中日两国政府对国际金融危机的对策效应研究

为应对2008年由美国次贷危机引发的世界性金融危机,中日两国政府采取了一系列刺激性政策措施。通过对政策的具体分析并利用潜在变量——危机强度,研究刺激政策对金融危机和宏观经济的效果,结果得出,中日两国均采取了积极的财政政策和适度宽松的货币政策。两国政府采取的经济刺激政策对应对金融危机均有所成效,危机强度的走势日本比中国更理想,中国的危机强度比较随机。中日两国的经济刺激政策都改善了GDP、就业、通货膨胀、贸易差额等主要宏观经济指标,但在中国出现了通货膨胀,在日本产生了经济衰退和通货紧缩等问题。

Assessing the Performance of Chinese and Japanese Policy Responses to Global Financial Crisis

Both China and Japan has made a series of policy responses to the global financial crisis which is triggered by American subprime crisis in 2008.This paper analyzes these policies in detail,and employs the latent variable of "crisis intensity" to assess the performance of the responses.Both of the two countries have adopted pro-active fiscal policies and moderate monetary policies.The policy responses have performed well,while the trend of "crisis intensity" indicates that Japanese responses are more effective.We document that both China and Japan have realized some improvements the main macroeconomic indicators including GDP,employment,inflation rate and trade balances.However,inflation had accelerated in China whereas Japan had confronted the problems of economic recession and deflation.