日本货币金融政策的演变-日本经济研究文库.pdfVIP

2003 年 第 1 期 现代日本经济 No . 1. 2003 （总第127 期） Contemporary Economy of Japan （Tot. No.127） 货币·金融 日本货币金融政策的演变 秦嗣毅 （哈尔滨工业大学人文学院，黑龙江 哈尔滨 150001） 摘要：日本战后至70年代初主要的货币政策是配合道奇的“超平衡预算”而采取的金融缓和政策。70年代 至90年代初日本政府主要采用的是扩张性货币政策。长时期地维持较低的官定利率政策是日本产生“泡沫 经济”的重要政策原因。进入90年代后，日本政府由于急于解决“泡沫经济”问题，又错误地使用了过猛 的紧缩性货币政策，再加上对严重的“不良债权”问题解决不力，导致在经济增长方面出现“停滞”局面， 在货币政策方面出现极端的“零利率政策”，日本政府不可避免地陷入了在经济衰退中同时面对政府宏观调 控政策全面重建的“世纪难题”之中。 关键词：货币金融政策；人为低利率政策；零利率政策 中图分类号：F821.031.3文献标识码：A 文章编号：1000—355X（2003）01—0012—05 The History of Japan’s Monetary and Financial Policies Qin Siyi (College of the Humanities, Harbin Institute of Technology, Harbin, Heilongjiang, 150001) Abstract: The fundamental monetary policy adopted by Japan during the period from the end of the war to the 1970s was of a financial alleviation nature based on Dodge’s “ultra-balanced budget” theory. That adopted from the 1970s to the 1990s was of an expansion nature, which tried to maintain long-term low interest rate and resulted in the country’s “bubble economy.” Since the 1990s, out of its anxiety to solve the problem of “bubble economy,” the Japanese government again made a wrong choice in applying an over-abrupt tightening monetary policy. Together with the failure to overcome the problem of “bad creditor’s rights”, all these combined to have led to an extreme economic situation of stagnation and “zero interest rate,” and Japanese government’s being unavoidably trapped in a “millennium plight” in which the government is faced with an overall reconstruction of its macro-adjustment policy against a background of economic rec