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In unsecured bank funding markets, spreads of dollar London interbank offered rates (Libor) over comparable-maturity overnight index swap (OIS) rates edged down, although Libor fixings beyond the one-month maturity stayed elevated. Spreads on A2/P2-rated commercial paper and AA-rated asset backed commercial paper narrowed a bit, on net, staying at the low end of their respective ranges over the past year.¡Ù ¡ØFunctioning in the repurchase agreement (repo) market showed additional improvement, as bid-asked spreads and "haircuts" on most collateral either narrowed or held steady, although repo volumes were still low. Consistent with modestly better conditions in the term repo market, all seven auctions under the Term Securities Lending Facility were undersubscribed over the intermeeting period, including two auctions that garnered no bids.¡Ù ¡ØTrading conditions in the secondary market for nominal Treasury securities also showed some signs of improvement. Premiums paid for on-the-run Treasury securities fell, and average bid asked spreads for Treasury notes were relatively stable near their pre-crisis levels. Still, daily trading volumes for Treasury securities remained low.¡Ù ask-bid¥¹¥×¥ì¥Ã¥É¤Î¾õ¶·¤È¤«¡¢¥ì¥Ý»Ô¾ì¤Î¥Ø¥¢¥«¥Ã¥È¾õ¶·¤È¤«¤â¥Õ¥©¥í¡¼¤·¤Æ¤¤¤ë¤Î¤¬Ã桹¡£¤Þ¤¢¤³¤¦¤¤¤¦¤È¤³¤í¤¬±ä¡¹¤È½Ð¤Æ¤¯¤ë¤È¤¤¤¦¤Î¤Ï¡¢µÕ¤Ë¸À¤¨¤Ð¶âÍ»»Ô¾ì¤Î²Á³Ê¼«ÂΤϲóÉü¤·¤Æ¤â¡¢´Î¿´¤Î»Ô¾ìήưÀ¤Î²óÉü¤Ë´Ø¤·¤Æ¤Ï¤Þ¤À¤Þ¤ÀÅÓ¾å¤À¤È¤¤¤¦Ç§¼±¤ò»ý¤Á¤Ä¤ÄÂн褷¤Æ¤ë¤Ã¤ÆÏäʤó¤Ç¤·¤ç¤¦¡£°ì±þ¾å¤Ë°úÍѤ·¤¿½ê¤Ç¤Ï²óÉü¤Î·¹¸þ¤Ë¤¢¤ë¤È¤¤¤¦·ëÏÀ¤Ë¤Ï¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢°Ùǰ¡£ ̱´Ö¿®ÍѻԾì¤È¤¤¤¦ÅÀ¤Ç¤Ï¤³¤ó¤Ê»ØÅ¦¤â¡£ ¡ØThe debt of the domestic private nonfinancial sector appeared to have contracted in the first quarter at about the same pace as in the fourth quarter of 2008. Activity in the mortgage market reflected mainly refinancing, and staff estimates indicated that residential mortgage debt contracted again in the first quarter, depressed by the very low pace of home sales, falling house prices, and write-downs of nonperforming loans.¡Ù ¥â¡¼¥²¡¼¥¸¤âÁê¾ì¿å½à¤È¤·¤Æ¤Î¿ôÃͤϲþÁ±¤·¤Æ¤¤¤ë¤±¤ì¤É¤âÃæ¿È¤Ï¤Þ¤À¤Þ¤À¤È¤¤¤¦ÏäǤ¹¤Ê¡£ ¡ØConsumer credit was essentially flat in January and February. Expansion of nonfinancial business debt was tepid, as robust bond issuance was partly offset by declines in commercial paper and bank loans. Federal debt rose briskly in the first quarter.¡Ù Á´Éô°úÍѤ·¤Æ¤ë¤ÈŤ¯¤Ê¤ê¤¹¤®¤Ê¤Î¤Ç°ìÉô¤À¤±°úÍѤ·¤Þ¤·¤¿¤¬¡¢¤Þ¤¢¤³¤ÎÊÕ¤âÆÉ¤ó¤Ç¤ÆÌÌÇò¤¤¤Ç¤¹¤Î¤Ç¤ª²Ë¤ÊÊý¤Ë¤Ï¤ª´«¤á¡£ ¡¦Participants' Views and Committee Policy Action¤Î¤È¤³¤í¤«¤é ¤³¤ì¤Þ¤¿ËÜÅö¤ÏÁ´ÉôÆÉ¤à¤Î¤¬µÈ¤Ê¤Î¤Ç¤·¤ç¤¦¤±¤ì¤É¤â¡¢Æ±¤¸¤¯¶âÍ»´Ä¶¤Î½ê¤ò¥Ù¥¿°úÍÑ¡£ ¡ØFinancial market developments over the intermeeting period were mainly seen as positive.