資產(chǎn)價格波動與貨幣政策、金融監(jiān)管.pdf

1、一廠9552zI後旦大學博士學位論文學校代碼：10246學號：021015067資產(chǎn)價格波動與貨幣政策、金融監(jiān)管院系：專業(yè)：姓名：指導教師：完成日期：經(jīng)濟學院世界經(jīng)濟系世界經(jīng)濟余曉東洪文達教授2006年3月1日Abstrac七Inthepast20years，thecenualbankshavemadegreatachievementincontrollingtheinflationofordirIalygoodsandservic∞B

2、ut吶uentflu曲mfionofaasctpricesaswell鸛severalsystemicfinancialcrisisandeconomicdepression∞llsedbythe∞lk甲∞ofassctm缸蛔，haveforcedthecen拄albankstesearchdeeplytheinformationconveyedby1heassetpficefluctuationendtesolveitOntheoth

3、ersidethecenualbanksinmoreandmollcounuiashaveseparatedthedutyoffmancmlsupervisionfzommonetary刪icySinceiti3蛐important喲dizedfact1b砒thegreatflucmadonofassetpric髂isaccompaniedbythefinancialcrisispeoplehavebeguntesearchtheeff

4、ectoffinancialsupervisionincontrollingtheassetpricebubblesandthecooperationoffinancialsupervisionandmonetarypolicywhentheydiscusstherelationshipofass矗pricmandmonetarypolicyWecallthinkofthisproblemintwowaysFirstlyInviewof

5、finalobjectivemoneypolicyshouldstabilizetheprices衄wellastheeconomicgrowthinsomecountriesHoweverthefluctuationofassetpricesmayconulinimportantinformationaboutfutureinflationInadditionassetpficesprobablyareimportantchannel

6、fortheIransmiasionofmonetarypolicythroughthewealtheffectTobinQeffectandbalanceshecteffectwhichinfluenceouqnRandfuturepricesSecondlythecentralbankshavethedutytorealizefinancialstabilityNevertheless，theflucma矗onofaasetpric

7、esiscloselyliul耐with砒p鋤記缸一fu絲mcialcrisis，and曲咒嬲讎thercalizadonoffinancialstabilityAsaresultthecentralbanksshouldtakemeasurestointerveneinthepfi∞fluctuationandprevemtheadverseeffectoftheboombu虹ofthebubblesAnywaythecentralb

8、ankshavethedutytealizepricestabUityandfinancialstabilitybutithasbeenprovedOmtfmancialstabilityisnotthesideproductofpriceslabi|itySo。thecentralbanksandfinaneialsupervisionauthoritiesmustmscaxchtherelationshipofmonetarypol

9、icyfinancialsupervisionandassetpricefluctuationintwowaysThispaperhasmadesufficienttheoreticandempiricalresearchandaIlalyzedtheexperiencesofassetp酊c囂boombustinmanycountriesTheconclusionisthatmonetarypolicyshouldinteIvenei

10、nabnormalassetpricesfluctuationproperlyFurthermore，financialsupervisionshouldreacttoassetpricesinharmonywithmonetarypolicyfortherobustandflexibilityoffinancialsystemKeywords：assetpricefluctuation，monetarypolicyfinancials