房地产泡沫和金融安全——日本泡沫经济的启示

Real Estate Bubble and Financial Insecurity: Revelation of Japan's Bubble Economy

房地产泡沫和金融安全之间的相互关系既是政府宏观管理必须密切关注的问题,也是学术界长期探索的重大课题。本文以20世纪80至90年代的日本泡沫经济为对象,全面分析了日本以地价泡沫为特征的泡沫经济状况以及日本房地产泡沫对日本金融安全伤害的情况。在此基础上,从制度变迁、宏观经济政策的变化以及预期和经济主体行为变异等方面,考察了日本房地产泡沫和金融安全之间的相互关系,重点分析了两者之间的传递机制。

The relationship between real estate bubble and financial insecurity is not only focused on by the governmental macro-control but also an important problem which is being discussed long in the academic circles. Firstly, this article, based on Japan＇s bubble economy in the 1980-1990s, completely analyses the bubble economic situation characterized by real estate bubble and the condition in which the real estate bubble of Japan did harm to its financial security. Then, it further illustrates the relationship, especially the transmission mechanism between them from the angles of the changes of the institutions, macro-economic policies, anticipation and behaviors of economic bodies.