资产价格泡沫与信用扩张

资产价格的急剧波动在经济史上反复出现,经常引发金融危机;从历史案例看,资产价格泡沫与信用扩张具有高度的相关性;基于理性假设的传统套利均衡“泡沫”模型存在内在缺陷。将借贷投资引入资产价格泡沫形成机制有助于说明资产价格与信用扩张的关系。

Asset prices steep fluctuation repeated in economic history, which frequently induced financial crises. Stylized facts from bubble cases show close relation between bubble and credit expansion, while traditional finance theory based on rational expectation and arbitrage equilibrium failed in providing a reasonable answer. An important new research direction is to introduce credit expansion to the model to analysis the risk shifting issue in asset prices formation. For countries in the process of financial reforming, relevant institutional arrangement should be made in advance with the understanding of the relationship between bubble and credit expansion.