摘要
对资产价格的反应,要从其对总体流动性的涨缩角度进行分析。对资产价格是否做出事前反应,要根据是否存在流动性"三失"(总量失度、结构失衡、情绪失控)特别是是否存在"流动性螺旋"加剧流动性"三失"情况来判断。对资产价格的事前反应,需将视角转移到融资杠杆以及杠杆融资导致流动性螺旋式扩张机理上来,直接针对引发流动性螺旋的关键因素进行反应。
To analyze the reactions to asset price developments, we need to build relations between asset price and liquidity （including monetary liquidity, financing liquidity and market liquidity） .Proactive reactions to asset price developments may be justified with the conditions of the improper liquidity scale, unbalanced liquidity structure, unanchored investors＂ mood and particularly the so-called ＂liquidity spirals＂ problems. Policymaking should aim at the expansion mechanism of liquidity spirals by focusing on leverage f＇mancing, and reactions should be made to the key factors that cause liquidity spirals.
出处
《国际金融研究》
CSSCI
北大核心
2010年第2期13-25,共13页
Studies of International Finance
