摘要
20世纪80-90年代日本以地价泡沫为特征的房地产泡沫对日本金融安全造成了重大损害。究其原因在于日本房地产泡沫和金融不安全之间存在相互传递的关系,其中金融自由化等制度变迁为两者的传递提供了环境和土壤,宏观经济政策的变化起着助推作用,预期发挥着动力作用,而经济主体的行为变异则最终促成房地产泡沫和金融不安全相互传递的实现。
The real estate bubble, which is characterized by soaring land prices in 1980s and 1990s, has caused great damages to Japan＇s financial security. There exists an inter-transmission between Japan＇s real estate bubble and financial insecurity. Institutional changes including financial liberalization provide necessary conditions for the transmission mechanism, with market expectation as the driving engine and poor macroeconomic policies as the assistance power. It is also argued in this paper that the behavioral anomalies of economic agents ultimately facilitate the realization of this inter-transmission.
出处
《现代日本经济》
CSSCI
2007年第3期25-29,共5页
Contemporary Economy OF Japan
关键词
泡沫经济
房地产泡沫
金融不安全
传递机制
金融自由化
Japan
Bubble Economy
Real Estate Bubble
Financial Insecurity
Transmission Mechanism
Financial Liberalization
