中央银行为何不能挤破泡沫

Why Central Bank Cannot Burst Bubbles

资产价格泡沫一般源自"非理性繁荣"、技术进步和金融自由化等因素,货币条件与泡沫上涨之间的联系十分微弱,因此,中央银行不必也不可能通过紧缩货币来挤破泡沫。急剧收紧银根对经济的负面影响可能大于泡沫破裂,还可能增加银行体系的脆弱性并弱化金融监管。泡沫破裂的成本主要取决于金融结构,因而应从加强金融监管的角度减弱泡沫破裂的冲击。

Asset price bubbles are generally from the ＂irrational booming＂, technological progress and financial liberal- ization etc. Monetary conditions and bubbles are weakly linked. So the central banks don＇t have to and can not burst bubbles through tightening monetary. The negative economic effect of tightening monetary may be greater than the bubble burst, and also may increase the vulnerability of the banking system and weaken financial regulation. The cost of bubble burst is mainly depended on financial structure, and therefore should weaken the impact of the bubble burst from the financial regulatory point of view.