从金融周期看中日资产价格泡沫

发布时间：2018-05-27 00:09

本文选题：金融周期 + 金融波动　；参考：《国际经济评论》2017年02期

【摘要】：本文在系统测算中日金融周期与金融波动的基础上,对比研究了两国金融周期波动性的区别。同时结合两国非金融企业的资金供求状况与银行部门的放款结构变化,从货币政策、融资可得性与市场预期三个环节,逐一梳理了两国金融系统稳定性差异的本质成因。结果显示,中国金融周期的波动性在各个时期均明显弱于日本。两国差异成因的分析研究表明,在相同宽松货币政策环境下,中国政府对企业融资渠道和市场预期的审慎监管调控,避免了中国出现日本企业的财务投机现象与金融过度自由化的演变趋势,抑制了资产价格泡沫对中国金融系统稳定性的冲击与危害。
[Abstract]:On the basis of systematically measuring the financial cycle and financial fluctuation between China and Japan, this paper makes a comparative study of the differences between the two countries' financial cycle volatility. At the same time, according to the situation of capital supply and demand of non-financial enterprises in the two countries and the change of the lending structure of the banking sector, the paper combs the essential causes of the differences in the stability of the two countries' financial systems one by one from the three links of monetary policy, financing availability and market expectation. The results show that the volatility of Chinese financial cycle is obviously weaker than that of Japan in every period. An analysis of the causes of the differences between the two countries shows that under the same loose monetary policy environment, the Chinese government's prudential regulatory control over corporate financing channels and market expectations, It avoids the financial speculation of Japanese enterprises and the tendency of excessive financial liberalization in China, and restrains the impact and harm of asset price bubble on the stability of Chinese financial system.
【作者单位】：南开大学金融学院;中国社会科学院世界经济与政治研究所;
【基金】：国家社科基金重点项目(批准号:13AJL008与14AZD032) 教育部人文社科重点研究基地重大项目(批准号:14JJD790030) 国家社科重大课题(批准号:16ZDA031)的资助
【分类号】：F832;F833.13

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