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美国上世纪20年代后期的资产价格膨胀和日本80年代后期的“泡沫经济”对其实体经济造成了长期不利的影响;而美国资产价格90年代的过度上涨所导致的压力从前年已经开始日益显现。自上世纪90年代以来,我国资本市场急剧扩张,特别是股票市场,从而使得货币政策面临全新的挑战,而1999年证券市场的“5·19”行情和2001年的大幅下跌对我国实体经济产生了不容忽视的影响。因此,当前急需探讨有关货币政策、资本市场以及实体经济之间的互动关联关系,具体表现为:其一,资本市场究竟对货币政策有何影响?其二,资本市场如何传导货币政策,从而对实体经济产生影响?
The inflationary asset prices in the United States in the late 1920s and the “bubble economy” in Japan in the late 1980s have had a long-term adverse effect on the real economy; the pressure caused by the excessive rise in asset prices in the United States in the 1990s has become increasingly apparent from the previous year . Since the 1990s, the rapid expansion of China’s capital market, especially the stock market, has made currency policy a new challenge. However, the “5.19” quotation of the stock market in 1999 and the sharp drop in 2001 have led to the real economy in our country The impact can not be ignored. Therefore, there is an urgent need to explore the interactive relationship between monetary policy, capital market and real economy. The concrete manifestations are as follows: Firstly, how does the capital market affect the monetary policy? Second, how does the capital market conduct the monetary policy? Real economy impact?