货币政策预防资产价格泡沫的局限性分析——以日本20世纪90年代初的资产价格泡沫为例

Restriction on Monetary Policy to Prevent Asset Price Bubble——Case Study on Japan's Asset Price Bubble on the Early of 1990s

2007年美国"次贷"危机爆发后,关于货币政策是否能够预防资产价格泡沫的争论开始兴起。文章主要就日本20世纪90年代初资产价格泡的形成、膨胀直至破灭三个阶段,具体阐述了日本央行货币政策措施与资产价格泡沫的相关性。结论表明,一方面日本央行的不当货币政策与资产价格泡沫紧密相关,另一方面货币政策又不能有效预防问题的出现,因此央行在完善对物价水平监测的同时,应利用金融监管政策来应对资产价格泡沫。

After breaking out of US Sub-prime mortgage crisis,the debates on whether the monetary policy could prevent asset price bubble are rising.In this article,we will examine the formation,boom and burst of Japan＇s asset price bubble in the 1990s and analyze the relationship between the monetary policy and asset price bubble.The result indicates that improper monetary policy closely relates to the asset price bubble and couldn＇t prevent its emergence.To tackle the problem,the central bank should perfect the surveillance on price level and use financial supervision tools to address the asset price bubble.