资产泡沫能消除经济动态无效吗——基于AMSZ准则扩展与中国数据的检验

Can Asset Bubbles Eliminate Economy's Dynamic Inefficiency:Test Based on The Expansion of AMSZ Criterion and China's Data

在经济运行动态无效的情况下,通过引入资产泡沫可以使得经济趋于动态有效。这就为控制资产泡沫带来一种困扰。本文在"AMSZ准则"扩展的基础上,用中国1985～2007年的数据做出检验,得出自1990年以来中国经济动态无效的结论,并进一步分析引入资产泡沫消除经济动态无效的不可取;在提高劳动收入的基础上扩大消费需求才是正道。

In the case of dynamic inefficiency,economy can be improved through introducing asset bubbles. It brings a kind of interference on the control of asset bubbles. This article expands the 'AMSZ criterion' to analyze the dynamic efficiency of China economy and draws the main conclusion that the economic operation in China has been in a state of dynamic inefficiency from 1985 to 2007. However,it is undesirable to eliminate economic dynamic inefficiency by introducing bubbles. The right policy is to expand consumption demand on the basis of improving labor income.