¡Ù ¤Û¤Û¡¼¡£ ¡ØEquity prices increased, money markets were functioning better, and corporate issuance of bonds and convertible securities was relatively brisk. Measures of volatility and financial stress moved down and risk spreads narrowed in many markets, perhaps partly because of investors' perceptions of diminished downside tail risks. Even so, risk spreads remained unusually wide and markets continued to be fragile.¡Ù ¤Ç¤â²þÁ±¤ÏÅÓ¾å¤âÅÓ¾å¤È¡£ ¡ØDespite the improvement in financial markets, credit conditions stayed quite restrictive for many households and businesses. The April Senior Loan Officer Opinion Survey showed that a large net fraction of banks had tightened their terms and standards for credit during the previous three months, albeit a modestly smaller fraction than indicated by the January survey. Moreover, meeting participants noted that the volume of credit extended to households and businesses was still contracting as a result of shrinking demand, declining credit quality, capital constraints on financial institutions, and the limited availability of financing through securitization markets.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢·ë¹½¥À¥á¤¸¤ã¤óŪ¤ÊÏäǤ¹¤¬¡¢¤³¤Ã¤Á¤Î¥³¡¼¥Ê¡¼¤Ï³ä¤È¤½¤¦¤¤¤¦´¶¤¸¤Î¥È¡¼¥ó¤¬Â¿¤¤´¶¤¸¤À¤Ã¤¿¤«¤Ê¤¢¤Ã¤Æ½ê¤Ç¤¹¡£¤Ê¤ª¡¢ºòÆü¿½¤·¾å¤²¤¿Ä¹´ü¹ñºÄÇãÆþ¥×¥í¥°¥é¥à¤Î¥í¥¸¥Ã¥¯¤Ë´Ø¤·¤Æ¤Ï¾¤Ç¤âÆÃ¤Ë¤½¤ì¤é¤·¤µÄÏÀ¤¬¸«Åö¤¿¤é¤Ê¤«¤Ã¤¿¤è¤¦¤Êµ¤¤¬¤·¤Þ¤¹(¸«Íî¤È¤·¤Ï¤¢¤ë¤«¤â¤Ç¤¹¤Î¤ÇÃǸÀ¤·¤Þ¤»¤ó¤¬¡¢´À)¡£
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³¤¤¤Æ¡Ø3. Lesson Three¡Ù¤Ç¤¹¡£ ¡ØI will move on to the third lesson and ask the following question: ¡ÈIs it possible to solve problems with troubled assets at an early stage?¡É I find the answer is unfortunately negative: ¡ÈIt is very difficult¡É.¡Ù ¤Þ¡¼¤½¤ê¤ã¤½¤¦¤À¤ï¤Ê¤È¤¤¤¦ÏäǤ¹¤¬¡¢¤½¤ÎÍýͳ¤È¤·¤Æ¤Ï¡¢ÉÔÎÉ»ñ»º¤Î²Á³Ê¤¬ÌõȽ¤é¤ó»þ¤Ë¤Ï¡Ö¤È¤ê¤¢¤¨¤ºÍͻҸ«¡×¤¬ºÇÁ±¤ÎÁªÂò»è¤Ë¤Ê¤ë¤Î¤Ç¡¢Æ°¤¤¬ÃÙ¤¯¤Ê¤ë¤·¡¢¥ß¥¯¥íŪ¤Ë°ìÉô¤Î»²²Ã¼Ô¤¬Æ°¤¤¤Æ¤â¤Æ¤á¤¨¤Î½ê¤ÎÌäÂê²ò·è¤Ï¤µ¤ë¤³¤È¤Ê¤¬¤é¡¢Á´ÂΤÎÌäÂ꤬²ò·è¤µ¤ì¤ëÌõ¤Ç¤Ï̵¤¤(ÍͻҸ«ÃÏ¢¤¬Â¿¤¤¤«¤é)¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¡£ ¡ØThis is because when the valuation of troubled assets becomes highly uncertain, in the way Frank Knight described here in Chicago eighty-some years ago, a ¡Èwait and see¡É strategy may be the natural reaction for both sellers and buyers. So, private initiatives alone may not be sufficient to solve the problem. We have a list of such private attempts, with the fate of the M-LEC among them, as well as the Cooperative Credit Purchase Corporation in Japan in 1993.