摘要
日本战后至70年代初主要的货币政策是配合道奇的“超平衡预算”而采取的金融缓和政策。70年代至90年代初日本政府主要采用的是扩张性货币政策。长时期地维持较低的官定利率政策是日本产生“泡沫经济”的重要政策原因。进入90年代后,日本政府由于急于解决“泡沫经济”问题,又错误地使用了过猛的紧缩性货币政策,再加上对严重的“不良债权”问题解决不力,导致在经济增长方面出现“停滞”局面,在货币政策方面出现极端的“零利率政策”,日本政府不可避免地陷入了在经济衰退中同时面对政府宏观调控政策全面重建的“世纪难题”之中。
The fundamental monetary policy adopted by Japan during the period from the end of the war to the 1970s was of a financial alleviation nature based on Dodge抯 搖ltra-balanced budget?theory. That adopted from the 1970s to the 1990s was of an expansion nature, which tried to maintain long-term low interest rate and resulted in the country抯 揵ubble economy.?Since the 1990s, out of its anxiety to solve the problem of 揵ubble economy,?the Japanese government again made a wrong choice in applying an over-abrupt tightening monetary policy. Together with the failure to overcome the problem of 揵ad creditor抯 rights? all these combined to have led to an extreme economic situation of stagnation and 搝ero interest rate,?and Japanese government抯 being unavoidably trapped in a 搈illennium plight?in which the government is faced with an overall reconstruction of its macro-adjustment policy against a background of economic recession.
出处
《现代日本经济》
CSSCI
北大核心
2003年第1期12-16,共5页
Contemporary Economy OF Japan
关键词
日本
演变
货币金融政策
人为低利率政策
零利率政策
monetary and financial policies
man-made low interest rate policy
zero-interest-rate policy
