上海金融
上海金融
상해금융
Shanghai Finance
2008年
1期
31~35
,共null页
金融资产危机 FM-IS-LM一般均衡模型
金融資產危機 FM-IS-LM一般均衡模型
금융자산위궤 FM-IS-LM일반균형모형
Financial Asset Crisis; FM-IS-LM General Equilibrium Model
随着金融资产总量的迅速增长,金融资产价格变化对宏观经济的影响日益上升。本文在传统宏观经济理论的基础上,将可交易金融资产置入宏观经济模型之中,建立了FM-IS-LM一般均衡模型,并以此模型对金融资产膨胀、金融资产危机进行了系统化的讨论。这一研究的最重要价值在于把握金融资产膨胀、金融资产危机和实体经济波动的内在联系,提高宏观经济政策的完备性和有效性,避免金融危机在中国再现。
隨著金融資產總量的迅速增長,金融資產價格變化對宏觀經濟的影響日益上升。本文在傳統宏觀經濟理論的基礎上,將可交易金融資產置入宏觀經濟模型之中,建立瞭FM-IS-LM一般均衡模型,併以此模型對金融資產膨脹、金融資產危機進行瞭繫統化的討論。這一研究的最重要價值在于把握金融資產膨脹、金融資產危機和實體經濟波動的內在聯繫,提高宏觀經濟政策的完備性和有效性,避免金融危機在中國再現。
수착금융자산총량적신속증장,금융자산개격변화대굉관경제적영향일익상승。본문재전통굉관경제이론적기출상,장가교역금융자산치입굉관경제모형지중,건립료FM-IS-LM일반균형모형,병이차모형대금융자산팽창、금융자산위궤진행료계통화적토론。저일연구적최중요개치재우파악금융자산팽창、금융자산위궤화실체경제파동적내재련계,제고굉관경제정책적완비성화유효성,피면금융위궤재중국재현。
As the scale of financial asset expands rapidly, the influence of financial asset price fluctuation on macro-economy becomes more and more substantial. Based on traditional economic theories, the article introduces tradable financial assets into traditional macroeconomic model and establishes a new FM-IS-LM general equilibrium model. Taking the FM-IS-LM model as analyzing framework, the article holds a systematic discussion on financial asset inflation, financial asset crisis, real economy inflation and real economy deflation. The conclusion is that the above four different phenomena are in fact correlated and share the same cause. Therefore, grasping the intrinsic links among financial asset inflation, financial asset crisis and the real business cycle will significantly improve the efficiency of macro-economy policy-making process.