¡Ù 93ǯ¤ÎÆüËܤäƶ¦Æ±ºÄ¸¢Çã¼èµ¡¹½¤ÎÏäǤ¹¤Í¡£¤Ç¤Þ¤¢ÌäÂ꤬¤ä¤ä¤³¤·¤¯¤Ê¤Ã¤Æ»Ô¾ì¤¬µ¿¿´°Åµ´¤Ë¤Ê¤ë¤ÈÌäÂê²ò·è¤¬¹¹¤ËÆñ¤·¤¯¤Ê¤Ã¤Æ¥³¥¹¥È¤â³Ý¤«¤ë¤·¡¢¤½¤â¤½¤âÌäÂ꤬¾®¤µ¤¤¤È»×¤ï¤ì¤Æ¤¤¤ë¤¦¤Á¤Ï¶âÍ»µ¡´Ø¤¬Åö¶É¤Î²ðÆþ¤ò·ù¤¬¤ë¤È¤¤¤¦»ö¤â¤¢¤Ã¤Æ¡¢ÉÔÎÉ»ñ»ºÌäÂê ¤ÎÁá´üÀ¯ºöÂнè¤ò¹Ô¤¦¤Î¤ÏÆñ¤·¤¤¤Ç¤¹¤è¤Ã¤ÆÏäò¼¡¤Ë¤·¤Æ¤¤¤Þ¤¹¤¬¡¢°úÍѤϾÊά¡£ ¡ûÅö³º»ñ»º¤ËÂФ¹¤ë»Ô¾ì¤Î¿®Í꤬°²½¤¹¤ë¤È°²½¤¬²á¾ê¤Ë¿Ê¤à ¤ó¤Ç4¤ÄÌܤΤ´¶µ·±¤Ï¡Ø4. Lesson Four¡Ù¤Ç¤¹¡£ ¡ØWhat is the core of the problem? Lesson Four of the crises is that it is the difficulty in getting ¡Èreasonable estimates¡É of losses and a ¡Èreasonable pricing¡É of troubled assets, on which both sellers and buyers can agree, that leads to erosion in confidence. It is this erosion in confidence which then leads to an ¡Èexcessive¡É aversion to uncertainty.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢ÇäÇãÁÐÊý¤¬Ç¼ÆÀ¤¹¤ë²Á³Ê¤ä¤é»¼º¤Î¿äÄ꤬Æñ¤·¤¯¤Ê¤ë¤È¤½¤Î´Ö¤Ë¿®Í꤬°²½¤·¡¢ÉÔÆ©ÌÀ¤µ¤¬¹¹¤Ë¹â¤Þ¤ë»ö¤Ë¤è¤Ã¤Æº£Å٤ϰ²½¤Ë²áÅ٤ΥХ¤¥¢¥¹¤¬³Ý¤«¤Ã¤Æ¤·¤Þ¤¤¤Þ¤¹¤È¤¤¤¦¤ªÏᣤǡ¢¸½²¼¤Î¿®Íê°²½¤Ë¤Ï¤É¤Î¤è¤¦¤ÊÍ×°ø¤¬¤¢¤ë¤«¤È¤¤¤¦¹Í»¡¤ò¤·¤Æ¤¤¤Þ¤·¤Æ¡£ ¡ØFirstly, troubled assets have had macro-systemic effects, including unprecedented levels of downside-correlation.¡Ù ¡ØSecondly, these troubled assets¡Ç losses were dynamic and evolved over time. The ¡Èestimated losses¡É increased continuously as the economy slid into stagnation. Valuation of these assets, based on pre-crisis norms, grossly and consistently underestimated the losses, leading to an erosion of confidence in valuation methods and ultimately in the solvency of the institutions with these assets.¡Ù µ¬ÌϤǤâ®Å٤ǤâÁÛÁü¤òÍÚ¤«¤Ë¾å²ó¤ë²¼Êý¥¹¥Ñ¥¤¥é¥ë¤¬È¯À¸¤·¤¿¤Î¤È¡¢¤½¤ì°ÊÁ°¤Î³Ú´Ñ¤¬Çطʤˤ¢¤Ã¤¿¤Á¤å¤¦¤³¤È¤Ç¤·¤ç¤¦¤«¡£¤Ç¡¢¤â¤¦°ì¤Ä¤Ïº£È̤ÎÉÔÎÉ»ñ»º¾¦ÉʤÎÊ£»¨¤µ¤È¤¤¤¦ÏäǤ¹¤«¤Í¡£ ¡ØMoreover, troubled assets were very heterogeneous, and the erosion of confidence in existing valuation methods set an adverse selection mechanism in motion, leading to a marked deterioration in market liquidity.¡Ù ¤Ç¡¢¿®Íê¤Î°²½¤¬²á¾ê¤Ë¤Ê¤ëή¤ì¤ò¤Þ¤È¤á¤ë¤È¤³¤¦¤Ê¤ê¤Þ¤¹¤Ã¤ÆÏäòºÇ¸å¤Ë¡£ÍפϵޤËÁÛÄêÈϰϤòͤ¨¤¿ÌõȽ¤é¤ó¾õ¶·¤Ë¤Ê¤ë¤È¡¢»²²Ã¼Ô¤¬³§Â·¤Ã¤Æ¡ÖºÇ°¤Î¾õ¶·¡×¤òÁÛÄꤷ¤ÆÆ°¤¯°Ù¤Ë¿®Íê¤Î°²½¤ËÇï¼Ö¤¬¤«¤«¤ë¤Ã¤ÆÏäò¤·¤Æ¤¤¤ë¤«¤È»×¤¤¤Þ¤¹¡£ ¡ØOnce they lose confidence, these investors face ¡Èunknown unknowns¡É that they never dreamed of before. They then become ¡Èexcessively¡É averse to uncertainty surrounding the future prospects of financial institutions. That is, they make decisions based on the ¡Èworst possible case scenario¡É and try to minimize the losses they would incur in this worst possible case. Their valuation of these financial institutions thereby turns out to be ¡Èexcessively¡É pessimistic, and they become very sensitive to any news that supposedly has some bearing on the worst possible case scenario.