内外失衡背景下我国资产价格泡沫的形成机制及其调控

当前中国经济出现了以股市和房地产为载体的资产价格泡沫。文章研究了这一资产价格泡沫的形成机制，得出结论认为其根本原因在于中国经济内外失衡，而由此产生的流动性过剩则是资产价格飙升的直接原因。为避免资产价格泡沫破灭带来的严重后果，作者提出了促进消费实现经济内外均衡、转变投融资体制、完善汇率制度、加强金融监管等宏微观调控建议和措施。

The Forming Mechanism and its Regulation of China Asset Price Bubble under Internal and External Disequilibrium

There appears to be an asset price bubble carried by stock market and real estate in present China economy. This paper makes a research on the forming mechanism of the asset bubble. The conclusion is that internal and external disequilibrium in China economy is the prime reason, while excessive liquidity is the direct reason. To avoid the severe result of the bubble bursting, the paper brings forward the following advice： increase consumption to realize the internal and external equilibrium, enhance investment channels, improve the foreign exchange regime and intensify finance supervision.