文档介绍：2007 年第 3 期现代日本经济 No. 3. 2007
(总第 153 期) Contemporary Economy of Japan ( )
房地产泡沫和金融不安全
——日本泡沫经济 15 周年评述
王雪峰
(江西财经大学经济学院, 江西南昌 330013)
摘要:20 世纪 80-90 年代日本以地价泡沫为特征的房地产泡沫对日本金融安全造成了重大损害。究其原因在于日本房地
产泡沫和金融不安全之间存在相互传递的关系,其中金融自由化等制度变迁为两者的传递提供了环境和土壤,宏观经济
政策的变化起着助推作用,预期发挥着动力作用,而经济主体的行为变异则最终促成房地产泡沫和金融不安全相互传递
的实现。
关键词:泡沫经济;房地产泡沫;金融不安全;传递机制;金融自由化
中图分类号: 文献标识码:A 文章编号:1000—335X(2007)03—0025—05
Real Estate Bubble and Financial Insecurity: 15 Years after Japan’s Bubble Economy
Wang Xue-feng
(School of Economics, Jiangxi University of Finance and Economics, Nanchang, Jiangxi, 330013, China)
Abstract:The real estate bubble, which is characterized by soaring land prices in 1980s and 1990s, has caused
great damages to Japan’s financial security. There exists an inter-transmission between Japan’s real estate
bubble and financial insecurity. Institutional changes including financial liberalization provide necessary
conditions for the transmission mechanism, with market expectation as the driving engine and poor
macroeconomic policies as the assistance power. It is also argued in this paper that the behavioral anomalies of
economic agents ultimately facilitate the realization of this inter-transmission.
Key Words:Japan;Bubble Economy;Real Estate Bubble;Financial Insecurity;Transmission Mechanism;
Financial Liberalization
21 世纪以来,出现了全球性的房地产价