Asset Prices, Financial and Monetary Stability: Exploring the Nexus
Asset Prices, Financial and Monetary Stability: Exploring the Nexus
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DOI：
10.2139/ssrn.846305
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发表时间：
2002-07
期刊：
影响因子：
--
通讯作者：
C. Borio;Philip W. Lowe
中科院分区：
文献类型：
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作者：
C. Borio;Philip W. Lowe
本文认为，金融失衡可能在低通胀环境中积聚，在某些情况下，政策应对措施是适当的，以遏制这些失衡。虽然事先确定金融失衡可能很困难，但本文提供的经验证据表明，这并非不可能。特别是，信贷持续快速增长加上资产价格大幅上涨，似乎增加了金融不稳定的可能性。本文还认为，虽然低而稳定的通胀促进了金融稳定，但也增加了过度需求压力首先表现在信贷总量和资产价格上的可能性，而不是表现在商品和服务价格上。因此，在某些情况下，对信贷和资产市场的货币反应可能是适当的，以保持金融和货币稳定。
This paper argues that financial imbalances can build up in a low inflation environment and that in some circumstances it is appropriate for policy to respond to contain these imbalances. While identifying financial imbalances ex ante can be difficult, this paper presents empirical evidence that it is not impossible. In particular, sustained rapid credit growth combined with large increases in asset prices appears to increase the probability of an episode of financial instability. The paper also argues that while low and stable inflation promotes financial stability, it also increases the likelihood that excess demand pressures show up first in credit aggregates and asset prices, rather than in goods and services prices. Accordingly, in some situations, a monetary response to credit and asset markets may be appropriate to preserve both financial and monetary stability.