CAJ | 학술논문

本文通过分析日本货币政策应对房地产泡沫的教训、比较中日两国针对房地产泡沫决策的宏观经济指标以及货币政策不作为的宏观经济影响，得出以下结论：中日两国房地产泡沫的形成具有相似背景，当前中国的宏观经济指标也呈现出与日本资产泡沫形成期类似的特征。考虑到两国银行体系在房地产融资中的相似地位以及同样较高的房地产家庭财富占比，中国在货币政策的应对方面应该紧缩货币以挤压泡沫。
본문통과분석일본화폐정책응대방지산포말적교훈、비교중일량국침대방지산포말결책적굉관경제지표이급화폐정책불작위적굉관경제영향，득출이하결론：중일량국방지산포말적형성구유상사배경，당전중국적굉관경제지표야정현출여일본자산포말형성기유사적특정。고필도량국은행체계재방지산융자중적상사지위이급동양교고적방지산가정재부점비，중국재화폐정책적응대방면응해긴축화폐이제압포말。
In this paper we analyze Japan＇s experience and lessons of how should monetary policy respond to real estate price bubbles. Then we make a comparison between China and Japan＇s economic indices during bubble period and discuss the negative effects of central bank＇s disrespondence to bubbles. We draw a conclusion that a） real estate price bubbles of the two countries formed under similar conditions, b） China＇s economic indices show analogous characters as that of Japan＇s in its bubble emerging and developing period, c） banking system＇s high status in real estate financing and high ratio of real estate assets in family wealth are in common in the two countries, d） China＂ central bank should conduct monetary tightening policy to squeeze the bubble.