日本的债务货币化:实施路径、实践效果及潜在风险  

Debt Monetization in Japan:Implementation Path,Practical Effects and Potential Risks

作　　者：陈志恒[1] 谭亚茹 CHEN Zhiheng;TAN Yaru(Northeast Asia Research Center,Jilin University,Changchun,Jilin,130012,China;College of Northeast Asia,Jilin University,Changchun,Jilin,130012,China)

机构地区：[1]吉林大学东北亚研究中心,吉林长春130012 [2]吉林大学东北亚学院,吉林长春130012

出　　处：《现代日本经济》2024年第1期43-57,共15页Contemporary Economy OF Japan

基　　金：国家社科基金项目“中日第三方市场合作的挑战与对策研究”(19BGJO50);教育部基地重大项目“国际秩序大变革背景下的中国东北亚区域合作战略研究”(22JJD790095)。

摘　　要：20世纪70年代到90年代,在财政收支失衡和财政改革受挫的背景下,日本不得不大规模发行政府债券来填补财政赤字,导致日本政府债务的余额居高不下。如何防止政府债务崩溃成为困扰日本政府的难题。21世纪以来,日本实施了“债务货币化”,通过无限量印钞为政府债务提供循环支持,使得日本政府具备了无限偿付能力,阻止了日本政府陷入非自愿性的债务违约。然而,“债务货币化”虽然增强了日本政府对债务的可控性、减缓了日本陷入更深的经济衰退,却也产生了路径依赖、市场定价原则失效、金融市场与实体经济相背等问题,并且还存在债券发行失控、货币政策空间消耗殆尽及日元国际地位丧失等潜在风险。From the 1970s to the 1990s,under the background of fiscal imbalance and setbacks in fiscal reform,Japan had to issue government bonds on a large scale to fill the fiscal deficit,resulting in the high balance of Japanese government debt.How to prevent the collapse of government debt has become a difficult problem for the Japanese government.Since the 21st century,Japan has implemented"debt monetization",which provides circular support for government debt through unlimited money printing,enabling the Japanese government to have unlimited solvency and preventing the Japanese government from falling into involuntary debt default.However,although"debt monetization"has enhanced the Japanese governments control over debt and slowed Japan's descent into deeper economic recession,it has also produced problems such as path dependence,market pricing principle failure,financial market and real economy mismatch,and there are also potential risks such as uncontrolled bond issuance,depletion of monetary policy space and loss of the international status of the yen.

关 键 词：日本 财政失衡 债务货币化 现代货币理论 财政改革 

分 类 号：F133.135.1[经济管理—世界经济]