中国流动性冲击与资产价格波动

通过对推行改革开放以来我国流动性冲击与资产价格波动的研究发现，我国存在着显著的流动性冲击引致资产价格波动的现象，但不同发展阶段有明显的差异：1991年以前，流动性冲击的产生原因单一，主要来自内部多变的信贷政策，且具有影响对象单一、作用周期偏短和效应发挥存在时滞等特点；1991年以后，流动性冲击的产生原因兼具内生性和外生性，不仅源自内部政策，而且也可能源自外部危机冲击，以股市和房地产市场为代表的虚拟经济体系对于流动性冲击的反应显著快于以物价指数为代表的实体经济体系。

On Liquidity Shock and Assets Price Volatility in China

Based on the research on the liquidity shock and the volatility of assets price since the beginning of reform and opening-up, this of assets price. However, th liquidity shock is changeabl paper finds that there are sufficient ere are clear differences between evidences of liquidity shock result in volatility different periods. Before 1991, the reason of e credit policy, its effect is sole and action period is short. Otherwise, there is time-lag effect. After 1991, the reasons of liquidity shock are inner policies and outsider shocks; the reaction of fictitious economy is much faster than real economy.