综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

By Zhang Chenghui, Research Institute of Finance, Development Research Center of the State Council (DRC)

Research Report No 121, 2014 (Total 4620)

Summary:

Economic transformation has some internal relations with asset bubbles and is likely to cause asset bubbles, especially when policy mistakes are made. In the 1970s, impacted by the First Oil Crisis, Japan entered an economic transformation period with its economy growing from a high-speed rate to a medium and low-speed rate. In order to the tackle recession caused by the yen's fast appreciation, Japan adopted overly loose monetary policies that brought serious real estate bubbles.

Reviewing the generation and burst of Japan's asset bubbles during its economic transformation, we can learn the following lessons: China must abide by objective laws during economic transformation and be prudent to launch various economic stimulation policies in blind optimism. China should also avoid making policy mistakes that give wrong market expectations. In addition, the country needs to strengthen financial supervision in financial reform and reduce and even remove implicit guarantees. Financial institutions need to get rid of blind competition and avoid abusing national credit to prevent risk accumulation and asset bubbles.