资产价格泡沫研究综述

A Summary of the Studies on Asset Price Bubbles

从20世纪50年代以来,人们对泡沫概念的认识逐步深入,不断有新的泡沫检验方法被提出。从目前金融学的最新进展看,行为金融学和实验金融正在从理论和实践检验两个方面成为研究金融泡沫的有力手段。虽然行为金融学的理论正在发展之中,尚未形成完整科学的理论体系,但其对现实金融市场的解释性,却得到了广泛的认同。从对金融泡沫的检验方法上,已有的研究基本上都是采用经济计量学方法,而实验经济学为研究金融市场泡沫提供了新的范式。

Since the 1950s, scholars concerned have had a better understanding of the concept of bubbles and constantly new approa- ches have emerged. In the latest studies on finance, behavioral finance and experimental finance have become good approaches either in theory or in practice. Though the theory of behavioral finance is still under development, it has been universally acknowledged that its interpretation of the actual financial market holds water. As for the evaluation of the financial bubbles, the existing research methods are based on economic metrology while experimental economics has provided a new model for the study of financial market bubbles.