从欢腾到落寞：日本经济的黄金时代与衰退历程

日本在1990年代出现资产负债表衰退，企业大量借贷导致泡沫破裂。尽管经济复苏，1997年后受到中国挑战，出现颓势。低利率政策难以刺激非金融部门借贷，资金无法渗透实体经济。货币政策随着经济阶段变化而影响有效性，央行应根据经济阶段选择合适利率标准。财政政策在城镇化阶段有效，但在黄金时代效果有限。如何在不同经济阶段选择合适的货币与财政政策是关键。

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从欢腾到落寞：日本经济的黄金时代与衰退历程

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