http://www.nhk.or.jp/nhkworld/en/special/311fiveyears/
Five years have passed since a mammoth earthquake and tsunami struck northeastern Japan. NHK WORLD is presenting a variety of programs, on radio and TV, showing how the disaster-hit areas are coping and recuperating. The coverage includes expressions of gratitude for international support of the victims.
Taking Beats Anywhere, by Bluetooth
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Over the years, Japan has built up a wealth of water technologies
and expertise, such as the waterworks developed in the mid-seventeenth
century in Edo (now Tokyo).
Today, Japan shares its water know-how to protect and distribute
life's most precious resource around the world.
-Tokyo's World Class Waterworks
A New Pumping Device Brings Hope for Cheney
By LAWRENCE K. ALTMAN, M.D.
Former Vice President Dick Cheney is recuperating from heart surgery to implant the kind of mechanical pump now being given to people with severe heart failure.
Few people underwent a change of designation by the media as often as Miura. When his wife was shot, "Miura-san," in his role as the grieving husband who was also shot in his leg, tearfully spoke about the incident while recuperating in a hospital.
Helicopter money has been proposed as an alternative to Quantitative Easing (QE) when interest rates are close to zero and the economy remains weak or enters recession. Economists have used the term 'helicopter money' to refer to two very different policies. The first set of policies emphasises the 'permanent' monetisation of budget deficits.[1] The second set of policies involves the central bank making direct transfers to the private sector financed with base money, without the direct involvement of fiscal authorities.[2][3] This has also been called a citizens' dividend or a distribution of future seigniorage.[4] The idea was made popular by the American economistMilton Friedman in 1969; starting from 2012, economists have also called this idea "quantitative easing for the people."[5][6]
Contents
[hide]景気刺激策の財源を紙幣増刷で賄う「ヘリコプターマネー」政策。マイナス金利効果が薄かったときの現実味は。
【即時頭條】格羅斯：下一步是直升機撒錢
曾經批評中央銀行的資產購買計劃是龐氏騙局的億萬富豪債券基金經理格羅斯（Bill Gross，見圖）表示，下一步經濟刺激行動可能是所謂的直升機撒錢。
「從直升機上撒錢，」管理13億美元 駿利全球無限制債券基金的格羅斯在5月份的月度投資展望中表示。「動用直升機的結果不可控，但這是解決財政節支和長期衰退的權宜之計。我猜政客和中央銀行家會選擇直升機，而不是坐以待斃。」
直升機撒錢是已故經濟學家米爾頓·弗里德曼提出的一個想法，並得到前聯儲會主席伯南克的追捧。這種財政刺激政策的實施是一群中央銀行購買國債，而不動用銀行或納稅人的資金。全球最大對沖基金的經理Ray Dalio今年早些時候說，刺激政策目標將不得不從投資者和儲戶轉向花錢者和消費者。
格羅斯認為，通過所謂的量化寬鬆，聯儲局、歐洲央行、英國央行和日本央行6年來在偷偷進行某種形式的直升機撒錢，擴張資產負債表以刺激經濟。
「只要這個過程不受干擾，這筆錢本質上是免費的、不必償還，」格羅斯寫道。
今年72歲的格羅斯經常撰文討論央行的得失。在他4月份的投資展望中，他警告稱，決策者必須刺激經濟在2017年底之前拉動物價回升，讓銀行和保險公司活下來並回饋個人儲戶。2月份，他撰文指出各國央行官員變得「 越來越糊塗」，因為他們的政策沒有帶來持續的經濟成長。（彭博社新聞）
「從直升機上撒錢，」管理13億美元 駿利全球無限制債券基金的格羅斯在5月份的月度投資展望中表示。「動用直升機的結果不可控，但這是解決財政節支和長期衰退的權宜之計。我猜政客和中央銀行家會選擇直升機，而不是坐以待斃。」
直升機撒錢是已故經濟學家米爾頓·弗里德曼提出的一個想法，並得到前聯儲會主席伯南克的追捧。這種財政刺激政策的實施是一群中央銀行購買國債，而不動用銀行或納稅人的資金。全球最大對沖基金的經理Ray Dalio今年早些時候說，刺激政策目標將不得不從投資者和儲戶轉向花錢者和消費者。
格羅斯認為，通過所謂的量化寬鬆，聯儲局、歐洲央行、英國央行和日本央行6年來在偷偷進行某種形式的直升機撒錢，擴張資產負債表以刺激經濟。
「只要這個過程不受干擾，這筆錢本質上是免費的、不必償還，」格羅斯寫道。
今年72歲的格羅斯經常撰文討論央行的得失。在他4月份的投資展望中，他警告稱，決策者必須刺激經濟在2017年底之前拉動物價回升，讓銀行和保險公司活下來並回饋個人儲戶。2月份，他撰文指出各國央行官員變得「 越來越糊塗」，因為他們的政策沒有帶來持續的經濟成長。（彭博社新聞）
A quadcopter, also called a quadrotor helicopter or quadrotor,[1] is a multirotor helicopter that is lifted and propelled by four rotors. Quadcopters are classified as rotorcraft, as opposed to fixed-wing aircraft, because their lift is generated by a set of rotors (vertically oriented propellers).
