日美博弈背景下日元升值对经济效率的影响分析  

An Analysis of Exchange Rates and Economic Efficiency in the Background of Japan-U.S. Game

作　　者：许悦雷 Xu Yuelei

机构地区：[1]辽宁大学日本研究所,沈阳110136

出　　处：《日本研究》2022年第4期48-57,共10页Japan Studies

基　　金：辽宁省教育厅科学研究经费项目(面上项目)“经济发展新动能背景下辽宁高技术制造业发展研究”(LJKR0046);The Sumitomo Foundation Fiscal Year 2021 Grant for Japan-Related Research Projects “Japan’s Digital Economy,Labor Market and Policy Options”(21801003)。

摘　　要：汇率是一国政府重要的宏观调控工具,也是连接国内与国外重要的经济变量。本文通过理论推演与实证分析相结合的方式,运用日本行业面板数据分析了本币汇率波动对经济效率产生的影响。实证分析结果表明,基于间接标价法的日元兑美元汇率与日本经济效率之间存在负向关系。在汇率影响经济效率的背后,出口、市场需求、融资约束和产业政策发挥明显的影响机制。日元升值不是影响日本经济增长的根本原因,日元升值使得行业经济效率下降才是导致日本经济“迷失”的关键性因素。The exchange rate is an important macro-control tool of a government, and it is also an important economic variable connecting domestic and foreign countries. In this paper, the relationship between exchange rates and economic efficiency is analyzed by combining theoretical framework and empirical analysis, using Japanese industry panel data. In conclusion, there is a negative relationship between exchange rates and economic efficiency. When the exchange rate affects economic efficiency, the influence mechanism of exports, market demand, financing constraints and government industrial policies is obvious. The appreciation of the yen is not the root cause of Japan’s economic growth. The decline in the economic efficiency of the industry due to the appreciation of the yen is the key factor that leads to the "loss" of the Japanese economy.

关 键 词：汇率 经济效率 广场协议 

分 类 号：F13[经济管理—世界经济] F17