日本房地产金融风险化解的经验教训及启示  

Experiences and Lessons from Japan’s Real Estate Financial Risk Mitigation

作　　者：敦志刚 刘凡菁 Dun Zhigang;Liu Fanjing

机构地区：[1]中国政法大学商学院

出　　处：《开发性金融研究》2024年第3期58-66,共9页Development Finance Research

基　　金：国家自然科学基金重点项目“领军企业创新链的组织架构与协同管理”(71732002);国家社会科学基金项目“财政—金融结合视角的近代中国金融业态演进研究”(22BJL007);国家社科基金青年项目“货币创造视角下中国影子银行的宏观效应及政策调控影响研究”(21CJY005)阶段性研究成果

摘　　要：20世纪80至90年代,日本房地产泡沫破裂及其后的金融风险化解为世界各国提供了重要经验教训。从金融视角对其进行深入研究,对全面把握房地产金融市场风险特性及其发展规律,并制定有效的风险管理策略及政策措施具有重要意义。本文在对上述问题进行深入研究基础上,提出了可供各方借鉴的三点经验:(1)金融制度方面,要加强制度改革以筑牢防范系统性金融风险的堤坝;(2)金融政策方面,要注重宏观审慎管理以促进房地产金融风险的有序化解;(3)金融监管方面,要完善体系建设以避免房地产金融风险向危机转化。The burst of Japan's real estate bubble and subsequent financial risk mitigation in the 1980s and 1990s have provided valuable experiences for countries worldwide.An in-depth study from a financial perspective is of great significance for comprehensively understanding market risk characteristics and their development patterns,as well as formulating effective risk management strategies and policy measures.Based on a thorough investigation of these issues,this paper proposes three lessons that can be drawn by countries globally(including China):(I)In terms of financial institutions,it is necessary to strengthen institutional reforms to build a strong barrier against systemic financial risks;(II)In terms of financial policies,emphasis should be placed on macro-prudential management to facilitate orderly risk resolution;(III)In terms of financial supervision,it is crucial to improve the supervisory framework to prevent risks from escalating into crises.

关 键 词：日本房地产 风险化解 金融视角 启示 

分 类 号：F299.23[经济管理—国民经济] F832F299.313F833.13