20世纪90年代以来,日本经济多次面临严峻挑战,甚至陷入严重衰退的困境。日本政府频繁使用扩张性财政政策,先后出台了十几轮经济刺激计划,但总体看,日本扩张性财政政策效果有限,并未帮助经济摆脱内需不足、增长乏力的局面。认真分析日本扩张性财政政策“屡战屡败”的原因, Since the 90s of the 20th century, the Japanese economy has faced many severe challenges on many occasions and has even plunged into a serious recession. The Japanese government has frequently used the expansionary fiscal policy and successively issued more than a dozen rounds of economic stimulus plans. However, on the whole, the limited effect of Japan’s expansionary fiscal policy has not helped the economy to get rid of the problem of insufficient domestic demand and sluggish growth. A careful analysis of the reasons for Japan’s expansionary fiscal policy, “repeated defeats”