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

作　　者：刘轩 LIU Xuan(Janpan Institute,Nankai University,Tianjin,300071,China)

机构地区：[1]南开大学日本研究院,天津300071

出　　处：《现代日本经济》2022年第1期1-12,共12页Contemporary Economy OF Japan

基　　金：教育部人文社会科学重点研究基地重大项目“一战后日本的‘转向’与对外战略误判研究”(17JJD770010)。

摘　　要：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.

关 键 词：赤字财政 超量化宽松 基础货币 市场外循环体系 制度性扭曲 

分 类 号：F133.130[经济管理—世界经济]