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关于资产泡沫与经济增长之间的关系研究大体上可以分为三个阶段,本文将第三个阶段归之为 BAKG 的分析框架。其基本结论是,资产泡沫的存在降低了长期的经济增长。然而,最新的研究对此范式提出了挑战,其中,最为重要的观点是,将资产泡沫区分为权益性资产泡沫和非权益性资产泡沫,并指出前者是促进经济增长的,而后者则是抑制经济增长的。
On the relationship between asset bubbles and economic growth can be roughly divided into three stages, this paper will be classified as the third stage BAKG analysis framework. The basic conclusion is that the existence of an asset bubble reduces long-term economic growth. However, the latest research challenges this paradigm. The most important point is that asset bubble is divided into equity asset bubble and non-equity asset bubble. It points out that the former is to promote economic growth while the latter is to restrain Economic growth.