论日本金融不稳定的内生变化  

The Endogenous Changes of Japanese Financial Instability

作　　者：张艾莲[1] 刘柏[1] 

机构地区：[1]吉林大学商学院

出　　处：《日本学刊》2014年第2期84-99,共16页Japanese Studies

基　　金：国家社会科学基金项目"完善人民币汇率形成机制及应对升值压力研究"(编号:11BJY141);教育部人文社会科学研究青年基金项目"扩大内需的消费信贷长效机制研究"(编号:11YJC790263)

摘　　要：20世纪90年代日本经济的不景气与金融不稳定导致的泡沫破裂同期进行。日本在80年代形成了资产价格膨胀,90年代初对经济扩张起关键作用的利率开始上升,导致信用规模受到掣肘,贷款水平下降,引致股票和房地产投资下滑,股票和房地产的购买力降低,价格急剧下跌,从资产膨胀阶段转变为资产紧缩阶段。日本金融不稳定的根源,在于利润驱动的信用创造。中国在市场经济的发展过程中需要金融的支撑和资源配置功能,因此要正确对待金融不稳定问题,完善各项制度规范、培育理性的投资者并构建合理的金融机构经营模式。In 1990s, economic recession and bubble rupture caused by financial instability emerged in Japan at the same time. In 1980s, capital price inflated in Japan, and in 1990s, interest rate that played a key role in economic expansion started to rise. The rise of interest rate restricted the expansion of the credit scale, lowered the loan scale, made stock and real estate investment to shrink and reduced the purchasing power for stock and real estate. It marked Japan＇s shift from capital inflation to deflation. Japan＇ s economy is featured with the endogenous financial instability, which is derived from credit creation driven by a desire for profits. In China＇ s development of market economy, financial support and allocation of resources are of great necessity. Financial instability should be treated correctly, and it is important to promote system specification, cultivate rational investors and construct reasonable operation mode of financial institutions.

关 键 词：金融不稳定 股票价格 房地产价格 市场波动 内生变化 

分 类 号：F833.13[经济管理—金融学]