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Дефлация в Япония

Един от основните примери в съвремието ни за функционирането на кредитна-базирана парична система и проблемите свързани в дефлацията са свързани с Япония. Втората по големина икономика в света се бори с дефлацията близо две десетилетия. Изключително полезен за по-добра представлява следния цитат:

Deflation Japanese Style

Some still argue that Japan never went through deflation. One basis for that argument is that „money supply“ never contracted over a sustained period. The other argument is that prices as measured by the CPI never fell much. Those are flawed arguments.

Although Japan was rapidly printing money, a destruction of credit was happening at a far greater pace. There was an overall contraction of credit in Japan for close to 5 consecutive years. Property values plunged for 18 consecutive years. The stock market plunged from 40,000 to 7,000. Cash was hoarded and the velocity of money collapsed. Those are classic symptoms of deflation that a proper definition incorporating both money supply and credit would readily catch. Those looking at consumer prices or monetary injections by the bank of Japan were far off the mark.

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