pick sb/sth up (COLLECT)
A profile of the 2008 Nobel literature laureate Jean-Marie Gustave
Le Clezio
French author Jean-Marie Gustave Le Clezio is in Sweden this week to pick
up this year’s Nobel Prize for literature.
The DW-WORLD Article
pick sb/sth up (COLLECT) phrasal verb [M]
to collect, or to go and get, someone or something:
When you're in town could you pick up the books I ordered?
Whose turn is it to pick the children up after school?
The crew of the sinking tanker were picked up (= saved from the sea) by helicopter.
pick-up
noun [C] INFORMAL
1 the act of picking someone or something up, or the place where it happens:
The pick-up point for the long-distance coaches is now in the new bus station.
2 a person who is picked up:
The taxi driver said I was the first pick-up that he'd had all evening.
des・ig・na・tion
━━ n. 明示; 指名; 任命; 名称, 称号.
recuperate Show phonetics
verb [I] SLIGHTLY FORMAL 
━━ v. （健康・元気など）回復させる［する］; （損害などを）取り戻す.
to become well again after an illness; to get back your strength, health, etc:
She spent a month in the country recuperating from/after the operation.
recuperation Show phonetics
noun [U] SLIGHTLY FORMAL
adjective FORMAL
helping you to become well again after illness:
The doctor reminded her of the recuperative power of a good night's sleep.
- To return to health or strength; recover.
- To recover from financial loss.
- To restore to health or strength.
- To regain.
[Latin recuperāre, recuperāt- : re-, re- + capere, to take.]
recuperation re·cu'per·a'tion n.recuperative re·cu'per·a'tive (-pə-rā'tĭv, -pər-ə-tĭv) or re·cu'per·a·to'ry (-pər-ə-tôr'ē, -tōr'ē) adj.
waterworks
wáterwòrks[wáter・wòrks]
[名](複)
1 ((単数・複数扱い))水道；((単数扱い))浄水所, 給水所.
2 ((単数・複数扱い))((話))涙, 涙腺(るいせん)
turn on the waterworks
泣く, 涙を流す.
泣く, 涙を流す.
3 ((複数扱い))((略式))泌尿器.
4 ((通例, 単数扱い))噴水.Quantitative easing (QE) is a monetary policy used by some central banks to increase the supply of money by increasing the excess reserves of the banking system, generally through buying of the central government's own bonds to stabilize or raise their prices and thereby lower long-term interest rates. This policy is usually invoked when the normal methods to control the money supply have failed, i.e the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero. It has been termed the electronic equivalent of simply printing legal tender.[1]
A central bank implements quantitative easing by first crediting its own account with money it creates ex nihilo ("out of nothing").[2] It then purchases financial assets, including government bonds, agency debt, mortgage-backed securities and corporate bonds, from banks and other financial institutions in a process referred to as open market operations. The purchases, by way of account deposits, give banks the excess reserves required for them to create new money, and thus hopefully induce a stimulation of the economy, by the process of deposit multiplication from increased lending in the fractional reserve banking system.
