论文部分内容阅读
人民币汇改至今,人民币一直以缓慢的速度持续升值。到2009年12月为止,美元对人民币的汇率为6.8282,在人民币寻求均衡汇率的过程中,人民币升值的预期被外界投机者不断放大。再加上美国金融危机之后,国际金融市场持续低迷,我国的资本市场无疑成了国际热钱的“避风港”。这使我想到了上个世纪80年代中期,由于大量国际游资涌入而造成的日本那场空前的房地产泡沫。那么,房地产泡沫的成因有哪些?大量国际热钱的流入又是如何催生房地产泡沫的呢?下面本文就上述问题,进行初步的探讨。
RMB exchange rate reform so far, the RMB has been sustained at a slow pace of appreciation. As of December 2009, the exchange rate of the U.S. dollar against the RMB is 6.8282. Expectations of a RMB appreciation are continuously magnified by outside speculators in the process of seeking a balanced exchange rate of RMB. Coupled with the financial crisis in the United States, the international financial markets continued to slump. Our capital market has undoubtedly become a “safe haven” for international hot money. This reminds me of the unprecedented real estate bubble in Japan in the mid-1980s as a result of the influx of large amounts of international hot money. So, what are the causes of the real estate bubble? A large number of international hot money inflows is how to give birth to the real estate bubble? The following article on the above issues, a preliminary discussion.