¡Ù ¡ØMoreover, they tend to ¡Èwait and see,¡É until they feel more confident about the valuation of troubled assets. The result of these factors and their erosion of confidence is a significant undervaluation of financial institutions at the trough of an economic downturn.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡£ ¡û¤ó¤ÇºÇ¸å¤Ç¤¹¤¬¡¢¤¸¤ã¤¢²¿¤ò¤¹¤ë¤Î¤«¤È¤¤¤¦Ïà ¤Ç¡¢Æñ¤·¤¤¤È¸À¤Ã¤Æ¤ë¤À¤±¤Ç¤Ï¤·¤ç¡¼¤¬¤Ê¤¤¤Î¤Ç¡¢´íµ¡¤¬µ¯¤¤ëÁ°¤ËÀ¯ºöÅö¶É¤Ï¤É¤Î¤è¤¦¤ÊÅÀ¤òÃí°Õ¤·¤Ê¤¬¤éµ¬À©¤ä¤éÀ©ÅÙ¤ä¤é¤òÁȤޤʤ¤¤È¤¤¤±¤Ê¤¤¤Î¤«¤È¤¤¤¦ÏäǤ¹¤¬¡£ ¡ØFirstly, we should avoid any ¡Èpro-cyclicality¡É of reforming zeal, such as strengtheningregulations in the downturn when it may further exacerbate the slump, or deregulating the industry in the upturn when vigilance is called for. Past experience, as exemplified in Lesson One, suggests we are very much prone to this tendency.¡Ù µ¬À©¤ä¤é¤Ê¤ó¤ä¤é¤È¤¤¤¦¤Î¤¬¤É¤¦¤â°²½»þ¤Ë¤Ï°²½¤ò¶¯¤á¤ë¤è¤¦¤Êµ¬À©¶¯²½¤Ø¡¢ËÜÅö¤Ë ÍÑ¿´¤·¤Ê¤¤¤È¤¤¤±¤Ê¤¤³Ú´Ñ»þ¤Ë¤Ïµ¬À©´ËÏÂ¤Ø¤ÈÆ°¤¤¬¤Á¤Ê¤Î¤¬²áµî¤Î·Ð¸³¤Ë¤è¤ë¤È ¤½¤¦¤Ê¤Ã¤Æ¤¤¤ë¤Î¤Ç¡¢¤½¤ì¤òÈò¤±¤Ê¤¤¤È¤¤¤±¤Þ¤»¤ó¤Í¤È¤¤¤¦ÏäǤ¹¤«¡£ ¡ØSecondly, we should also bear in mind that no regulation is perfect. The origins of financial crises often lie in financial institutions¡Ç regulatory arbitrages and investors¡Ç complacent behavior based on ¡Èplausible deniability¡É. Also, we live in a dynamic world and are always subject to innovations and structural changes so that, as we have just learned, it is virtually impossible to identify and eliminate in advance all possible causes of financial distress.¡Ù ¤Ç¡¢¤É¤Î¤è¤¦¤Êµ¬À©¤â´°Á´¤Ç¤Ï¤Ê¤¤¤È¤¤¤¦»ØÅ¦¤Î¼¡¤Ë¤¢¤ë¤Î¤¬¡Ö¤½¤ÎÄ̤ê¤Ç¤¹¤Ê¤¢¡×¤È»×¤¦»ØÅ¦¤Ç¤·¤Æ¡¢¶âÍ»´íµ¡ÌäÂ꤬µ¯¤¤ëȯü¤Ë¤¢¤ë¤Î¤Ï¡Öµ¬À©¤Î¥¢¡¼¥Ó¥È¥é¡¼¥¸¡×¤ä¤é¡ÖÅê»ñ²È¤Î¼«¿®Ëþ¡¹¡×¤Ë¤è¤ë¹Ôư¤ä¤é¤Ç¤¢¤ë¤È¤¤¤¦Ï᣺£²ó¤Ç¸À¤¨¤Ð¥Ð¡¼¥¼¥ë¶¤Ë¤ª¤¤¤Æ³ÊÉÕ¤±¤ò½Å»ë¤·¤¹¤®¤¿·ë²Ì¡¢É½Ì̾å³ÊÉÕ¤±¤¬¹â¤¯¡¢¹âÍø²ó¤ê¤È¤¤¤¦ËâË¡¤Î¾¦Éʤ¬½ÐÍ褿¤³¤È¤Ç¤¹¤·¡¢¤Þ¡¼Ê̤˶âÍ»¥·¥¹¥Æ¥à´Ø·¸¤Ê¤¤¤Ç¤¹¤±¤ì¤É¤â¡¢Æ±¤¸¤¯¥Ð¡¼¥¼¥ë¶¤Ç¸À¤¨¤ÐÆüËܤÎ15ǯÊÑÆ°ÍøÉÕ¹ñºÄ¤Ê¤ó¤«¤â¤µ¤è¤Ç¤¹¤ï¤Ê¡£ ¡ØThus, thirdly, we should prepare for the conceivably worst case in ¡Ènormal¡É times, when confidence is still maintained. Lessons Three and Four show the fundamental problem of the financial crises is the difficulty in raising capital when it is most needed, because of the adverse feedback loop and erosion of confidence.¡Ù ¡ØIt is worth exploring the feasibility of macroeconomic pre-committed or pre-paid ¡Èsafety-net¡É schemes to complement ex-ante regulations. In this regard, contingent capital schemes and their variants are particularly worth exploring when designing regulatory reforms for macro-systemically importantfinancial institutions.