美国“金融海啸”与日本“泡沫危机”的比较及启示

The Inspiration to China from the Comparative Study on the United States "Financial Tsunami" and Japanese "Economical Bubble"

两场危机的本质,都是在一段时期内政府的经济金融政策连续使用不当造成流动性的严重泛滥和市场主体行为的集体非理性,进而诱发虚拟经济与实体经济同时出现巨大泡沫,最终导致全面金融与经济危机。从中得到的最大启示是在任何情形下都要努力避免虚拟经济与实体经济同时出现巨大的泡沫;慎重看待经济增长与资产泡沫的关系;在泡沫彻底破灭前不要轻易"救市",在泡沫彻底破灭后则"救市"要果断,方法要科学;还要注意在危机救援与自救的过程中防止"外伤"和"内伤"。

Through comparison and study between the United States ＂financial tsunami＂ and Japanese ＂economical bubble＂ , we have found that they are in essence the fluidlyserious flooding and the collective non-rationality of the market main body behavior caused by theimproper and inefficient use ofthe government＇s economical financial policy over a period of time , which induces the appearance of the virtual economy and real economy＇s huge bubble at the same time and leads to a comprehensive financial and economic crisis eventually. The most important inspiration which is obtained from the two crises is：Under any circumstances we should try to avoid the appearance of the huge bubble coming from the virtual economy and real economy at the same time; we should take the relationship between the economic growth and the asset bubble seriously; we should not ＂rescue the market＂ in haste before the bubble has burst completely, and we should make a decisive decision to ＂rescue the market＂ after the bubble bursts thoroughly, we should use the scientific method , and make the good use of expectations.