摘要
回顾分析1929年大崩盘、1980年代末日本的资产价格泡沫以及2008年美国次贷危机,发现每次资产价格泡沫过度膨胀都伴随着大规模的信用扩张,而信用急速扩张的背后,则是长期繁荣所形成的大众乐观预期。这意味着,宏观金融调控必须进行反周期操作,以降低实体经济、信贷投放与资产价格波动的同周期性所引发的泡沫风险。
Reviewing the big crash in 1929,the Japanese asset price bubble in 1980＇s,and the US subprime crisis in 2008,we find that credit expansion resulted in asset price boom,and the optimistic expectations based on the long-term prosperity are the main reason of credit expansion.In order to reduce the risk of bubble caused by the pro-cycle among real economy,credit supply and asset price fluctuation,we should operate macro financial regulation counter-cyclically.
出处
《财经理论研究》
2013年第6期22-26,共5页
Journal of Finance and Economics Theory
基金
山东省自然科学基金项目(ZR2011GL005)
关键词
信用扩张
乐观预期
资产价格泡沫
credit expansion
optimistic expectation
asset price bubble
