日韩两国去杠杆:实践与启示

Practice and Enlightenment of Deleveraging in Japan and South Korea

近年来,我国各部门杠杆率不断攀升,非金融企业部门和居民部门高杠杆问题尤为引人关注。本文通过对日本应对90年代房地产泡沫危机、韩国走出亚洲金融危机进行深入剖析,总结经验与教训,从中探讨我国“稳杠杆、稳增长”的可行路径。

In recent years,the leverage ratio of various departments in China has been raising constantly,and high leverage in the non-fi nancial enterprise sector and the residential sector attracts particular concerns.According to analysis the issue of Japan’s response to the real estate bubble of the 90 crisis and South Korea to get rid of the Asian fi nancial crisis,this paper will summarize the experience and lessons,in order to explore the feasibility of China’s“steady leverage and steady growth”.