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ID:34132446
大小:6.86 MB
页数:48页
时间:2019-03-03
《中国经济增长与泡沫—资产泡沫在资源配置中的作用》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、AbstractOVerthelast30years,ChinahaSexperiencedarapideconomicgro、Ⅳthandunde唱onethepaniculareconomjc仃ansitionprocess.Inthe1iteratureofresourceallocation,Chinesegro、Vthbenefitsfromtheprocessofreallocationactually.Inamodelwithfinnheterogeneity,thereallocat
2、ionof1aborandc印ital锄ongfimswithdi矗宅rent1eVelofproductiVi吼raisedthetotalproductiVityintheeconomyandpromotedtheeconomicgro、vth.Inthep印erG加w办喈,f妇C向加口,Songef口,(2011)pointedoutthatinthemanufactureindustrMthehigh—productiVityfimswouldoutgrow10w-productiVityo
3、nes,progressiVelydriVingthemoutofthemarket.HoweVer,thismodeldoesnotexplainthesituationaRerfinancialcrisisin2008Thisp印erproposedthatc印italmisallocationisthekeypointtos01VeChinesegro叭hpuzzles.Themisallocationinthecapitalmarketrenectstheflnancialconstrain
4、torcreditconstraintinthefi姗一1eVelproductiVi够.Duetotheconstraim,small-and—mediumente叩rises(SMEs)haVetoraisefundsbybubbles.ThetheoryofCredit—driVenaSsetbubbleswaS6rStbrou曲tforwardbyProf.MiaoandProf.Wang(2013),whichdescribedthepositiVefeedbackIoopmechanis
5、mofbubblesandco叩orate6nancingactiVities1nChinesesituation,ittumsoutthataSsetbubbleisacompositionofc印italmarkets.Thankstothesebubbles,SMEscouldraiseenou曲亿ndsinthe仔agmentedcapitalmarkets,soaStoinVeStthepro矗tableprojectsandtoincreaLsethefimValues.HoweVer,
6、whenthennancialcrisisburstout,theinVestorsbecamepessimisticandloweredtheexpectationofSM匣s,m】edoutthebubblesandweakenedthefinancingabilityofSMEs.Inthattime,thedistonionOfc印italmarketcannotbeignoredanymoreThere‘reaLssetsbubblesinChineseeconomy,proVedbyhi
7、ghlyfluctuatingpricesofstockmarketandhousingmarket.ThemodelwithbubblesprovedthattheinitialaLssetbubb】esrelaxedthe6nancialconstraintofSMEs,stimulatedthegrowingofSMEs,andhencewaShelpfultoeconomicgrowch.Whilegrowingf瓠t,thebubbleswereinalargescaleintheequi
8、libriumstatus,makingthe锄ountofthecapitalstockpercapitamayexceed901den-rulecapitalstock.Itishi曲lypossibleandunpleaLsantthattheeconomywouldbeinthedyn锄ic—ine币ciemstatuseVentuallyIntheend,weputfonvardsomeadVicetomakeupfordeflcienciesinthec印
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