随着经济增长和财富积累,房地产、股票等资产成为财富的重要载体。资产价格膨胀及信用扩张能在一定程度上促进经济增长。然而资产价格上涨容易形成“陷阱”或泡沫,破裂时由信用渠道波及实体经济,造成经济波动或萧条。房地产、股票价格泡沫是造成经济波动和当前经济危机的主要原因。政府介入与加强监管是防止泡沫的可行策略。 With economic growth and wealth accumulation, assets such as real estate and stocks have become an important carrier of wealth. Asset price inflation and credit expansion can to some extent promote economic growth. However, asset price increases tend to create “traps” or bubbles that burst into the real economy through credit channels and cause economic fluctuations or depression. Real estate, stock price bubbles are the main cause of economic fluctuations and the current economic crisis. Government intervention and strengthening supervision are feasible strategies to prevent bubbles.