¡Ù ¤Þ¤¢¤½¤¦¤Ï¶Ä¤¤¤Þ¤¹¤¬¡¢Ê¿¾ï»þ¤Ã¤Æ¤¤¤¦¤Î¤Ï¡Ö»ñËܤθúΨ¤¬°¤¤¤«¤é¥À¥á¡×¤À¤Î²¿¤À¤Î¤È¥À¥á½Ð¤·¤µ¤ì¤ëÌõ¤Ç¡£µÞ¤Ë»ñËܤν¼¼Â¤È¤«¸À¤ï¤ì¤Þ¤·¤Æ¤â¤Ã¤Æ¤¤¤¦´¶¤¸¤Ï¤¹¤ë¤Î¤Ç¤¢¤ê¤Þ¤·¤Æ¤Ç¤¹¤Ê¤¢¤È¤Ï»×¤¤¤Þ¤¹¤¬¡¢µ¬À©Åö¶É¤â¤½¤¦¤¤¤¦°ÕÌ£¤Ç¤ÏÊ¿¾ï»þ¤Ë¤¢¤Þ¤ê¶âÍ»µ¡´Ø¤Ë´èÄ¥¤é¤µ¤»²á¤®¤Ê¤¤¤è¤¦¤Ë¤·¤ÆÄº¤¤¿¤¯Â¸¤¸¤Þ¤¹¤¬¡£ ¤Ç¡¢ºÇ¸å¤Ë¤³¤ì¤é¤Î¼èÁȤߤÏ̱´Ö¤À¤±¤Ç¤ÏÆñ¤·¤¤¤Î¤Ç¡¢Åö¶É¤Î´ØÍ¿¤âɬÍפÀ¤·¡¢¤½¤¦¤Ê¤Ã¤¿¾ì¹ç¤Ë¤ÏÀ©ÅÙ¥¿¥À¾è¤êÌäÂê¤òËɤ¬¤Ê¤¤¤È¤¤¤±¤Ê¤¤¤È¤¤¤¦Ïäò»ØÅ¦¤·¤Æ¥¹¥Ô¡¼¥Á¤ò¤Þ¤È¤á¤Æ¤ª¤ê¤Þ¤¹¡£ #¤È¤¤¤¦¤³¤È¤Ç¤Ò¤¿¤¹¤é°úÍѤȤ¤¤¦½µ½é¤é¤·¤¤¼êÈ´¤¥Ð¡¼¥¸¥ç¥ó¤Ç¶²½Ì¤Ç¤·¤¿
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2009/05/18¡Ê·î¡Ë08:03:47
¤Ê¤ó¤«¤µ¡¢¤³¤Î»þ´ü¤Ë¥¤¥ó¥Õ¥ë¥¨¥ó¥¶¤ÇµÙ¤àÀ¸Å̤¬Âô»³½Ð¤ë¤È¤«¤¤¤¦¤Î¤¬ÉáÄÌ̵¤¤¤Î¤Ë¡Ö³¤³°ÅϹÒÎò¤¬Ìµ¤¤¤«¤é¡×¤Ç¥¹¥ë¡¼¤¹¤ë³Ø¹»¤Ã¤Æ¥¢¥Û¤Ê¤Î¤«»öÌÞ¤ì¼çµÁ¤Ê¤Î¤«²¿¤Ç¤âµ¡³£Åª¤Ë¤·¤«È½ÃǤǤ¤Ê¥Þ¥Ë¥å¥¢¥ë¿Í´Ö¤Î½¸ÃĤʤΤ«¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤È¤¤¤¦ÏäÏÅÆ¤â³Ñ¤È¤·¤Æ¡¢¤Á¤ç¤Ã¤ÈÁ°¤Î¥Í¥¿¤Ç¶²½Ì¤Ç¤¹¤¬¡¢À¾Â¼ÉûÁíºÛ¤Î¥·¥«¥´Ï¢¶ä¤Ç¤Î¥¹¥Ô¡¼¥Á¤«¤é¡£[³°Éô¥ê¥ó¥¯] Past Does Not Repeat Itself, But It Rhymes¡É: Four Lessons Learned from the Financial Crisies ¤Á¤å¤¦¤ªÂê¤Î¥¹¥Ô¡¼¥Á¤Ç¤¹¡£¤Ç¤Ï¤½¤Î4¤Ä¤Î¤´¶µ·±¤È¤Ï²¿¤«¤È¸À¤¤¤Þ¤¹¤È¡¦¡¦¡¦¡¦ ¡ûÉÔÎɺĸ¢ÌäÂê¤Î»þ´ÖŪ®¤µ¤È¹¤¬¤ê¤Î²Ã®Åٹ礤¤Ë¤Ä¤¤¤Æ ¤Þ¤º¤Ï¡Ø1. Lesson One¡Ù¤Ç¤¹¡£¹Ö±é¤ÎÂê̾¤Ë¤â¤Ê¤Ã¤Æ¤¤¤ë¸ÀÍÕ¤Ï Mark Twain¤Î¸ÀÍÕ¤À¤½¤¦¤Ç¡£ ¡ØThe first lesson is encapsulated in Mark Twain¡Çs famous line, ¡ÈThe past does not repeat itself, but it rhymes¡É. It is now fair to say that many thought Japan¡Çs so-called ¡Èlost decade¡É was a problem peculiar to Japan, and also, by learning well from that problem, it was not going to be repeated elsewhere. Unfortunately, this has turned out not to be the case.¡Ù ¤Á¤å¤¦¤³¤È¤Ç¡¢ÆüËܤÎÉÔÎɺĸ¢ÌäÂê¤ÈÊÆ¹ñ¤ÎÉÔÎɺĸ¢(»ñ»º)ÌäÂê¤ÎÎà»÷ÅÀ¤òÀâÌÀ¤·¤Æ¤Þ¤·¤Æ¡¢ÉÔÎÉ»ñ»º¤¬È¯À¸¤·¤ÆÉé¤Î¥Õ¥£¡¼¥É¥Ð¥Ã¥¯¤¬À¸¤¸¤Æ¤½¤Î´Ö¤Ë³Æ¼ïÀ¯ºö¤¬¼Â»Ü¤µ¤ì¤Þ¤·¤¿¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¡£¤Ç¡¢¤½¤¦¤¤¤¦»ö¾ð¤Ï»÷¤Æ¤¤¤ë¤±¤ì¤É¤â¡¢¤½¤Î¡Ö»þ´ÖŪ¤Ê¥¹¥±¡¼¥ë¡×¤È¡Ö²Ã®Å١פ¬°ã¤¦¤Ã¤ÆÏäòÆüÊÆ¤òÈæ³Ó¤·¤Ê¤¬¤é(¤½¤Î¿Þ¤Ë´Ø¤·¤Æ¤Ï¾åµURLÀè¤Ë¤´¤¶¤¤¤Þ¤¹)¡¢Åö½é¤ÏÊÆ¹ñ¤Î1¤«·î¤¬ÆüËܤÎ3¤«·î¤À¤Ã¤¿¤±¤ì¤É¤â¡¢ºÇ¶á¤ÏÊÆ¹ñ¤Î1¤«·î¤¬ÆüËܤÎ5¡Á6¤«·î¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤È¤¤¤¦ÀâÌÀ¤ò¤·¤Æ¤¤¤Þ¤¹¡£ ¡ØWhat made the difference to the time scale and acceleration? Innovations and structural changes over the last two decades have no doubt played an important role, namely globalization, advances in information communication technology, and financial innovations and sophistication. Indeed, compared with Japan in the 1990s, the current crisis is far more complex, interconnected and global.