摘要
自2008年全球金融危机以来,资产泡沫引发了学术界和政策制定者的高度关注。资产泡沫不仅是国内外宏观金融领域的前沿学术课题之一,还是中国经济发展面临的重要现实议题。本文全面梳理了资产泡沫相关前沿文献,讨论各种资产泡沫理论模型,厘清了资产泡沫的形成机制与宏观影响。本文还逐步深入现实问题和政策应用过程,综合比较资产泡沫的识别以及房地产、股票、债券3类重要资产泡沫的形成原因与特征,分析资产泡沫与宏观波动、经济增长及金融风险的关系,并探讨相应的政策应对。
Since the 2008 global financial crisis,asset bubbles have garnered significant attention from academic researchers and policymakers.Not only are they an academic frontier in macro-finance,but they also constitute a critical challenge for China’s economic development.This paper conducts an extensive review of the latest literature on asset bubbles,summarising the theoretical frameworks and elucidating their origins and macroeconomic implications.We also investigate practical problems and policy implementation issues,offering a comprehensive comparison of the identification of asset bubbles,as well as the genesis and characteristics of three major asset bubbles:housing,equity,and bond bubbles.Moreover,we explore the interplay between asset bubbles,macroeconomic fluctuations,economic growth,and financial risk,discussing corresponding policy responses.
作者
陆毅
董丰
王思卿
孙浩宁
Lu Yi;Dong Feng;Wang Siqing;Sun Haoning
出处
《世界经济》
北大核心
2024年第2期93-125,共33页
The Journal of World Economy
基金
国家自然科学基金项目(72122011、72250064)
清华大学自主科研计划(2023THZWJC03)的资助。
关键词
资产泡沫
宏观波动
经济增长
金融风险
政策应对
asset bubbles
macroeconomic fluctuations
economic growth
financial risk
policy responses
