Study on the Effect of Quantitative and Qualitative Easing(QQE) in Japan (日本の量的·質的金融緩和(QQE)の効果について)
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- Analyses & Alternatives
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- v.2 no.2
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- pp.143-162
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- 2018
This paper focuses on the policy framework about "Quantitative and Qualitative Easing (QQE)" of Japan, and analyzes reasons why the policy goal was not reached. The QQE was introduced by the Bank of Japan in 2013 with the purpose of meeting the price stability target of 2% and getting out of deflation that prevents sustained price decline. However, despite the implementation of the bold monetary easing policy unprecedented in the world, the policy goal was not achieved as of June 2018. As a result of analyzing the causes, the following three structural factors were confirmed. 1) The rise in prices by QQE was limited because Japan's consumer price is strongly depending on import price. 2) The effect is high degree of uncertainty and limited because theoretical framework of reflationist which adopted QQE depends on "expectation formation" by "self-fulfilling expectation" and "multiple equilibria". 3) It was confirmed that the expansion of the monetary base did not lead to money stock due to the existence of Japanese liquidity trap, long-term low interest rate policy.
The Expectation Confirmation Model (ECM) of information systems investigates the continued information systems usage behavior. This paper expands the original post-adoption beliefs and searches the applications in the emerging hedonic information systems. Previous IS researches focused on the organizational environments. However as the information technology (especially internet) evolves, information systems have not only emerged for the organizations but also for the individual users, such as internet portals, internet communities, on-line games etc. These information systems so called Hedonic Information Systems aims to provide self-fulfilling value rather than instrumental value to the users. Researches in other disciplines, including marketing and consumer behavior research, illustrate that the hedonic and utilitarian perspective of goods and services have different influence on the consumer behavior. Goods and services used to be classified into either hedonic or utilitarian aspect but now they may belong to both aspects simultaneously. Moreover consumer's goals or tasks have both hedonic utilitarian aspects. When a consumer makes a decision to purchase or repurchase goods or services, he/she compares the hedonic and utilitarian perspectives of goods to find most suitable ones to satisfy their goals/tasks. Finally, consumer's behavior is determined by the trade-off between what the goods can provide to the consumers and in what extent the goods fulfill consumer's purchase behavior. Consumer also shows that the salience of hedonic perspective is relatively greater when consumer decides which of several items to give up (forfeiture choices) than the time when they decide which item to acquire (acquisition choices). Some researches in MIS discipline have found out that the information systems also have both hedonic and utilitarian perspectives. The decision process of whether to use information systems or not is similar to that of a consumer's decision of purchasing or repurchasing goods or services. However most of researches in MIS tend to focus on the extrinsic motivation variables which only cover the utilitarian perspective of information systems. It is only recent that researches start to investigate the intrinsic motivation variable - Perceived Enjoyment - for the hedonic perspective. Considering the consumer's purchasing decision process, users of information systems evaluate the systems through balancing between intrinsic (hedonic) and extrinsic (utilitarian) variables according to their main tasks or tendencies. This paper proposes a model that is based on the ECM of IS Continuance model modified from Expectation Confirmation Model to fit into the continued usage of information system. It first started from the decision process regarding hedonic and utilitarian perspectives in the consumer behavior literatures. The model deals with continued usage of information systems beyond the mere technology adoption as in most of the previous MIS researches. This research is particularly important to the hedonic information systems, because their business model depends on the frequent usages rather simple adoption at the beginning. Because the basic model only considered the extrinsic motivations (perceived usefulness) to explain the users' behavior and as the information systems can have both hedonic and utilitarian dimensions, it should consider both perspectives. Therefore, this newly proposed model considers intrinsic variable (perceived enjoyment) as well. Since the individual user can have a preference on either aspects that is between the hedonic and utilitarian perspective depending on his/her main tasks or goals, some variables (Hedonic Orientation and Utilitarian Orientation) meaning the extents of users' pursuing from the information system were additionally studied.