¡Ù ·ÐºÑ¤Î¥°¥í¡¼¥Ð¥ë²½¤ä¤éÄÌ¿®µ»½Ñ¤Îȯã¤È¤«¶âÍ»µ»½Ñ¤Îȯã¤È¤«¤Ë¤è¤Ã¤Æ»þ´Ö¤â®¤¯¤Ê¤Ã¤¿¤·²Ã®ÅÙ¤â¹â¤Þ¤ê¤Þ¤·¤¿¤È¡£¤È¤³¤í¤Ç¤¢¤¿¤¯¤·¤Î±Ñϼŵ¤ß¤¿¤ésophistication¤Ã¤ÆÀöÎý¤È¤«Àº¹ª¤Î¾¤ËëÌÊۤäÆÌõ¸ì¤â¤¢¤Ã¤¿¤ó¤Ç¤¹¤¬(^^)¡£¤ó¤Ç¤Þ¤¢¤½¤Î·ë²ÌÆüËܤÎÉÔÎɺĸ¢ÌäÂê¤è¤ê¤â¤Ï¤ë¤«¤ËÀ¤³¦Åª¤ËÇ˲õÎÏÈ´·²¤Ç¹¤¬¤ë·ë²Ì¤Ë¤Ê¤Ã¤¿¤È¤¤¤¦»ö¤Ç¤·¤¿¡£ ¡û°ìöÌäÂ꤬µ¯¤³¤ë¤È»ß¤á¤ë¤Î¤ÏÍÆ°×¤Ç¤Ï¤Ê¤¤¤È¤¤¤¦ÏäʤΤǤ¹¤¬¡¦¡¦¡¦¡¦¡¦ ¼¡¤Ï¡Ø2. Lesson Two¡Ù¤Ç¤¹¡£ ¡ØThe second lesson we have learned from the crises is that once an adverse feedback loop has been started, it is extremely difficult and costly to stop it and to restore confidence.¡Ù ´íµ¡¤Ë¤è¤êÉé¤Î¥Õ¥£¡¼¥É¥Ð¥Ã¥¯¤¬°ìöȯÀ¸¤¹¤ë¤È¡¢¤½¤ì¤ò»ß¤á¤Æ»Ô¾ì¤ËȯÀ¸¤·¤Æ¤¤¤ë¿®ÍѤò²óÉü¤¹¤ë¤Î¤Ïº¤Æñ¤À¤È¤¤¤¦¤Î¤¬ºÇ½é¤Î¤Þ¤È¤áÉôʬ¡£¤³¤³¤Ï¤Þ¤¢FRB¤¬½¾Íè¸À¤Ã¤Æ¤¿(¤µ¤¹¤¬¤ËºÇ¶á¤Ï¤½¤ó¤ÊÏäϤ衼¤»¤ó¤È»×¤¤¤Þ¤¹¤¬)¡Ö»ñ»º¥Ð¥Ö¥ë¤¬Êø²õ¤·¤¿»þ¤Ë¤ÏŬÀڤʶâÍ»À¯ºö¤Ç´íµ¡¤Î³ÈÂç¤òËɤ°¤³¤È¤¬¤Ç¤¤ë¡×¤È¤¤¤¦¤ªÀâ¤ËÂФ¹¤ëÏäò¤·¤Æ¤¤¤ë¤è¤¦¤Ç¤¹¤¬¡¢¤Þ¡¼¤½¤Î¡ÖŬÀڤʻܺö¡×¤Ã¤Æ¤Î¤¬Æñ¤·¤¤¤Ã¤ÆÏäòÆüËܤòÎã¤Ë½Ð¤·¤Æ¤¤¤ë¤Î¤Ç¤¢¤ê¤Þ¤·¤Æ(^^)¡£ ¡ØThis was the essence of Japan¡Çs experience; a series of fiscal stimulus packages and an accommodative monetary policy could not generate sustained economic growth, as the financial system was severely impaired and market confidence continued to be eroded. Injections of public capital in 1998 and 1999 were also, in retrospect, not sufficient to convince the market to jump-start the economy.¡Ù ¸åÉդǸ«¤Þ¤¹¤È¡¢ÆüËܤÇÂǤ¿¤ì¤¿³Æ¼ï»Üºö¤âÉÔ¤Ǥ¢¤Ã¤¿¤È¤¤¤¦»ö¤Ç¤¹¤¬¡¢¤ó¤¸¤ã¤¢²¿¤ÇÆüËܤϲóÉü¤·¤¿¤«¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¢¤³¤³¤ÎÉôʬ¤Ë´Ø¤·¤Æ¤Ï¤Á¤ç¤Ã¤È¤½¤ì¤Ï¤Ê¤ó¤À¤«¤Í¤È¤¤¤¦¥Ä¥Ã¥³¥ß¤ò¤·¤¿¤¯¤Ê¤ëÀâÌÀ¤¬¡£ ¡ØSo when and how did Japan¡Çs adverse feedback loop stop? With hindsight, perhaps the turning point was October 2002, when the Financial Services Agency urged major banks to halve their NPL ratios by the end of March 2005, and pledged to monitor their efforts continuously and rigorously. The Bank of Japan also urged banks to carry out more rigorous evaluations of NPLs, and to dispose of them promptly based on those evaluations.¡Ù ¶âͻ줬2002ǯ10·î¤Ë¶âÍ»µ¡´Ø¤ËÂФ·¤ÆÉÔÎɺĸ¢¤Î¸·³Ê¤Êɾ²Á¤ÈÁá´ü½èÍý¤òÂ¥¤·¤¿¤Î¤¬°²½¤Î¥¹¥Ñ¥¤¥é¥ë¤ò»ß¤á¤¿¤È¤¤¤¦ÀâÌÀ¤Ê¤ó¤Ç¤¹¤¬¡¢¤½¤ÎÊդ꤫¤éÃϹö¤Î1ÃúÌܤ¬ÃϹö¤Î3ÃúÌ̤ܰˤʤ俤褦¤Êµ²±¤ÎÊý¤¬¤¢¤ë¤ó¤Ç¤¹¤±¤É¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØIn retrospect, the timing coincided with the reflection point at which the economy had just passed the trough of the 2001 recession, and began to recover, thanks to strong export demand due to the vigorous world economy.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¤³¤Î»þ´ü¤¬2001ǯ¤«¤é¤Î¥ê¥»¥Ã¥·¥ç¥ó¤«¤é¤ÎÊѶÊÅÀ¤À¤È¤¤¤¦¤ªÏäʤΤǤ¹¤±¤ì¤É¤â¡¢¤½¤ì¤Ï»ØÅ¦¤Î¤è¤¦¤Ë³¤³°¼ûÍפΰú¤ÃÄ¥¤ê¤È¡¢½¾Íè¤Î¥·¥Ð¥¥¢¥²¤«¤é¤¤¤¤Ê¤êÀ¯ºöž´¹¤·¤¿¤ê¤½¤Ê¶ä¹Ô¤Ø¤Î¸øÅª»ñ¶âÃíÆþÊý¿Ë·èÄê(03ǯ5·î)¤«¤é¤¸¤ã¤Ê¤¤¤Î¤«¤Ê¤¢¤È¤¤¤¦µ¤¤¬¤¹¤ë¤ó¤Ç¤¹¤±¤É¡£ ¡ØThis was also the time when substantial progress was being made in corporate restructuring with respect to the so-called ¡Èthree excesses¡É: debt, employment and production capacity. This restructuring helped the final pick up. In this way, the Japanese economy was, in general, out of the woods around 2005, although some regional economies lagged behind, having benefited less from the global growth.