日本应对新冠疫情的经济刺激政策及其制度性扭曲

Japan’s Economic Incentive Policy and Institutional Distortion in Response to COVID-19

面对新冠疫情的严重冲击,日本政府通过空前财政支持,日本银行辅以超额基础货币支持等公开市场操作,一定程度上抑制了企业大规模破产、大量工人失业和严重经济衰退,同时也直接带来了日本股市的空前繁荣。但过度财政刺激极大加重了日本政府的国债负担,长期"超量化宽松"的金融政策严重扭曲了市场的资源配置功能,极大削弱了日本市场经济体制的政策应对弹性和抗打压能力,事实上形成了一种变相向国民征税的市场外循环体系和制度性扭曲。

Faced with the severe impacts of COVID-19,through unprecedented financial supports and other disclosed market interventions like the excess monetary base support by the Bank of Japan,the Japanese government restrained enterprise bankruptcies on a large scale,unemployment as well as severe economic recession to some extent.Meanwhile,this also directly contributed to the unprecedented prosperity of Japanese stock market.However,excessive fiscal stimulus greatly increased the debt burden of Japanese government,and the long-term"Super Quantitative Easing Monetary Policy"seriously distorted the resource allocation market function,which altogether weakened the policy flexibility and anti-pressure ability of the current Japanese economic system.In fact,this led to some circulation system outside Japanese market that taxes domestic citizens in some way and serious institutional distortion.