资产价格泡沫——如何才能有效应对?

The Case for a Harmonized Response to Asset Bubbles

在资产泡沫的形成过程中,银行体系的过度信贷扮演了极为重要的角色,那么,监管机构究竟应采取什么样的政策措施来有效应对资产泡沫?有效的监管措施需要达成哪些目标?虽然当前监管层已经实施了许多应对资产泡沫的政策措施,但仍有许多前沿性、革命性的政策工具未被使用。

Excess credit from the banking system plays a key role in creating asset bubbles. In this paper, we explore how regulatory policy might respond to these bubbles and what goals should be reached through effective regulatory measures. Policymakers have implemented some regulatory policies, but there are still many cutting-edge, revolutionary policy tools that are not being used.