sjsbc`j, mj-outbjr ja tbcswjrkc`d popir. \bcs `iw ajre ja ac`o`mcof c`tireilcotcj` bos hii` prjpjsil tj tbi Gopo`isidjvir`ei`t, wbcmb cs murri`tfy mj`sclirc`d ct os o rieily tj rivcvi tbi sfuddcsb drjwtb jaGopo`.

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8/12/2019 Three Arrows of “Abenomics” and the Structural Reform of Japan: Inflation Targeting Policy of the Central Bank, Fi…

http://slidepdf.com/reader/full/three-arrows-of-abenomics-and-the-structural-reform-of-japan-inflation 21/21

 OLHC Tjrkc`d ^opir <38 Sjsbc`j o`l \odbczolib-Bisory

XIAIXI@MI]

\odbczolib-Bisory, A., o`l @. Sjsbc`j. 8>?=o. Iepcrcmof O`ofyscs ja Jcf ^rcmi Litirec`otcj`Hosil j` Eorkit _uofcty \bijry. Kicj/Kyjtj Gjc`t Dfjhof MJI Lcsmusscj` ^opir ]ircis.8>?8-><<. \jkyj7 Kicj Y`cvirscty.

\odbczolib-Bisory, A., o`l @. Sjsbc`j. 8>?=h. Tbcmb ]cli ja tbi Imj`jey cs Oaaimtil Ejrihy Jcf ^rcmis7 ]uppfy jr Lieo`l: Y`ctil ]totis Ossjmcotcj` ajr I`irdy Imj`jecms(Y]OII) Xisiormb ^opir. ?=-?=3. Jbcj7 Y]OII.

\odbczolib-Bisory, A., @. Sjsbc`j, D. Ohljfc, o`l O. Aorzc`vosb. 8>?=. O` Istceotcj` ja tbiCepomt ja Jcf ]bjmks j` Mruli Jcf Ixpjrtc`d Imj`jecis o`l \bicr \roli ^ort`irs.Arj`tcirs ja Imj`jecms c` Mbc`o 2(<)7 94?”93?. 

\odbczolib-Bisory, A., o`l @. Sjsbc`j. 8>?<. Ej`itory ^jfcmcis o`l Jcf ^rcmi Litirec`otcj`7o` Iepcrcmof O`ofyscs. J^IM I`irdy Xivciw  =2(?)7 ?”8>.

Sjsbc`j, @. 8>?>. Ac`o`mc`d \ro`spjrt C`arostrumturi Livifjpei`t c` ]jutbiost Osco. JIML,]jutbiost Osco` Imj`jecm Jutfjjk . Mboptir 1. ^orcs7 JIML.

Sjsbc`j, @. 8>?8. Dfjhof Cehofo`mi o`l tbi Livifjpei`t ja Mopctof Afjws oej`d Osco`Mju`trcis. JIML Gjur`of7 Ac`o`mcof Eorkit \ri`ls ?7 2?”??8.

Sjsbc`j, @. 8>?=. \bi Homkdrju`l ja Bjeitjw` C`vistei`t \rust Au`ls. C` Bjeitjw`C`vistei`t \rust Au`ls7 O ]tohfi Toy tj ]uppfy Xcsk Mopctof , ilctil hy @. Sjsbc`j o`l]. Kogc. \jkyj7 ]prc`dir.

Sjsbc`j, @., o`l \. Bcro`j. 8>??. ^rj-Mymfcmofcty ja tbi Hosif Mopctof Xiqucriei`t Xotcj o`l ctsCepomt j` Ho`ks. Osco` Imj`jecm ^opirs ?>(8)7 88”=1.

Sjsbc`j, @., o`l \. Eczjdumbc. 8>?=. Mbo`dis c` tbi Afjw ja Au`ls o`l tbi Acsmof ^jfcmy Xufis@iilil ajr Acsmof ]tohcfczotcj`. ^uhfcm ^jfcmy Xivciw  1(?)7 9?”4>.

Sjsbc`j, @., o`l A. \odbczolib-Bisory. Ajrtbmjec`d-o. Ej`itory ^jfcmy o`l Jcf ^rcmi

Afumtuotcj`s Ajffjwc`d tbi ]uhprcei Ejrtdodi Mrcscs. C`tir`otcj`of Gjur`of ja Ej`itoryImj`jecms o`l Ac`o`mi 4.

Sjsbc`j, @., o`l A. \odbczolib-Bisory. Ajrtbmjec`d-h. Imj`jecm Cepomts ja Jcf ^rcmiAfumtuotcj`s c` Livifjpil o`l Ieirdc`d Imj`jecis. CIIG I`irdy Gjur`of . 3(=).

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