日本泡沫經(jīng)濟(jì)與美國IT泡沫的比較研究
發(fā)布時(shí)間:2018-04-09 00:33
本文選題:日本泡沫經(jīng)濟(jì) 切入點(diǎn):美國IT泡沫 出處:《江西師范大學(xué)》2017年碩士論文
【摘要】:20世紀(jì)末在日本和美國所發(fā)生的兩次經(jīng)濟(jì)泡沫雖然都以破裂而告終,但從事后來看后果有較大差異。日本因?yàn)榕菽屏?經(jīng)濟(jì)進(jìn)入了長期衰退過程,被稱為“失去的二十年”。而美國在IT泡沫破裂后,實(shí)體經(jīng)濟(jì)并沒有受到長期的惡劣影響。為了探清其原由,本文運(yùn)用理論分析、實(shí)證分析等方法,從形成因素、泡沫破裂前后的相關(guān)政策等視角對(duì)20世紀(jì)80年代的日本和20世紀(jì)90年代的美國不同類型的泡沫形成進(jìn)行了較為系統(tǒng)的比較研究。通過比較發(fā)現(xiàn),日本在泡沫發(fā)生前所采取的一系列政策與當(dāng)時(shí)的社會(huì)背景共同發(fā)生作用,誘發(fā)了經(jīng)濟(jì)泡沫。同時(shí)錯(cuò)失了遏制泡沫的良好時(shí)機(jī),導(dǎo)致泡沫破裂。泡沫破裂后,沒有及時(shí)處理不良債權(quán)等嚴(yán)重后遺癥。而美國在IT泡沫發(fā)生前,因?yàn)榭肆诸D政府所實(shí)施的經(jīng)濟(jì)金融政策解決了當(dāng)時(shí)美國經(jīng)濟(jì)中存在的問題,夯實(shí)了經(jīng)濟(jì)基礎(chǔ)。但也為IT泡沫的形成扎下了病根。IT泡沫破裂后美聯(lián)儲(chǔ)在正確的時(shí)機(jī)積極降息,阻止了惡劣影響的蔓延。所以日本泡沫破裂的影響要比美國的嚴(yán)重。本文的內(nèi)容由五章組成。在第一章導(dǎo)論中對(duì)泡沫與泡沫經(jīng)濟(jì)等相關(guān)概念進(jìn)行了界定與探討,對(duì)國內(nèi)外與泡沫有關(guān)的研究進(jìn)行了綜述。第二章對(duì)日本和美國的泡沫形成因素進(jìn)行了研究。對(duì)日本在20世紀(jì)80年代末泡沫的形成因素的分析主要從金融自由化、廣場協(xié)議以及生財(cái)術(shù)(投機(jī)活動(dòng))這幾個(gè)方面進(jìn)行。對(duì)于美國新經(jīng)濟(jì)時(shí)代的網(wǎng)絡(luò)股泡沫的形成因素分析主要從IT產(chǎn)業(yè)的發(fā)展、對(duì)于IT產(chǎn)業(yè)的樂觀預(yù)期以及20世紀(jì)90年代美國低利率和股價(jià)高漲這幾個(gè)方面進(jìn)行。第三章對(duì)泡沫的表現(xiàn)特征進(jìn)行了分析,對(duì)日本和美國在20世紀(jì)末泡沫表現(xiàn)與泡沫破裂后的不同后果進(jìn)行了研究。日本在泡沫破裂后陷入了被稱為“失去的二十年”的長期衰退過程,而美國新經(jīng)濟(jì)網(wǎng)絡(luò)股泡沫破裂后對(duì)其經(jīng)濟(jì)影響比較輕微,即它們的經(jīng)濟(jì)調(diào)整在泡沫破裂后分別表現(xiàn)為“L”形和“V”形。第四章首先對(duì)日本與美國在泡沫破裂前的相關(guān)政策進(jìn)行了研究,并對(duì)這些政策進(jìn)行了評(píng)價(jià)與比較。從解決與美國的貿(mào)易摩擦開始,日本所采取的政策一步一步導(dǎo)致泡沫經(jīng)濟(jì)的發(fā)生,而且在1987年錯(cuò)失了遏制泡沫的良機(jī),最終導(dǎo)致泡沫破裂。而美國在克林頓政府的帶領(lǐng)下,解決了當(dāng)時(shí)經(jīng)濟(jì)的嚴(yán)重問題,夯實(shí)了實(shí)體經(jīng)濟(jì)基礎(chǔ),但也促進(jìn)了所謂的“新經(jīng)濟(jì)時(shí)代”的到來。其次對(duì)日本與美國在泡沫破裂后的相關(guān)政策進(jìn)行了分析,之后對(duì)這些政策進(jìn)行了評(píng)價(jià)與比較。在對(duì)泡沫問題的認(rèn)識(shí)上,日本政策當(dāng)局低估了泡沫的崩潰對(duì)實(shí)體經(jīng)濟(jì)所帶來的負(fù)面影響,沒有及時(shí)進(jìn)行相關(guān)體制的配套改革,政策也缺乏連貫性。而美聯(lián)儲(chǔ)在美國網(wǎng)絡(luò)股泡沫破裂后及時(shí)頻繁降息,對(duì)防止經(jīng)濟(jì)衰退和促進(jìn)經(jīng)濟(jì)復(fù)蘇有較明顯的效果。第五章為結(jié)論。
[Abstract]:Although the two bubbles that occurred in Japan and the United States in the late 20th century ended in bursting, the consequences are quite different in hindsight.Japan's economy has entered a long-term recession because of the bursting of the bubble, known as the "lost two decades."After the IT bubble burst, the real economy did not suffer a long-term adverse impact.In order to find out the reasons, this paper uses theoretical analysis, empirical analysis and other methods, from the forming factors,From the perspective of relevant policies before and after the bubble burst, this paper makes a systematic comparative study on the formation of different types of bubbles in Japan in the 1980s and in the United States in the 1990s.Through comparison, it is found that a series of policies adopted by Japan before the bubble occurred together with the social background at that time, which induced the economic bubble.At the same time missed a good time to contain the bubble, resulting in the bubble burst.Bubble burst, not