预算软约束与资产价格理性泡沫
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财经研究 2009 年 第 35 卷第 06 期, 页码：43 - 52
摘要
参考文献
摘要
文章将预算软约束引入资产价格理性泡沫的分析之中,在给出一个预算软约束情形下资产均衡价格决定模型的基础上,得出了资产价格理性泡沫的表达式。模型分析表明,当存在预算软约束时风险资产的理性泡沫为正;同时,风险资产对应企业面临的预算软约束越大,该风险资产价格中的理性泡沫越大。
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[3]闵宗陶,窦玉明,徐涛.信贷市场与资本市场的互动及其对危机性泡沫的影响[J].金融研究,2006,(6):53-60.
[4]瞿强.资产价格泡沫与信用扩张[J].金融研究,2005,(3):50-58.
[5]杨晓兰,金雪军.资金约束放松与证券市场泡沫:一个实验检验[J].世界经济,2006,(6):84-95.
[6]吴卫星,汪勇祥,梁衡义.过度自信、有限参与和资产价格泡沫[J].经济研究,2006,(4):115-127.
[7]张艳.我国证券市场泡沫形成机制研究[J].管理世界,2005,(10):34-40.
[8]周春生,杨云红.中国股市的理性泡沫[J].经济研究,2002,(7):33-40.
[9]Abreu Dilip,Markus K Brunnermeier.Bubbles and crashes[J].Econometrica,2003,71:173-204.
[10]Banz,Rolf W.The relationship between return and market value of common stocks[J].Journal of Financial Economics,1981,9:3-18.
[11]Diba B T,Grossman,HI.The theory of rational bubbles in stock prices[J].The Eco-nomic Journal,1988,98:746-754.
[12]Kornai J.Resource-constrained versus demand-constrained systems[J].Econometrica,1979,47:801-819.
[13]Kornai,J Eric Maskin,Grard Roland.Understanding the soft budget constraint[J].Journal of Economic Literature,2003,41:1095-1136.
[14]Scheinkman J A,Wei Xiong.Overconfidence and speculative bubbles[J].Journal of Political Economy,2003,111:1183-1219.
[15]Tirole J.On the possibility of speculation under rational expectations[J].Econome-trica,1982,50:1163-1182.
[16]Tirole J.Asset bubbles and overlapping generations[J].Econometrica,1985,53:1499-1582.
[17]Weil P.Confidence and the real value of money in an overlapping generations economy[J].Quarterly Journal of Economics,1987,102:1-22.
引用本文
李广子, 李玲. 预算软约束与资产价格理性泡沫[J]. 财经研究, 2009, 35(6): 43–52.
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