Risks include the policy being more effective than intended, spurring hyperinflation, or the risk of not being effective enough, if banks opt simply to sit on the additional cash in order to increase their capital reserves in a climate of increasing defaults in their present loan portfolio.[2]
"Quantitative" refers to the fact that a specific quantity of money is being created; "easing" refers to reducing the pressure on banks.[3] However, another explanation is that the name comes from the Japanese-language expression for "stimulatory monetary policy", which uses the term "easing".[4] Quantitative easing is sometimes colloquially described as "printing money" although in reality the money is simply shifted from member bank dollar deposits to financial instruments.[5] Examples of economies where this policy has been used include Japan during the early 2000s, and the United States, the United Kingdom and the Eurozone during the global financial crisis of 2008–the present, since the programme is suitable for economies where the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.
量化寬鬆是一貨幣政策，由中央銀行通過公開市場操作以提高貨幣供應，可視之為「無中生有」創造出指定金額的貨幣[1]，也被簡化地形容為間接增印鈔票。其操作是中央銀行通過公開市場操作購入證券等，使銀行在央行開設的結算戶口內的資金增加，為銀行體系注入新的流通性。
「量化寬鬆」中的「量化」指將會創造指定金額的貨幣，而「寬鬆」則指減低銀行的資金壓力。[2]中央銀行利用憑空創造出來的錢在公開市場購買政府債券、借錢給接受存款機構、從銀行購買資產等。這些都有助降低政府債券的收益率和降低銀行同業隔夜利率，銀行從而坐擁大量只能賺取極低利息的資產，央行期望銀行會因此較願意提供貸款以賺取回報，[3]以紓緩市場的資金壓力。
當銀根已經鬆動，或購買的資產將隨著通脹而貶值（如國庫債券）時，量化寬鬆會使貨幣傾向貶值。由於量化寬鬆有可能增加貨幣貶值的風險，政府通常在經歷通縮時推出量化寬鬆的措施。而持續的量化寬鬆則會增加通脹的風險。
刺激貸款
在部分準備制下，銀行保持一定比例的存款準備金， 其餘的資金可作貸款之用。從量化寬鬆的過程中增加的存款，銀行可通過借貸，再創造出更多的貨幣供應，即存款倍數效應（deposit multiplication）。例如，假設存款準備金的要求是10%，量化寬鬆每創造$10,000，可產生的最終貨幣供應為$100,000。量化寬鬆向本土銀行同業市場提供充足流動資金，大大降低借貸成本，最終期望所有借款人都能受惠，以支持整體經濟運作。一般來說，量化寬鬆可支持整體經濟，並「有助紓緩或遏抑經濟逆轉的影響。」[4]
雖然被形容為「開機印鈔票」，但量化寬鬆通常只是調整電腦帳目。[1]一個國家要實行量化寬鬆，必須對其貨幣有控制權；所以，舉例，歐元區個別國家不能單方面推出量化寬鬆政策。
例子
當以減息來增加貨幣供應行不通的時候，央行便可能推出量化寬鬆措施；通常在利率接近零的時候出現。其中，日本銀行於2000年代初期實行量化寬鬆以對付通縮[5]。針對2007年開始的環球金融危機，美國聯邦儲備的伯南克以量化寬鬆手段應付。英國也同樣以量化寬鬆作為金融政策以減低金融危機的影響[6][7][8]。註釋
- ^ 1.0 1.1 Q&A: Quantitative easing. BBC. 2009-03-09 [2009-03-06].
- ^ Guardian Business Glossary: Quantitative Easing. 衛報 [2009-01-19].
- ^ 任志剛. 觀點：量化寬鬆. 金融管理局 [2009-03-25].
- ^ 任志剛. 觀點：量化寬鬆貨幣政策的影響. 金融管理局 [2009-03-30].
- ^ Mark Spiegel. FRBSF: Economic Letter - Quantitative Easing by the Bank of Japan (11/02/2001). Federal Reserve Bank of San Francisco [2009-01-19].
- ^ The Unthinkable Has Happened
- ^ Policy Shift, Evoking Japan Comparison, Bloomberg.com, 2008-12-02
- ^ Bank pumps £75bn into economy, ft.com, 2009-03-05
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