La política fiscal y monetaria de Japón a la luz de la teoría monetaria moderna (TMM)

Abstract

This paper analyzes Japan’s economic experience through the interpretive framework of Modern Monetary Theory (MMT), focusing on the interaction between fiscal policy, monetary policy, and macroeconomic stability. Japan represents a unique case: it combines a public debt exceeding 240 % of GDP with persistently low interest rates and inflation, challenging conventional economic predictions. Using a mixed-methods approach—integrating theoretical review and a descriptive and interpretative analysis of the main macroeconomic indicators—this paper examines how the coordination between public spending and the Bank of Japan’s monetary policy has supported aggregate demand and prevented insolvency or high inflation. The findings indicate that sustained fiscal deficits have helped stabilize the economy within a liquidity-trap and balance-sheet-recession environment, without eroding confidence in sovereign debt. Nevertheless, Japan’s fiscal policy has remained cautious, alternating between stimulus and consolidation phases, thereby limiting its capacity to achieve full and sustained employment. Overall, Japan’s experience is broadly consistent with the core tenets of MMT, particularly regarding monetary sovereignty and debt sustainability, although it does not represent a deliberate implementation of the theory. These conclusions invite a reconsideration of the role of public deficits and fiscal-monetary coordination in advanced economies.