论文部分内容阅读
1、现代泡沫经济容易造成投资结构失衡,经济畸形发展 现代泡沫经济主要发生在有价证券、金融衍生产品交易、房地产等行业。这些行业虽然风险高,但容易获取暴利,所以大量的社会资本都流入这些行业,甚至大量的生产经营资本在高额利润的引诱下也转移到这些行业中来,造成社会投资结构失衡,产业空心化,金融证券、房地产等行业畸形发展,虚拟经济迅速膨胀,从而破坏了国民经济部门结构的平衡,危及国民经济的协调、稳定发展。 2、现代泡沫经济会恶化金融资产的质量、诱发金融危机 现代泡沫经济的形成是与金融放松密不可分的。由于金融放松,使得大量的信贷资金流入股市、汇市、楼市等,从而将股市、汇市、楼市炒高,吸引更多的资金流入其中。投机者又用手中的股票、房地产证等向金融机构抵押贷款,投入股市、楼市、汇市等,使得经济泡沫不断膨胀,金融资产的风险越来越高,一旦现代泡沫经济破灭,股市、楼市、汇市大跌,巨额的不良债权就会凸现出来,引发金融危机。日本和泰国就是典型的例子。80年代中期日本放松金融管制,大量的信贷资金涌人股市、房地产市场,使得日经平均指数从1986年初的13000日元猛升至1989年末的39000日元,同期东京、大阪、京都等六大城市商用地价指数也从200点猛升至521点,股票市值从相当于日本G
1, the modern bubble economy can easily lead to an imbalanced investment structure and an abnormal economic development. The modern bubble economy mainly occurs in securities, derivatives transactions, real estate and other industries. Although these industries are highly risky, they are easily rewarded with huge profits. Therefore, a large amount of social capital flows into these industries. Even a large amount of production and operation capital are also transferred to these industries under the temptation of high profits, resulting in an unbalanced social investment structure and a hollow industry The abnormal development of industries such as financial securities and real estate, the rapid expansion of the fictitious economy has undermined the balance of the structure of the national economy and endangered the coordination and stable development of the national economy. 2. The modern bubble economy will worsen the quality of financial assets and induce the financial crisis. The formation of the modern bubble economy is inextricably linked with the financial easing. As a result of the financial easing, a large amount of credit funds have flowed into the stock market, foreign exchange market and the property market, thereby boosting the stock market, foreign exchange market and the property market to attract more capital inflows. Speculators use their stocks, real estate certificates and other mortgage loans to financial institutions to invest in the stock market, the property market and the foreign exchange market. As a result, the economic bubble is constantly expanding and the risk of financial assets is getting higher and higher. Once the modern bubble economy is shattered, the stock market, property market, Foreign exchange market plunged, a huge amount of bad debt will emerge, triggering the financial crisis. Japan and Thailand are typical examples. In the mid-1980s, Japan relaxed its financial controls, and a large amount of credit funds poured into the stock market and real estate market. As a result, the Nikkei average index soared from 13,000 yen in early 1986 to 39,000 yen in late 1989. Over the same period, Tokyo, Osaka and Kyoto The city commercial land price index soared from 200 to 521, the stock market value from the equivalent of Japan G