经济泡沫与泡沫经济——一个基于金融经济学的考察视角

Bubble in Financial Economy and the Bubble Economy ——Investigation Angle of View Based on Financial Economics

随着货币经济向金融经济的发展 ,现代泡沫经济有着不同于早期泡沫经济的许多新特点。从理论上看 ,金融资产的交易内含经济泡沫 ,但经济泡沫不等于泡沫经济。当代 ,泡沫广泛存在于中国的资本市场、信贷市场和房地产市场中 ,而且与金融资产交易的关系越来越密切。对于这些泡沫 ,需要放在金融经济的运行框架和规则中来认识。

There are a lot of new characteristics in the modern bubble economy which are different from early bubble economy in the development of currency economy to financial economy. Considering theoretically, the economic bubble is implicated in the financial assets trade, but the economic bubble is not equal to the bubble economy .At contemporary era, the bubble exists in China's capital market, lending market and real estate market extensively. And the relationship between economic bubble and financial asset trade is becoming closer and closer. The consideration of the economic bubble should be put in the function frame and rule of financial economy.