¡Ù ¤Þ¡¼³Î¤«¤Ë3¤Ä¤Î²á¾ê¤¬²ò¾Ã¤µ¤ì¤¿¤Î¤â²óÉü¤ÎºÝ¤Ë¤ò°ú¤ÃÄ¥¤é¤Ê¤«¤Ã¤¿¤Î¤Ç·ë²Ì¤È¤·¤Æ¤ÏÂçÊѤ˷빽¤ÊÏäÀ¤Ã¤¿¤Î¤Ç¤¹¤¬¡¢²¿¤«¥·¥Ð¥¥¢¥²¾åÅù¤ß¤¿¤¤¤ÊÀâÌÀ¤Ë¸«¤¨¤ë¤Î¤Ï¤Á¤ç¤Ã¤È???´¶¤¬¤¹¤ë¤ó¤Ç¤¹¤±¤É¤Í¤¨¡£ ¤È¤¤¤¦¤«¡¢»ñ»º¤Î»þ²Áɾ²Á¤ò¸íËâ²½¡¦¡¦¤¸¤ã¤Ê¤«¤Ã¤¿°ìÉôÀèÁ÷¤ê¤ß¤¿¤¤¤Ê¤³¤È¤ò¤·¤Æ¤¤¤ë(¤½¤Î¾å¡ÖÉéºÄ¤Î»þ²Áɾ²Á¡×¤È¤¤¤¦ÌõȽ¤é¤ó»ö¤Þ¤Ç¤·¤Æ²ñ·×¾å¤Î¼ý±×¤òDZ¤ê½Ð¤¹Êý¤Ï¸·³Ê(¾Ð)¤Ë¼Â¹Ô¤·¤Æ¤Þ¤¹¤¬¤Ê)ÊÆ¹ñ¤Ç¤½¡¼¤æ¡¼Ïäò¤¹¤ë¤Î¤Ï²¿¤«¤Î¥®¥ã¥°¤«ÄËÎõ¤Ê¥¤¥ä¥ß¤Ê¤Î¤«¡¦¡¦¡¦¡¦¡¦¡¦(Ææ)¡£ ¡ûÉÔÎÉ»ñ»ºÌäÂê¤ÎÀ¯ºöÂнè¤òÁá´ü¤Ë¹Ô¤¦¤Î¤Ïº¤Æñ¤Ç¤¹
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ÅÞ¼óƤÏÀľÁ°¤Ë¼Ç¤¤Ã¤Æ¤É¤³¤Î¥¢¥Ù¥·¥ó¥¾¡¼¤Ç¤¹¤«>¾®Âô°ìϺ¤µ¤ó #¥·¥ó¥¬¥Ý¡¼¥ë¤ËÂçÅýÎΤäƤΤ¬¤¤¤¿¤Î¤«¡¦¡¦¡¦¡¦¥·¥é¥Ê¥«¥Ã¥¿¥Æ¡«¥¹¡¢¥¢¥»¥¢¥» ¡û¤¿¤Þ¤Ë¤ÏBOE¤ÎÀâÌÀ¤ò¤Á¤ç¤Ã¤È¸«¤Æ¤ß¤Þ¤·¤ç¤¦ FRB¤Ï°ìÏ¢¤Î¶âÍ»À¯ºö¤Ë´Ø¤·¤Æ¿§¡¹¤ÈÍý¶þ¤³¤Í¤Æ¤Þ¤¹¤¬¡¢´ðËÜŪ¤Ë¤Ï¡ÖÏ¢¶ä¤¬»Ô¾ìµ¡Ç½¤ÎÂåÂØ¤ò¹Ô¤Ã¤Æ³Æ¼ï¥ê¥¹¥¯¥×¥ì¥ß¥¢¥à¤ò½Ì¾®¤µ¤»¤ë¡×¤È¤¤¤¦¥â¥í¤Ë»Ô¾ì²ðÆþ¤Êư¤¤ò¹Ô¤Ã¤Æ¤¤¤ë¤Î¤Ï³§Íͤ´°ÆÆâ¤ÎÄ̤ꡣ °ìÊý¤ÇBOE¤ÏÎÌŪ´ËϤȤϲ¿¤¾¤ä¤È¤¤¤¦¥Ú¡¼¥¸¤òÍѰդ·¤Æ¡¢[³°Éô¥ê¥ó¥¯] of England Maintains Bank Rate at 0.5% and Increases Size of Asset Purchase Programme by ¡ò50 Billion to ¡ò125 Billion ¤È¤¤¤¦¤³¤È¤Ç¡¢»ñ»º¹ØÆþ¥×¥í¥°¥é¥à¤ò¹¹¤ËÁý³Û¤ÈÁêÀ®¤Ã¤¿¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢ËÁƬ¤Î½ê¤Ç¤Ï·ÐºÑ¤Î¸½¾õ¤Ë´Ø¤·¤Æ¤ä¤¿¤á¤Ã¤¿¤é°Å¤¤Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¡£ ¡ØThe world economy remains in deep recession. Output has continued to contract and international trade has fallen precipitously. The global banking and financial system remains fragile despite further significant intervention by the authorities.¡Ù À¤³¦·ÐºÑ¤Ï¿¼¤¤¥ê¥»¥Ã¥·¥ç¥ó¤À¤ï¹ñºÝ¶âÍ»¥·¥¹¥Æ¥àÀȼå¤À¤ï¤È¤¤¤¦¤³¤È¤Ç¤¹¤«¤½¤¦¤Ç¤¹¤«¡£ ¡ØIn the United Kingdom, GDP fell sharply in the first quarter of 2009. But surveys at home and abroad show promising signs that the pace of decline has begun to moderate.¡Ù ¸Ä¿Í´ØÏ¢¤Î·ÐºÑ»ØÉ¸¤Ë¤Á¤ç¤Ã¤È²¼¤²»ß¤Þ¤ê¤ÎÃû¤·¤È¤Ê¡£¤Ç¡¢Êª²Á¤ÎÏᣠ¡ØCPI inflation was 2.9% in March, significantly higher than the 2% inflation target.¡Ù ¥¤¥ó¥Õ¥ì¡¼¥·¥ç¥ó¥¿¡¼¥²¥Ã¥È¤Î¿ôÃͤò²ÚÎï¤Ë¾å¿¶¤ì¤Æ¤ë¤Î¤Ç¤¹¤è¤Í¡£¤Ä¤Þ¤ê¤É¤¦¸«¤Æ¤â¥¹¥¿¥°¥Õ¥ì¡¼¥·¥ç¥ó¤Ç¤¹ËÜÅö¤Ë¤¢¤ê¤¬¤È¤¦¤´¤¶¤¤¤Þ¤·¤¿¤È¤¤¤¦ÏäʤΤǤ¹¤¬(-_-¥á)¡£ ¡ØPast falls in sterling have continued to put upwards pressure on inflation. But the degree of spare capacity in the economy has increased and the loosening in the labour market has contributed to a sharp easing in pay pressures. CPI inflation is likely to drop below the 2% target later this year, driven in part by diminishing contributions from food and energy prices. The substantial margin of spare capacity in the economy should continue to bear down on inflation thereafter.