浅谈日本房地产泡沫的产生、调控及后果  

An Overview of the Emergence,Regulation and Aftermath of Japan's Real Estate Bubble

作　　者：赵航 

机构地区：[1]清华大学五道口金融学院,北京100083

出　　处：《中国房地产金融》2023年第5期15-22,共8页China Real Estate Finance

摘　　要：20世纪80年代,受乐观预期的驱动,在极度宽松的货币环境和薄弱监管环境下,加之不合时宜的土地税收政策,日本大量工商企业和金融机构深度进入房地产市场,导致东京等大城市地价快速上涨,进而形成房地产泡沫。“广场协议”后,日本政府主动收紧货币政策和监管政策,最终刺破泡沫。后期政策虽有转向但也未能阻止日本经济陷入连续20年的停滞状态。本文梳理了上述日本房地产泡沫产生的原因、实施的政策和相应后果,并总结其经验教训。In the 1980s,overconfidence,loose monetary policy and untimely land tax policies drove Japanese enterprises and financial institutions'investment in the real estate market,which led to a rapidly rise in land prices especially in Tokyo-Yokohama Metropolitan Area.Japanese government took initiative to tighten monetary and regulatory policies,eventually piercing the real estate bubble.Although there was a shift in policy in the later period,it did not prevent Japanese from falling into the "Two Lost Decades".This paper combs through the formation of the real estate bubble,the implementation of policies afterwards and their corresponding consequences,and summarizes lessons learned.

关 键 词：日本房地产泡沫 土地税制 金融监管 

分 类 号：F29[经济管理—国民经济]