本文關(guān)鍵詞： 資產(chǎn)泡沫 經(jīng)濟增長 信用擴張 增長共容　出處：《金融評論》2014年06期 　論文類型：期刊論文

【摘要】：本文將信貸因素引入戴蒙德經(jīng)濟的內(nèi)生增長模型,構(gòu)建了資產(chǎn)泡沫與經(jīng)濟增長的一般性分析框架。信用經(jīng)濟的存在使基于AK模型的內(nèi)生增長分析框架的結(jié)論不再適用,泡沫對實體經(jīng)濟部門投資存在擠出效應(yīng),但信貸約束放松彌補了實體經(jīng)濟投資規(guī)模的下降,從而使技術(shù)進步的作用出現(xiàn)不確定性。資產(chǎn)泡沫與經(jīng)濟增長的共容需滿足以下條件:經(jīng)濟增長率高于資產(chǎn)價格上漲速度;技術(shù)進步和制度變遷對經(jīng)濟增長主導(dǎo)性作用的持續(xù)存在;信貸資金分配使泡沫的投資擠出效應(yīng)小于信貸約束放松產(chǎn)生的積極效應(yīng)。
[Abstract]:This paper introduces credit factors into Diamond's endogenous growth model. The existence of credit economy makes the conclusion of endogenous growth analysis based on AK model no longer applicable, and the bubble has crowding out effect on real economic sector investment. But the loosening of credit constraints makes up for the decline in the size of investment in the real economy. Thus, the role of technological progress is uncertain. The common accommodation of asset bubble and economic growth needs to meet the following conditions: the economic growth rate is higher than the rate of asset price rise; Technological progress and institutional change continue to play a dominant role in economic growth; The investment extrusion effect of the bubble is smaller than the positive effect caused by the loosening of the credit constraint due to the allocation of credit funds.
【作者單位】： 中信銀行總行辦公室;
【分類號】：F831.2;F113
【正文快照】： 資產(chǎn)泡沫生成、膨脹和破滅的全過程往往與所處的經(jīng)濟周期相一致(Eichengreen and Mitch-ener,2003;Malkiel,2010)o“通常來講,這些泡沫難以預(yù)知,并對宏觀經(jīng)濟產(chǎn)生持續(xù)影響。隨著泡沫膨脹’消費、投資和生產(chǎn)力的增長率都趨于上升;而隨著泡沫破裂,這些因素趨于下降或增長停滯”?

【參考文獻】

相關(guān)期刊論文 前5條

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