资产泡沫周期循环机理、演进路径与最优货币政策  

The Mechanism of Asset Bubbles Cycle,Evolutional Path and Optimal Monetary Policy

作　　者：吴青[1] 杨世伟[1] 李锦成[2] 

机构地区：[1]对外经济贸易大学国际经济贸易学院 [2]中国社会科学院数量经济与技术经济研究所

出　　处：《吉林大学社会科学学报》2014年第3期38-47,172,共10页Jilin University Journal Social Sciences Edition

基　　金：国家自然科学基金项目(71303044)

摘　　要：2013年我国广义货币存量(M2)突破百万亿,接近全球货币供应总量的1/4,规模过大的货币量给金融体系带来压力的同时也容易催生资产泡沫。面对这种形势,通过对资产泡沫循环周期的考察,探讨了泡沫形成的深层次原因和扩大的机理以及泡沫破灭的诱因和影响,研究了近年来中国资产泡沫的现状。在此基础上,根据利率和货币供应量目标提出了应对资产泡沫的最优货币政策,为约束资产泡沫的发展并促进其消退提供有益的借鉴。China's broad money stock has broken through hundred trillions,closed to one fourth of the global supply in 2013. The large amount of money supplies has brought pressures to the financial system and also easily led to asset bubbles. This paper investigates the asset bubble cycles for the past few years,explores the deep-seated causes of the foam formation and expansion mechanism to deal w ith the situation. Moreover,this paper also studies the present situation of Chinese asset bubbles and the factors leading to the bubble bursts. On the basis of the interest rate and money supply,w e put forw ard some optimal monetary policy suggestions to deal w ith asset bubbles,so as to stimulate valuable advices on the restrain of the development of asset bubbles.

关 键 词：资产泡沫 信用扩张 泰勒规则 宏观审慎监管 

分 类 号：F832.5[经济管理—金融学] F822.5