in time to deal with bad debts and other serious sequelae.Before the IT bubble, because the economic and financial policies implemented by the Clinton administration solved the existing problems in the American economy and consolidated the economic base.But it also set the root of the IT bubble. After the IT bubble burst, the Fed actively cut interest rates at the right time, preventing the spread of bad effects.So the impact of the bursting of the Japanese bubble was more severe than that of the United States.The content of this paper consists of five chapters.In the first chapter, the concepts of foam and foam economy are defined and discussed, and the research on foam at home and abroad is summarized.The second chapter studies the factors of bubble formation in Japan and the United States.The analysis of the forming factors of Japan's bubble in the late 1980s is mainly carried out from the aspects of financial liberalization, the Plaza Accord, and the means of generating money (speculation).The forming factors of the dotcom stock bubble in the new economic era of the United States are analyzed from the following aspects: the development of IT industry, the optimistic expectation of IT industry and the low interest rate and high stock price of the United States in the 1990s.In the third chapter, the characteristics of bubbles are analyzed, and the different consequences of bubbles in Japan and the United States in the late 20th century and after bubbles burst are studied.Japan plunged into a long recession after the bubble burst, known as the "lost two decades," while America's new economic dotcom bubble had less impact on its economy.That is, their economic adjustment in the bubble burst after the performance of the "L" shape and "V" shape.In the fourth chapter, the relative policies of Japan and the United States before the bubble burst are studied, and these policies are evaluated and compared.Starting with resolving trade frictions with the United States, Japan's policy led to the emergence of a bubble economy step by step, and in 1987, missed the opportunity to contain the bubble, eventually leading to the bubble burst.Under the leadership of the Clinton administration, the United States solved the serious problems of the economy at that time, consolidated the real economic base, but also promoted the arrival of the so-called "new economic era."Secondly, this paper analyzes the relevant policies of Japan and America after the bubble burst, and then evaluates and compares these policies.On the understanding of bubble problem, Japanese policy authorities underestimate the negative impact of bubble collapse on real economy, fail to carry out relevant system reform in time, and lack consistency of policy.And the Fed cut interest rates frequently in time after the bursting of the dotcom bubble, which had obvious effects on preventing recession and promoting economic recovery.Chapter five is the conclusion.
【學(xué)位授予單位】:江西師范大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2017
【分類號(hào)】:F131.3;F49.12
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