资产泡沫与经济增长之间关系的实证研究

An Empirical Study on the Relationship of Asset Bubbles and the Economy Growth

将资产泡沫分为生产性资产泡沫和非生产性资产泡沫,前者是促进经济增长的,而后者是抑制经济增长的。在现实中,生产性资产泡沫表现为股市泡沫,非生产性资产泡沫表现为房地产泡沫。分别以美国和日本为例进行了实证研究,并得到了支持其结论的结果。

In the paper of liuxian （2007）, the asset bubbles were classified into two different kinds, the productive asset bubbles and the non-productive asset bubbles. Respectively, the first one is mainly reflected as the stock bubbles, which can improve the economy growth, and the second one is mainly reflected as the real estate bubbles, which would reduce the economy growth. In this paper we would give an empirical study on this conclusion, and try to obtain some evidence which can substantiate this conclusion.