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基于文献综述,本文从资产负债表视角探讨了资本市场价格波动对于实体经济的影响。我们分别讨论了资本市场的价格波动对于家庭、企业和金融部门三部门资产负债表的影响机制,并讨论了经济系统在面对价格冲击时不同部门之间的传染效应。研究发现,家庭部门的财富效应、企业部门的信贷摩擦,以及金融机构部门的顺周期性和网络效应,都是资产价格波动影响实体经济的传导途径,并且它们之间可能会相互加强,最终导致经济周期的转向和金融危机的产生。
Based on the literature review, this paper explores the impact of capital market price volatility on the real economy from the perspective of balance sheet. We discuss the impact of price volatility in capital markets on the balance sheets of the three sectors of the home, business and financial sectors, respectively, and discuss the contagion effects of the economic system between different sectors in the face of price shocks. The study found that the wealth effect in the home sector, the credit frictions in the corporate sector, and the procyclicality and network effects of the financial sector are all ways in which asset price fluctuations affect the real economy and may reinforce each other eventually leading to The turnaround of the business cycle and the emergence of the financial crisis.