This study is focused on forecasting the future of tole-democracy. Many Scholars expect that internet provides technological space needing realizing the tole-democracy or deliberate democracy. Especially in Korea, this expectation is higher than other nations because of political corruption and inefficiency. Therefore internet is intended to considering as new technologies reforming political process. In 16th the general election period, many candidates established home page and used as election campaign tool. And a little of home pages is payed attention to among voters. In spite of using internet as political medium, many political communication researchers have a doubt that internet will realize ideal direct democracy. It's reason is that internet is open and anonymous space. At anonymous space, communication participators is tended to be irresponsible and non-serious. Therefore it is hard that cyber-politics will be ideal type of democracy. In this context, this paper analyzed how pauicipators communicate with others at cyber bulletin board establishing candidate's home pages. Main research questions is how do discussions at cyberspace fulfill the conditions of deliberate democracy. Therefore, concrete questions include; who are participators at candidate's cyber bulletin board; which pattern do they communicate; what is the theme of communication; which effects do the anonymous character of cyberspace influence. To that purpose, this study conducted content analysis on 4,210 written matters at 82 cyber bulletin boards of candidate's home page establishing during 16th the general election period. It can be found that cyberspace in Korea still is not deliberate democracy space and not will be. Firstly, discussion patterns at cyber bulletin board is "candidate with supporters communication space. To be exact, it is said that candidate's home page is "the space of self-convincing among supporters." Secondly, the main themes of discussion are simple emotional expressions; "I support you!" "fighting" "Be vigor" etc. By contrast, real political contents'-central or local political matters - is relatively few. In the mode of expression, real political messages are more positive, logical than simple expressions, candidates private matters. Especially this characteristic will make cyberspace as "mutual slander space" consolidating anonymous characteristic of cyberspace. finally, Cyberspace in Korea still is not real "public sphere" realizing deliberate process. Therefore to be real public sphere, it is needed to participant's ethical maturity and political citizenship. In conclusion, it is difficult that cyberspace will reconstruct the Athene's Agora. On the contrary, Cyberagora will like to be irrespectable area fulfilling the sweeping. Making the deliberate space, technological possibility and ethical condition will have to be balanced together.
The interplay between hedonic and utilitarian attributes has assumed special significance in recent years; it has been proposed that consumption offerings should be viewed as experiences that stimulate both cognitions and feelings rather than as mere products or services. This research builds on previous work on hedonic versus utilitarian benefits, regulatory focus theory, customer satisfaction to address two question: (1) Is the shopping goal at the point of purchase different from the shopping value? and (2) Is the customer loyalty after the use different from the shopping value and shopping goal? We surveyed 345 peoples those who have bought the electronic-goods within 6 months. This research dealt with the shopping value which is consisted of 2 types, hedonic and utilitarian. Those who pursue the hedonic shopping value may prefer the pleasure of purchasing experience to the product itself. They tend to prefer atmosphere, arousal of the shopping experience. Consistent with previous research, we use the term "hedonic" to refer to their aesthetic, experiential and enjoyment-related value. On the contrary, Those who pursue the utilitarian shopping value may prefer the reasonable buying. It may be more functional. Consistent with previous research, we use the term "utilitarian" to refer to the functional, instrumental, and practical value of consumption offerings. Holbrook(1999) notes that consumer value is an experience that results from the consumption of such benefits. In the context of cell phones for example, the phone's battery life and sound volume are utilitarian benefits, whereas aesthetic appeal from its shape and color are hedonic benefits. Likewise, in the case of a car, fuel economics and safety are utilitarian benefits whereas the sunroof and the luxurious interior are hedonic benefits. The shopping goals are consisted of the promotion focus goal and the prevention focus goal, based on the self-regulatory focus theory. The promotion focus is characterized into focusing ideal self because they are oriented to wishes and vision. The promotion focused individuals are tend to be more risk taking. They are more sensitive to hope and achievement. On the contrary, the prevention focused individuals are characterized into focusing the responsibilities because they are oriented to safety. The prevention focused individuals are tend to be more risk avoiding. We wanted to test the relation among the shopping value, shopping goal and customer loyalty. Customers show the positive or negative feelings comparing with the expectation level which customers have at the point of the purchase. If the result were bigger than the expectation, customers may feel positive feeling such as delight or satisfaction and they would want to share their feelings with other people. And they want to buy those products again in the future time. There is converging evidence that the types of goals consumers expect to be fulfilled by the utilitarian dimension of a product are different from those they seek from the hedonic dimension (Chernev 2004). Specifically, whereas consumers expect the fulfillment of product prevention goals on the utilitarian dimension, they expect the