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本文考察了历史上几次典型的“脱实向虚”案例,认为经济“脱实入虚”后的经济运行取决于政策变化。解决“脱实入虚”的最好方式是防止资产价格过度偏离其合理价位,但如果严重的泡沫已经形成,有两个方式可供选择:一是坚决实行宽松的货币政策,防止价格回落幅度过大,或尽快扭转下跌趋势;二是尽快让资产价格回到合理价位,在此之后回归国家主导需求的经济政策,从根本上解决私营部门需求不足的问题。
This article examines several typical cases of “demotion to reality” in the history and holds that the economic operation after the economy is “deconsolidated into reality” depends on the policy changes. The best way to solve the problem of “taking real money into reality” is to prevent the asset price from deviating excessively from its reasonable price. However, if a serious bubble has already been formed, there are two options to choose from: First, resolutely implement a loose monetary policy to prevent the price The rate of decline is too large, or as soon as possible to reverse the downtrend; the second is to return the asset price to a reasonable price as soon as possible, after which it will return to the state-led economic policies and fundamentally solve the problem of insufficient demand in the private sector.