一、货币政策所面临的新挑战 资产价格膨胀特别是股票资产的价格膨胀是一个世界性的问题,20世纪90年代全球性的股票市场不断上扬,使各主要工业国(除日本)受益匪浅,但也对各国货币当局提出了挑战。股票作为一种权益型资产在经济生活中起着重要的作用,现在一些发达国家的股票市场市值已相当于其GDP的100％以上,我国股票市场的总市值也相当于GDP的 I. New Challenges Facing Monetary Policy Asset price inflation, especially the price inflation of equity assets, is a worldwide problem. The global stock market has been on the rise in the 1990s, benefiting all major industrialized countries (excluding Japan) But it also poses challenges to the monetary authorities of all countries. As an equity asset, stock plays an important role in economic life. Nowadays in some developed countries, the market value of the stock market is equivalent to more than 100% of its GDP. The total market capitalization of China’s stock market is also equivalent to GDP