摘要
本文利用相关计算机实验软件,通过设置4组初始资金约束状况不同的实验环境,选取71名实验参与人作为交易者,检验了资金约束状况与证券泡沫的相关关系。实验结果表明,代表市场资金约束状况的流动性价值(初始现金总量与证券数目的比值)与证券价格泡沫存在显著的正向相关关系。对实验中价格泡沫现象的讨论还表明,资金约束放松为交易者非理性情况下价格泡沫的产生和膨胀创造了必要条件。根据实验结论,中央银行在制定金融政策的过程中,必须充分考虑货币供应量以及资本流动对证券市场可能带来的影响。
This paper provides some experimental evidence for the relationship between the level of cash available for investment and the asset bubbles.We design 4 sessions of experiments with varying levels of total cash endow- ment per share (liquidity level).71 participants are involved in those experiments.We find that the liquidity level has a very strong positive influence on the price bubbles during an experiment.This result suggests that under the irrational behavior of traders,the magnitude of the bubble is strongly related to the amount of addi- tional cash.From the perspective of experiments,central bank must take the asset price into account when put- ting forward some relaxed monetary policies.
出处
《世界经济》
CSSCI
北大核心
2006年第6期84-93,共10页
The Journal of World Economy
