对实体经济与虚拟资产回报率关系的研究综述

实体经济和虚拟资产之间回报率关系具有深刻的经济学含义和政策意义。对于实体经济和虚拟资产回报率之间的显著偏离，研究认为，虚拟资产的膨胀根植于实体经济的周期性萧条。然而，对虚拟资产价值的信心仍是建立在其随时可以转换为物质财富基础之上的。货币政策应该充分关注相关的资产价格，应努力研究金融发展和经济回报率偏离的关键因素。

A research on the relationship between the real economic return and virtual asset return

The relationship between the returns of the real economy and virtual assets carries profound economic implication and policy significance. With respect to the significant deviation of the returns between the real economy and virtual assets, the research suggests that the inflation of virtual assets is rooted in the cyclic depression of the real economy. However, the confidence in the value of virtual assets is established on the basis that such assets can be transformed into material wealth at any time. Monetary policy should pay full attention to the prices of relevant assets. The key factors leading to the deviation of financial development from economic return should be well studied.