流动性过剩与资产价格泡沫——基于中国数据的实证分析

Fluidity overplus and equity price bubble-Demonstrative analysis basing on China data

流动性过剩已经成为我国宏观经济运行中的热点问题。流动性过剩是什么,流动性产生的根源有来自国际的因素,也有国内的因素。流动性过剩严重影响我国的宏观经济运行,推动CPI指数上扬,造成股票市场、房地产市场泡沫。本文通过建立计量经济模型,对流动性过剩与资产价格泡沫之间的相关性进行实证分析,并进一步分析流动性过剩的影响传导机制。

The Phenomenon of excess liquidity has become the focus in China＇s macro-economic system. What is excess liquidity？ The excess liquidity is caused by both international and domestic factors. Excessliquidity is seriously impacting on China＇s macro-econo- my, promoting the CPI index raised up, causing the stock market and real estate market foam. In this paper, we plan to research on the correlation between excess liquidity and asset price bubbles through the establishment of an econometric model, from the perspective of empirical analysis, and then research into the impact of excess liquidity transmission mechanism.