日本人为低利率政策及其效应分析

人为低利率政策是日本金融体制的重要组成部分。它通过为民间部门创造租金机会,刺激了民间部门的发展,特别是通过降低企业投资成本,从金融层面有力地支撑了经济的高速增长。然而20世纪70年代以后,由于其形成强的路径依赖,未能随着日本经济结构的变化而及时地被废止,不仅助长了泡沫经济的形成,而且最终导致日本金融危机的爆发。

The Analysis on the Effect of Japan''''s Man - made Low Interest Rate Policy

The man-made low interest rate policy is an important component in Japan's financial system.This policy stimulates the development of Japan's private sector by offering economic rent.And particularly,in view of finance,by reducing the investment cost of enterprises,it also supports the high speed of Japan's economic growth.However,since the 1970s,with the excessive path dependence and it has not been abolished with the changes of Japan's economic structure,which,consequently,encouraged the bubble economy,and finally triggered the financial crisis in Japan.