fulfillment of promotion goals on the hedonic dimension (Chernev 2004; Chitturi, Raghunathan, and Majahan 2007; Higgins 1997, 2001) According to the regulatory focus theory, prevention goals are those that ought to be met. Fulfillment of prevention goals in the context of product consumption eliminates or significantly reduces the probability of a painful experience, thus making consumers experience emotions that result from fulfillment of prevention goals such as confidence and securities. On the contrary, fulfillment of promotion goals are those that a person aspires to meet, such as "looking cool" or "being sophisticated." Fulfillment of promotion goals in the context of product consumption significantly increases the probability of a pleasurable experience, thus enabling consumers to experience emotions that result from the fulfillment of promotion goals. The proposed conceptual framework captures that the relationships among hedonic versus utilitarian shopping values and promotion versus prevention shopping goals respectively. An analysis of the consequence of the fulfillment and frustration of utilitarian and hedonic value is theoretically worthwhile. It is also substantively relevant because it helps predict post-consumption behavior such as the promotion versus prevention shopping goals orientation. Because our primary goal is to understand how the post consumption feelings influence the variable customer loyalty: word of mouth (Jacoby and Chestnut 1978). This research result is that the utilitarian shopping value gives the positive influence to both of the promotion and prevention goal. However the influence to the prevention goal is stronger. On the contrary, hedonic shopping value gives influence to the promotion focus goal only. Additionally, both of the promotion and prevention goal show the positive relation with customer loyalty. However, the positive relation with promotion goal and customer loyalty is much stronger. The promotion focus goal gives the influence to the customer loyalty. On the contrary, the prevention focus goal relates at the low level of relation with customer loyalty than that of the promotion goal. It could be explained that it is apt to get framed the compliment of people into 'gain-non gain' situation. As the result, for those who have the promotion focus are motivated to deliver their own feeling to other people eagerly. Conversely the prevention focused individual are more sensitive to the 'loss-non loss' situation. The research result is consistent with pre-existent researches. There is a conceptual parallel between necessities-needs-utilitarian benefits and luxuries-wants-hedonic benefits (Chernev 2004; Chitturi, Raghunathan and Majaha 2007; Higginns 1997; Kivetz and Simonson 2002b). In addition, Maslow's hierarchy of needs and the precedence principle contends luxuries-wants-hedonic benefits higher than necessities-needs-utilitarian benefits. Chitturi, Raghunathan and Majaha (2007) show that consumers are focused more on the utilitarian benefits than on the hedonic benefits of a product until their minimum expectation of fulfilling prevention goals are met. Furthermore, a utilitarian benefit is a promise of a certain level of functionality by the manufacturer or the retailer. When the promise is not fulfilled, customers blame the retailer and/or the manufacturer. When negative feelings are attributable to an entity, customers feel angry. However in the case of hedonic benefit, the customer, not the manufacturer, determines at the time of purchase whether the product is stylish and attractive. Under such circumstances, customers are more likely to blame themselves than the manufacturer if their friends do not find the product stylish and attractive. Therefore, not meeting minimum utilitarian expectations of functionality generates a much more intense negative feelings, such as anger than a less intense feeling such as disappointment or dissatisfactions. The additional multi group analysis of this research shows the same result. Those who are unsatisfactory customers who have the prevention focused goal shows higher relation with WOM, comparing with satisfactory customers. The research findings in this article could have significant implication for the personal selling fields to increase the effectiveness and the efficiency of the sales such that they can develop the sales presentation strategy for the customers. For those who are the hedonic customers may be apt to show more interest to the promotion goal. Therefore it may work to strengthen the design, style or new technology of the products to the hedonic customers. On the contrary for the utilitarian customers, it may work to strengthen the price competitiveness. On the basis of the result from our studies, we demonstrated a correspondence among hedonic versus utilitarian and promotion versus prevention goal, WOM. Similarly, we also found evidence of the moderator effects of satisfaction after use, between the prevention goal and WOM. Even though the prevention goal has the low level of relation to WOM, those who are not satisfied show higher relation to WOM. The relation between the prevention goal and WOM is significantly different according to the satisfaction versus unsatisfaction. In addition, improving the promotion emotions of cheerfulness and excitement and the prevention emotion of confidence and security will further improve customer loyalty. A related potential further research could be to examine whether hedonic versus utilitarian, promotion versus prevention goals improve customer loyalty for services as well. Under the budget and time constraints, designers and managers are often compelling to choose among various attributes. If there is no budget or time constraints, perhaps the best solution is to maximize both hedonic and utilitarian dimension of benefits. However, they have to make trad-off process between various attributes. For the designers and managers have to keep in mind that without hedonic benefit satisfaction of the product it may hard to lead the customers to the customer loyalty.