中国经济增长与泡沫—资产泡沫在资源配置中的作用

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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