¡Ù ¥Ý¥ó¥É¤Î²¼Íî¤Ë¤è¤Ã¤Æ¥¤¥ó¥Õ¥ì°µÎϤ¬³Ý¤«¤Ã¤Æ¤¤¤ë¤¬¡¢À¸»º¤¬²á¾ê¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤³¤È¤Ë¤è¤ëϫƯ»Ô¾ì¤Î´ËϰµÎϤȡ¢¿©Éʤ䥨¥Í¥ë¥®¡¼²Á³Ê¤Î²¼Íî¤Ë¤è¤Ã¤ÆCPI¤Ïº£Ç¯¤Î½ª¤ï¤ê¤´¤í¤Ë¤Ï2%¤ËÄã²¼¤¹¤ë¤Ç¤·¤ç¤¦¤È¤Ê¡£ ¤ó¤Ç¤Þ¤¢±Ñ¹ñ·Êµ¤¸«Ä̤·¤Ë´Ø¤·¤Æ¤Ç¤¹¤¬¡£ ¡ØThe Committee noted that the outlook for economic activity was dominated by two countervailing forces.¡Ù ¤Û¤¦¤Û¤¦¡£ ¡ØThe process of adjustment in train in the UK economy, as private saving rises and banks restructure their balance sheets, combined with weak global demand, will continue to act as a significant drag on economic activity.¡Ù ²È·×¤ÎÃùÃ߾徺·¹¸þ¤È¶ä¹Ô¤Î¥Ð¥é¥ó¥¹¥·¡¼¥ÈÄ´À°¤ÈÀ¤³¦Åª¤Ê¼ûÍפμ夵¤¬·ÐºÑ³èư¤Î¤ò°ú¤ÃÄ¥¤ë¤È¶Ä¤»¤Ç¤¹¡£ ¡ØBut pushing in the opposite direction, there is considerable economic stimulus stemming from the easing in monetary and fiscal policy, at home and abroad, the substantial depreciation in sterling, past falls in commodity prices, and actions by authorities internationally to improve the availability of credit. That stimulus should in due course lead to a recovery in economic growth, bringing inflation back towards the 2% target.¡Ù ¶âÍ»´ËϤθú²Ì¤¬¤É¤¦¤Î¤³¤¦¤Î¤È¸À¤Ã¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢¶âÍ»´ËϤθú²Ì¤¬½Ð¤Æ·ÐºÑ³èư¤¬²óÉü´ðÄ´¤Ë¸þ¤«¤¦¤Î¤È¡¢¸½ºß2.9%¤¢¤ë¥¤¥ó¥Õ¥ì¿ôÃͤ¬2%¤ËÌá¤ë¤³¤È¤¬Î¾Î©¤¹¤ë¤È¤¤¤¦¥í¥¸¥Ã¥¯¤¬Îɤ¯È½¤é¤Ê¤«¤Ã¤¿¤Ç¤¹><; ¡ØBut the timing and strength of that recovery is highly uncertain.¡Ù ¤·¤«¤·ºÇ¸å¤Ï¤³¤¦¤¤¤¦·ëÏÀ¤Ç¡¢¤Þ¤¢¤¤¤Ä¤«¤ÏÌá¤ë¤Ç¤·¤ç¤¦¤¬¤É¤Î¤è¤¦¤Ë²óÉü¤¹¤ë¤Î¤«¤è¡¼¤ï¤«¤ê¤Þ¤»¤ó¤Ê¤¢¤È¤¤¤¦Ïᣠ¡ØIn the light of that outlook and in order to keep CPI inflation on track to meet the 2% inflation target over the medium term, the Committee judged that maintaining Bank Rate at 0.5% was appropriate.¡Ù ¡ØThe Committee also agreed to continue with its programme of purchases of government and corporate debt financed by the issuance of central bank reserves and to increase its size by ¡ò50 billion to a total of ¡ò125 billion.¡Ù ¡ØThe Committee expected that it would take another three months to complete that programme, and it will keep the scale of the programme under review.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢»ñ»º¹ØÆþ¥×¥í¥°¥é¥àÁý³Û¤È¶âÍø¿ø¤¨ÃÖ¤¤ò·èÄê¤È¤¤¤¦ÏäǤ¹¡£¤Þ¤¢¥¤¥ó¥Õ¥ì¡¼¥·¥ç¥ó¥¿¡¼¥²¥Ã¥È¤¬¤¢¤ë¤Î¤Ç¤³¤¦¤¤¤¦ÀâÌÀ¤»¤Ë¤ã¤Ê¤é¤ó¤Î¤Ç¤¹¤¬¡¢´Ëϸú²Ì¤Ç·Êµ¤¤Ï¹¥Å¾¤·¤ÆÊª²Á¤Ï²¼Íî¤Ã¤Æ¥Ê¥ó¥¸¥ã¥½¥ê¥ã¤È¤¤¤¦µ¤¤Ï¤¹¤ë¼¡Âè¤Ç(^^)¡¢¤¤¤ä¤Þ¤¢¤´¶ìÏ«¤Ê¤³¤Ã¤¿¤È¤¤¤¦½ê¤Ç¤¹¡£ ¡ûÆü¶ä¤Î¾ê;¶âÁÈ¤ßÆþ¤ìÁý³Û[³°Éô¥ê¥ó¥¯]
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