从货币政策效果看日本泡沫经济问题——基于货币政策传导机制的实证检验

Abstract:Based on SVAR model，it can be discovered that one of the causes of Japan’s bubble economy are the ineffective monetary policy transmission mechanism. As for Japanese monetary easing policies in 1980s in response to the appreciation of the Yen，Asset prices rose dramatically but investment and output didn’t increase due to the ineffectiveness of exchange rate and asset price transmission mechanism. The empirical results also show that excess funds inflowing to the capital markets at that time aimed at speculation rather than investment. Japan attempted to control the bubble economy by tightening the monetary policy，resulting in pessimism throughout the markets and a series of negative effects. China should take it as a reference，working to consolidate the foundation of real economy and encourage funds to the most productive sectors.

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