論股市中投機(jī)泡沫的經(jīng)濟(jì)功能.pdf

1、復(fù)旦大學(xué)碩士學(xué)位論文論股市中投機(jī)泡沫的經(jīng)濟(jì)功能姓名：李慧華申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：國(guó)際貿(mào)易指導(dǎo)教師：黃亞鈞2000.4.1TheFunctionSpeculativeBubblesoftheStockMarkethasontheEconomyAbstractSpeculationse鋤stobethetwinofthestockmarket：itneverfallst0showitsfaceinthestockmarketSeveral

2、globalcollapsingofthestockmarket，suchaStheMississippiBubble，arousedeconomists’interestinspeculativebubblesHowever’mostresearchesinthisrespectdrawtheconclusionthatthenegativeeffectsofspeculativebubblesoutweighitsfavorable

3、effectsRecentlytherehasbeenenormousgrowthinfinancialmarkets11liStrendiSmostevidentintheUnitedStates。Yetnotallofthisgrowth∞nbeexplainedeasilybyfundamentalfactorsSpeculativebubblessecmtobeexpandingSimultaneouslytheeconomyi

4、ntheSlatesisgrowingsteadilyThustheauthortriestoputtheemphasisonthefavorableeffectsofthestockmarketforshebelievesthattheremustbesomecorrelationbetweenthesetwophenomena：speculativebubblesmaydogoodtotheeconomy剛spapertriesto

5、explorethefavorableeffectsoftbespeculativebubblesbyshowingitsfunctioninrelaxingorremovingconstraintsto∞onomicgrowthItconsistsoffivechaptersChapterOneserves嬲theintroductionwhilechaptertwodiSCusSasspeculationThethifdchapte

6、riSthefocusofthispaper：itfastputsforwardthethreemainconstraintstoeconomv“efinanceconstrainttherealconstraintandthedemandconstraintthenitanalyzestherclationshipbetweenspeeulativebubblesandtheseeconomicconstraintsfromatheo

7、reticalrespectChapterfourmakesu∞ofthe”ShifItoDebt”PhenomenoninUScapitalmarkettodiscussftLrthertheconstraintrelaxingfunctionofthespeculativebubblesChapterfivesetsforththeidea”TowardsaSustainableBubbleEconomy”andstressesth

8、eimportanceofconfidenceinmaintainingthiskindofeconomyThou#thispapermainlydiscussesthestockmarketofthedevelopedcountriespartofitstillcanbeofusetoChina：adevelopingcountryTheauthorthinksthat“twonewthings”inthispaperneedsmen

9、tioning：oneistheperspectiveofthispaperwhiletheotheriSwhattheauthordiSCusSeSinChapter3：theconfelationbetweenspeculativebubblesandlowinflationFinallybccauscofthecontrovtrsyofthecontentsdiscussedhereandbP煳lJs@ofthelimitedkn

10、owledgeoftheauthorthemarcdefinitelysomemistakesinthispaper田地authorwillbegratefulifanyonewhoreadsthispapercouldpossiblygivesomeadviceKeywords：FinanceConstraint；RealConstraint；DemandConstraint；FinancialHoardingEconomicInef