资产价格、货币政策调控目标与金融稳定研究——一个理论研究述评  

Comprehensive Review on Asset Prices,Adjustment Objectives of Monetary Policy and Financial Stability

作　　者：王劲松[1,2] 韩克勇[3] 

机构地区：[1]中北大学,山西太原030051 [2]上海财经大学,上海200433 [3]山西省社会科学院,山西太原030006

出　　处：《兰州商学院学报》2010年第3期63-69,共7页Journal of Lanzhou Commercial College

摘　　要：理论界认为,股票等资产价格波动会通过"负债—通货紧缩"、"资产价格—债务危机周期"引发银行危机乃至金融危机;金融自由化是造成"资产价格—债务危机周期"的外部原因;银行缺乏监督、银行与借款者信息不对称等是造成"资产价格—债务危机周期"的内部原因。关于金融稳定与货币政策调控目标之间的关系,理论界形成两种观点:一种观点认为,金融稳定与货币政策调控目标之间没有矛盾,或从长期看二者是相互加强的,甚至有的学者认为,货币当局可以通过"弹性通货膨胀目标"把二者统一起来;另一种观点认为,金融稳定与货币政策调控目标是相冲突的,货币稳定与金融不稳定可能同时存在,币值稳定可能诱发金融不稳定。The theoretical group thinks that the fluctuation of asset prices,such as stock price etc.,would induce banking crises,even financial crises through ＂Debt-Deflation＂ and ＂Asset Prices-Debt Crises Cycle＂;and financial liberalization is the outer reason arising ＂Asset Prices-Debt Crises Cycle＂;and banks＇ absence of supervision and information asymmetry between banks and lenders is the inner reasons of it.About the relations between financial stability and adjustment objectives of monetary policy,the theoretical group forms two points： one thinks that there are no contradictions between them,or from long-term view they are mutual enforcement,and even some researchers think that monetary authorities can unit them through ＂flexible inflation objective＂;the other thinks that financial stability and adjustment objectives of monetary policy are inconsistent,and monetary stability and financial instability can exist simultaneously,and monetary stability can induce financial instability.

关 键 词：股票价格 货币政策调控目标 金融稳定 

分 类 号：F82[经济管理—财政学]