Page 10 - 銀行家雜誌第83期

Τ࢕ᝈᓃ

所得分配）ٙဲᅇfʔˇਖ਼࢕ ৷อପุʘ೯࢝dவ఻ධΪ९
ɰܵᚃᙆѓږፄ੽ุɛࡰj˙ ΍Νᇕிə஢εପุίʕ਷ɽ
ጳ͊Ўٙږፄ߅Ҧ೯࢝d̙ঐ ௔˸ʿΌଢପঐཀ௵ٙᘌࠠਪ
ਗ਼ԴɽඎତϞږፄุʈЪዚึ ᕚf΂Оପุɓ͇஗ɽ௔ɽɢ

ऊ̰f ೯࢝dேҖϓԶഗཀ௵ٙӨᗭd
˸ɪהࠑމڐಂٙ߅Ҧ޼೯ ܼ̍፻᚛e๩ލe˥إeி୵e
ၾ௴อd֠˶ԑ˸˿ɛࣈኧe ˄ජঐഃf
ɽష౤ʺ͛ପɢٙࠧն׌ҷ
ᜊd˲̙ঐʔл׵ఱุfί̤ ௘ɝ༟ପࠋවڌόʘসৗ
ɓ˙ࠦdΌଢڐ఻ϋɦࠦᑗᘌ
ࠠପঐཀ௵ٙѢᓔfʕ਷ɽ௔ ίცӋ˙ࠦdۆϞ఻ධ˴ࠅ
І੽ 1990 ϋ˾ɽӉԐΣ຾᏶ Ϊ९΍ΝኬߧΌଢცӋɢ༸ٙ
ҷࠧක׳˸Ըdમ՟˜ܔணҳ हࢮfՉʕ௰ࠠࠅ٫݊jږፄ

༟ኬΣ™ٙࣜ৲ዚՓiމəΪ Κዚܝ̘ٙ࿳૖ʷdˏ೯˜༟
Ꮠږፄऎᄟ࿁౻ंʘላᏘd׵ ପࠋවڌόʘসৗ™f
2009 ϋ˲౤̈৷༺ɛ͏࿆ 4 ί ږ ፄ Κ ዚ ۃd ᆄ ߕ ഃ ΋
Ίʩٙܔண˕̈˙ࣩiΎ̋ɪ ආ਷࢕ٙΆุၾ࢕ࢬɽషᑘ
ʕ਷ִ݁ɽɢҧܵ਷ᐄΆุၾ ව ੽ ԫ ҳ ༟（含股票及房

€ྡ 2˚͉ڢږፄΆุ௅ژٙ࠾ಛ̕ GDP ˢଟ

Ĉ Nominal GDP, 4Q Moving Average Ĉ
25 10
CD 3M rate
20 (right scale) 8
Borrowings from Financial Institutions(left scale)
15 Funds raised in Securities Markets(left scale) 6
10 4
5 2

0 0
-5 Debt-financed Balance sheet
bubble recession
(4 years) (16 years) GFC
-10
-15
85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
͉ྡˏІjRichard Koo, ©Surviving in the Intellectually Bankrupt Monetary Policy Environment©,
Nomura Research Institute, August 2016.

10 ̨ᝄვБ࢕ 2016.11 ˜໮