摘要
基于市场微观参与主体和基于货币/信用是研究资产泡沫演化的两大分析范式,但其并未对泡沫演化的源动力做出明确解答。鉴于此,本文从经济增长约束的周期性转变视角对资产泡沫演化动力机制问题进行系统性分析。伴随经济周期性波动,融资约束、实体经济约束和需求约束交替放松与收紧,为资产泡沫的生成、膨胀和破灭提供其所必备的条件。资产泡沫本质上是经济增长过程中不断解除增长约束所产生的货币现象。制度差异使中国资产泡沫缘起具有其特殊性,但基于增长约束的分析框架亦可用于解释中国资产泡沫演化。
The study of asset bubbles based on speculator paradigm and on money/credit paradigm cannot clearly explain the dynamics of bubbles.From the dimension of cyclical changes of economic growth constraints,the paper systematically analyzes the evolution dynamics of asset bubbles.Alternating relaxation and tightening of financial constraints,real economic constraints and demand constraints accompanying with economic growth and economic cycle provide the necessary conditions for the formation,expansion and burst of asset bubbles.This indicates that asset bubble is not only a monetary phenomenon but also a question arising from cyclical constraints in the process of economic growth.The framework based on growth constraint also applies to the dynamics of Chinese asset bubbles with the existence of institutional deficiencies.
出处
《金融评论》
2011年第6期78-91,125,共14页
Chinese Review of Financial Studies
关键词
资产泡沫
增长约束
融资约束
演化动力
Asset Bubble
Growth Constraints
Financial Constraints
Evolution Dynamics
