利率扭曲与资产泡沫  

Interest Rate Manipulation and Asset Price Rubble

作　　者：黄鑫[1] 周亚虹[1] 

机构地区：[1]上海财经大学经济学院

出　　处：《国际金融研究》2012年第8期26-37,共12页Studies of International Finance

摘　　要：本文在一般均衡的框架下,分析实际利率被扭曲时资产价格的表现。主要贡献是,为中央银行刻意压低实际利率的政策建模,并分析它对资产价格的含义。我们发现,当中央银行调整货币政策目标、压低实际利率的时候,具有抵押价值的资产,其价格会上升,从而产生资产价格泡沫。利率被扭曲的后果可以表述为,金融体系不可能同时达到以下三个政策目标:持续压低的实际利率、自由的按揭贷款,以及合理的资产价格。This paper establish a model to analyze China＇s monetary policy which deliberately depresses the real interest rate, so that the state-owned-enterprises benefit from it since they are net borrowers in the fund markets. It is found that, with distorted real interest rate, the asset prices increase because those assets can be used as collateral to obtain low cost funds. The conclusion is the financial system can＇t achieve three goals simultaneously： depressed real interest rate, availability of mortgage to asset holders, and reasonable asset prices.

关 键 词：资产价格泡沫 实际利率 预防性储蓄 货币政策目标 

分 类 号：F831[经济管理—金融学]