资产价格波动与金融稳定研究述评

资产价格波动与金融稳定的关系，一直是学术界研究的热点问题。近年来的研究认为资产价格波动与银行信贷的相互作用加强，进而日趋影响金融稳定；资产价格波动直接影响银行资本金和金融机构经营环境从而影响金融稳定；理论研究日益强调信息不对称以及“委托一代理”问题在资产价格波动影响金融稳定过程中的重要性。同时，大部份的实证研究都支持了资产价格波动对金融稳定具有重要影响的观点。一些学者就如何应对资产价格波动从而保持金融稳定的问题提出了针对性的建议。

Review on the Relationship between Asset Prices Volatility and Financial Stabilization

Asset price volatility and financial stability has been a hot issue in academic circles. In this paper, the new pro- gress in the areas of research are summarized. In recent years, the field of theoretical research focused on the interaction be- tween asset price volatility and bank credit, thereby this interaction influence financial stability; asset price volatility directly impact on the banking capital, then damage the financial stability; and others article stress information asymmetry, ＂principal- agent＂ problem is the important issue of asset price influencing on financial stability. At the same time, the majority of empiri- cal studies support this Conclusion that asset price volatility have a major impact on the financial stability. Some scholars put forward their views on how to deal with asset price volatility so as to maintain financial stabilization.