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上海大学学报(社会科学版)

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现代金融经济中的经济泡沫分析

刘玉平   

  1. 上海金融学院教务处, 上海 201209
  • 收稿日期:2006-04-21 修回日期:1900-01-01 出版日期:2007-07-15 发布日期:2007-07-15

An Analysis of Bubbles in Modern Financial Economy

LIU Yu-ping   

  1. Shanghai College of Finance, Shanghai 201209, China
  • Received:2006-04-21 Revised:1900-01-01 Online:2007-07-15 Published:2007-07-15

摘要： 现代经济泡沫的复杂性，不仅体现在金融资产的独立运行规律上，而且体现在金融系统的内在脆弱性上。认识中国经济金融化进程中泡沫问题的一个基本思路是，金融资产交易所形成的泡沫对经济运行是有意义的，但是，如果增大的交易量已经不代表实体经济交易的需求，就会成为一种纯粹的虚拟活动而形成泡沫。总体上看，目前中国的房地产市场和股票市场并没有显示出泡沫的特征，然而，它们与金融系统的关系却需要引起高度关注。

关键词: 金融经济, 资产价格, 经济泡沫

Abstract: The complexity of modern economic bubbles displays itself not only in the independent running of financial assets, but also in the inherent fragility of financial system. Usually a basic consideration about bubbles in the Chinese development of modern financial economy is that proper bubbles in financial assets trade will benefit economic running. However, if enlarged trade amount doesn’t account for the actual requirement of economic trade, it becomes pure subjunctive activity, and thus harmful bubbles appear. Considering totally, in China, there are no signs that indicate the harmful bubbles both in real estate markets and in stock markets. But the relation between them and financial systems must be paid more attention to.

Key words: capital price, economic bubble, financial economics

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