IMF Working Paper Research Department and Asia and Pacific Department Is Japan’s Population Aging Deflationary? Prepared by Derek Anderson, Dennis Botman, Ben Hunt1 Authorized for distribution by Stephan Danninger August 2014
Abstract Japan has the most rapidly aging population in the world. This affects growth and fiscal sustainability, but the potential impact on inflation has been studied less. We use the IMF’s Global Integrated Fiscal and Monetary Model (GIMF) and find substantial deflationary pressures from aging, mainly from declining growth and falling land prices. Dissaving by the elderly makes matters worse as it leads to real exchange rate appreciation from the repatriation of foreign assets. The deflationary effects from aging are magnified by the large fiscal consolidation need. Many of these factors will beset other advanced countries as well, but we find that deflation risk from aging is not inevitable as ambitious structural reforms and an aggressive monetary policy reaction can provide the offset. 0020名無しさん@1周年垢版2017/08/18(金) 23:14:15.66ID:7NP4+6bX0 日本会議の人からの脅迫電話(全編録音バージョン) https://www.youtube.com/watch?v=8bk7DbHpg0g 改憲の理由は「韓国の売春婦」だという日本会議のおじさん https://www.youtube.com/watch?v=Efs2UPY8HM8 日本会議名誉会長・元最高裁判所長官・三好達による「天皇陛下万歳」(2016年2月11日) https://www.youtube.com/watch?v=i-MU0csFcWE 街宣を取材をされてなぜか困惑する日本会議の人【2016年1月24日 渋谷ハチ公前】 https://www.youtube.com/watch?v=GI0WKEMOHGM レイシストヘノナカユビノタテカタ https://www.youtube.com/watch?v=gEkfBYo4k3Q 池田香代子の「100人に会いたい」28人目 菅野完さん 日本会議を知る https://www.youtube.com/watch?v=lAEydphHAX4