The effects of 'Gesell' (currency) taxes in promoting Japan's economic recovery

Mitsuhiro Fukao

研究成果: Article査読

3 被引用数 (Scopus)

抄録

The traditional interest rate policy has lost its potency due to the zero-lower bound of nominal interest rates and the gradual accelerating deflation in Japan. Without stopping deflation, the Japanese government may face a rapid erosion of credit worthiness due to an uncontrolled budget deficit. In order to cope with this unusual situation, a non-traditional monetary policy measure is proposed. A negative nominal interest rate is needed to clear Japanese markets and can be achieved by levying a tax on all the government-guaranteed yen financial assets. This is a modified version of Gesell's stamp duty on currency for actual implementation in the contemporary context. The benefits and side effects of this tax for Japan are analyzed here.

本文言語English
ページ(範囲)173-188
ページ数16
ジャーナルInternational Economics and Economic Policy
2
2-3
DOI
出版ステータスPublished - 2005 11

ASJC Scopus subject areas

  • Economics and Econometrics

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