A role model for China? Exchange rate flexibility and monetary policy in Japan

A substantial number of papers have proposed to allow for more exchange rate flexibility of the Chinese yuan. But few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary policy after the shift of Japan from a fixed to a floating exchange rate regime. In contrast to prior studies, we allow for regime shifts in the impact of the exchange rate on monetary policy. The results show that the exchange rate had a substantial impact on Japanese monetary policy in periods of appreciation. This implies that repeated attempts to soften the appreciation pressure by interest rate cuts have led Japan into the liquidity trap. The economic policy conclusion for China is to keep the exchange rate pegged (to the dollar).     

日、德融资模式比较及其中国融资模式的选择

美国金融危机使得人们必须重新审视融资模式,而前人对此的研究文献重点放在两种融资模式的比较上,其实更应该研究与我国融资模式相似的日本和德国的融资模式。本文通过比较日德融资模式在融资市场全面发展程度、间接融资市场和直接融资市场的联系程度以及政府政策导向的差异,解释了20世纪90年代以来日本和德国经济表现的差异,对我国融资模式的选择提出一些建议。     

20世纪90年代日本商业银行破产原因分析及启示

20世纪90年代日本许多金融机构和银行相继破产,这其中的主要原因既有汇率因素和货币政策因素,也有制度性因素和金融管理方面的因素等。当今中国经济发展中有一些迹象与泡沫经济破灭前后的日本相似:本币升值,国际热钱不断流入,股票价格暴涨暴跌等。我国要汲取日本的教训,防止金融机构和银行出现系统性危机。     

日本天然气市场开发及其对我国的启示

天然气行业是典型的垄断行业，其价格受政府管制由来已久．20世纪90年代以来。日本逐步放松对天然气市场的管制，采取了更加灵活的市场开发政策，促进了天然气的利用。我国天然气生产和消费所占的比重较低，应当通过放松管制加快天然气市场开发的步伐。     

银行不良债权处理对策的中日比较

银行不良债权问题作为一个世界性难题已成为威胁众多国家金融体系安全的主要疾惠。特别在亚洲，不良债权拥有量竞占全球不良债权总量的85％以上，而其中日本和中国的不良债权金额又居世界前两位。为此，两国政府近年来一直在积极加快银行系统不良债权的处理，并取得了显著进步。尽管中日两国处于经济发展的不同阶段，在经济制度、银行体制等方面存在明显差异，但目前所面临的不良债权问题却非常相似。因此，对两国银行不良债权处置对策进行比较分析，将为我们在加快不良债权处理中选择合理对策带来启示。     

Input-Output Decomposition Analysis of Sectoral Price Gaps between Japan and China

Sectoral price gaps that were observed in 1990 between Japan and China are studied in this paper by using a decomposition procedure within the input-output framework. The empirical results show that Japan exhibited producer prices that were higher than those observed in China mainly because it registered higher wages that were only partially offset by higher productivity. The effects on output cost gaps of primaryinput price differences and relative productivity levels are analysed. The effects arising from the use of direct inputs as well as the indirect effects that are incorporated into the difference of intermediate-input prices are accounted for by means of an input-output decomposition technique.     

日本对中印投资战略调整研究——政治经济因素探析

近年来,印度经济的异军突起不仅引起了国际学术界广泛的关注,而且也促动了美日等发达国家对外经济战略的转变和调整。尤其是中日之间异常的"政冷经热"导致日本把投资目标转向印度,从而已经呈现出"经热转凉"的新态势,值得我们深思。比较进入新世纪后日本企业对中印两国投资战略的调整,可以探究日本企业投资由中国转向印度的政治经济原因及其经济效应,有助于掌握日本企业对外投资战略新趋势,为中国今后引进外资提供理论依据。     

日本发展静脉产业带给我国的思考

静脉产业是实现循环经济的重要手段。本文对日本发展静脉产业的发展历程与主要做法进行分析与总结。并通过对我国静脉产业的发展现状及存在问题的回顾,对发展我国静脉产业提出了相应的建议与对策。     

日本的李叔同研究——对日本早期研究李叔同之史料考察

文章将日本为数有限的李叔同研究之相关纪录作一整理，有些是李叔同研究中至今尚未涉及的问题，对今后的李叔同研究具有意义。此外，日本的李叔同研究，主要集中在演艺活动，美术方面史料较为贫乏。故文章充分利用和重新审视这些原始史料，并加以分析论述。     

Japan's fifth generation computer project

The Japanese Fifth Generation project is aimed at increasing computing power by around three orders of magnitude over 15 years. Motives are political and social as well as commercial. The Japanese have sought international cooperation in this attempt to beat IBM (in particular) by ignoring compatibility with existing systems. Although there is not even an embryonic Vth generation system yet, final success looks likely. One goal is to be able to process knowledge (rather than data), in a user-friendly manner.