国外资产价格泡沫研究评述

A Review of Foreign Studies on Asset Price Bubbles

资产价格泡沫的形成导致系统性金融风险的累积,资产价格泡沫的破灭可能导致金融危机的爆发,一系列严重后果促使经济学家们关注资产价格泡沫问题,也因此涌现出大批富有洞见的相关理论和实证文献。本文遵循资产价格泡沫的定义与分类、其形成机制、检验与测度及资产价格泡沫影响机制的逻辑主线,对国外这些文献进行了梳理与总结,并给出了若干研究资产价格泡沫的分析视角以供参考。

The formation of asset price bubbles has led to the accumulation of systemic financial risks.Their bursting may lead to the outbreak of financial crises.A series of serious consequences have prompted economists to pay attention to the issue of asset price bubbles,and a large number of insightful related theories and empirical literatures have emerged.This article follows the logical line of definition and classification of asset price bub?bles,its formation mechanism,inspection and measurement,and the impact mechanism of asset price bubbles,summarizes foreign literatures and provides perspectives of analysis of asset price bubbles.