机构地区: 中山大学岭南学院
出 处: 《亚太经济》 2010年第6期66-71,共6页
摘 要: 20世纪80年代初,伴随着日元升值的日本资本市场开放,虽然在初期给日本金融市场带来了空前繁荣,但并没有从根本上提升日本的国际金融地位,最终以日本经济泡沫的破灭而宣告失败。通过协整检验和格兰杰因果检验发现,日元升值是造成日本货币供应量增加的主要原因,并从日元升值以及日本金融市场存在的问题出发,分析日本资本市场开放失败的原因,为中国资本市场开放提供一些参考。 Opening Japanese capital market made Japan prosperous never before with Yen appreciation, but it didn't really make Japan improve its international financial position during 1980 ' s, and at last failed with economic bubble burst. The paper discovers the cause for money supply increase in Japan was Yen appreciation by conintegration test and granger causality test. And analyse the cause of the failure for Japanese capital market opening by Yen appreciation and the problems of the financial market.
关 键 词: 日本资本市场开放 日元升值 日本金融市场 格兰杰因果检验
领 域: [经济管理]