泡沫经济以来日本股市演变及其对中国的启示  

The Evolution and Lessons of the Japanese Stock Market Since the Bubble Economy

作　　者：张文闻 ZHANG Wenwen(Institute of Guangdong,Hong Kong and Macao Development Studies,Sun Yat-sen University,Guangzhou,Guangdong,510275,China)

机构地区：[1]中山大学粤港澳发展研究院,广东广州510275

出　　处：《现代日本经济》2024年第4期30-41,共12页Contemporary Economy OF Japan

基　　金：国家自然科学基金重点项目“中国宏观经济调控政策研究”(71933001)。

摘　　要：日本泡沫经济以来,日本股市经历了重大波动,从泡沫经济的崩溃到长期经济低迷,再到后来的逐步复苏和“日特估”热潮。期间,日本政府与央行采取了零利率、量化宽松以及“安倍经济学”等一系列措施来刺激经济,提振行情。这些措施所积累的宝贵经验值得我们研究、学习和借鉴。尽管日本经济尚未完全摆脱泡沫经济崩溃所带来的负面影响,但如今日本股市仍呈现显著上涨的趋势。这背后离不开外资流入、超宽松货币政策及顶尖企业盈利等重要因素。Since the bubble economy,the Japanese stock market has experienced significant fluctuations,from the collapse of the bubble economy and long-term economic stagnation to gradual recovery and the recent"Buffett effect"boom.During this period,the Japanese government and the central bank implemented a series of measures such as zero interest rates,quantitative easing,and"Abenomics"to stimulate the economy and boost the market.The valuable experiences accumulated from these measures are worth learning and emulating.Although the Japanese economy has not completely shaken off the negative impacts of the bubble economy's collapse,the stock market is currently showing a significant upward trend.This is largely due to the influx of foreign capital,ultra-loose monetary policy,and the profitability of leading companies.

关 键 词：平成时代 日本股市 泡沫经济 救市政策 日特估 

分 类 号：F133.133.9[经济管理—世界经济]