资产价格泡沫化与金融危机

Research on Asset Price Bubbling and Financial Crises

本文从文献述评的角度,归纳研究了资产价格与金融危机的特征和相互作用的机理。在金融危机的孕育阶段,金融自由化、经济上升周期、货币政策、国际资本流动和心理等因素导致或助涨资产价格向上运动和泡沫化现象。金融危机通常在局部地区和市场首先触发,并向实体经济蔓延并实现国际传导,在泡沫崩溃和危机传导过程中,流动性枯竭和金融系统的脆弱性发挥了重要作用。最后,本文给出了加强金融体系改革和宏观审慎管理的几点建议。

Based on the literatures, the paper concludes the natures of and relationship between assets prices and financial crises. At the initial phase when financial crises buds, the elements of markets and macro-polices including financial liberalization, economic growth, monetary polices, inflow and outflow of international capitals and expectation, partly or jointly exacerbate the fluctuation and bubbles on asset prices. Both the exhaustion of liquidity and fragility of financial system play the crucial parts, from the very beginning when crisis was triggered by the changes in economic environment, to the stage of spillover towards real economic parts, as well as through international contagion or propagation. The paper is ends up with some advices on macro-prudent supervision and systemic innovations.