论文部分内容阅读
本文结合Allen和Gale提出的基于投资者视角的信贷扩张形成资产泡沫模型,同时考虑影子银行体系杠杆水平以及中介通道费用带来的影响,通过模型推导证实,通过影子银行融资者在较高的风险偏好和财务杠杆情况下,会对资产市场价格起到推高作用。当资产市场价格遭遇冲击发生减值时,影子银行抵押担保体系会形成“减值—抛售—减值”正反馈循环,验证了中国影子银行体系规模变动与资产价格的互动关系。
Based on the credit expansion based on investor perspective proposed by Allen and Gale, this paper forms an asset bubble model, taking into account the leverage of the shadow banking system and the influence of intermediary access fees. The model derives from the evidence that through shadow banking financiers at higher risk In the case of preference and financial leverage, the market price of assets will play a role in pushing up. When the market value of assets is impacted, the shadow banking collateralization system will form a positive feedback cycle of “Impairment - Sell-Impairment”, which verifies the interactive relationship between the scale change of China’s shadow banking system and asset prices.