rational bubble 的翻译结果

  本文关键词：有效证券市场的理性泡沫与股票内在价值的信息滤波，由笔耕文化传播整理发布。

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rational bubble

     Rational Bubble in Efficient Stock Markets and the Information Filter of Stock Value

     有效证券市场的理性泡沫与股票内在价值的信息滤波

短句来源

     Rational Bubble of China's Stock Market

     中国股市步入理性泡沫阶段

短句来源

     Stock market bubble can be divided into rational bubble and irrational bubble.

     理性泡沫是活跃股市所必需的，而非理性泡沫是由于系统的金融风险以及市场狂热而形成的股市价格的过度膨胀。

短句来源

     The second chapter analyzes stock market's rational bubble and irrational bubble, using model and psychological analysis in this chapter, the author also introduces the common index of testing stock market bubble and analyzes the stock market in china empirically.

     第二部分，，利用数学模型和心理分析等方法对股市理性泡沫和非理性泡沫进行深入分析，介绍检验股市泡沫的常用指标，并对我国股市进行实证分析；

短句来源

     This paper also tests of rational bubbles in several international stock markets including S&P 500 index. Through compare analysis, the result shows that the characters of rational bubble in China stock market conform to the deduction of rational bubbles best and confirm the existence of rational bubbles further.

     本文还对包括标普500指数在内的其它五个世界著名股市进行了理性泡沫的实证检验,并与上证指数的检验结果进行比较分析,发现中国股市的理性泡沫特征最明显,进一步论证并支持了中国股市理性泡沫的存在性。

短句来源

     Tirole(1985)is the classic paper of rational bubble literatures. Under theframework of Diamond’S overlapping generations model,Tirole concluded that whenthe economy iS in the condition 0f Dianmond’S economic inefficency(that iS to say.r<n,the real interest rate is lower than the population growth rate.)

     泰勒尔模型是理性经济泡沫的经典文献,他在交叠世代(OLG)模型的框架下,得出经济处于戴蒙德动态无效(Diamond’s dynamic inefficiency)的状念(r<n,即实际利率小于人口增长率)时,引入泡沫可以吸收多余的投资,使经济重新回到动态有效状态,提高经济效率。

短句来源

     Taken no account of the short hedge and supposed Rational Bubble Boundary, the positive feedback mechanism of Noise trade driven by the security price is theoretically analyzed and proved by DSSW model and Hirshleifer’s results.

     在合理泡沫边界和不考虑做空机制条件下,结合我国证券市场自身的特点,运用DSSW 模型的结论和Hirshleifer 的研究结果,对我国价格驱动型正反馈噪声交易机制进行了模型构建及实证分析。

短句来源

     This paper studies real estate investment decision and rational bubble by an overlapping generation model. Conclusions are as follows. First, expected income and price are two factors for investment.

     本文以两阶段动态优化模型研究了居民的房地产投资决策和泡沫的形成与爆裂,结论如下:第一,预期收入和预期价格是决定房地产投资的基本因素;

短句来源

     The producing conditions,measurement methods and forming reasons of the rational bubble in efficient stock markets were discussed.

     对有效证券市场上理性泡沫的产生条件、度量方法和形成原因进行了分析;

短句来源

     Rational Bubble of China's Stock Market

     中国股市步入理性泡沫阶段

短句来源

     Rational Creation

     理性的浪漫

短句来源

     The "Rational" Modernity

     “理性化”的现代性

短句来源

     Bubble Chamber

     气泡室

短句来源

     Rational Bubble in Efficient Stock Markets and the Information Filter of Stock Value

     有效证券市场的理性泡沫与股票内在价值的信息滤波

短句来源

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  rational bubble

Under a rational bubble house prices can rise independently of expected future fundamentals.

The reason that they do not assume a rational bubble is that the non-stationarity of a rational bubble leads to technical problems in their framework.

The third issue is related to the fact that the rational bubble model implies an explosive path of asset price when a bubble exists.

The most important condition preventing rational bubbles that Tirole unearthed was an asset with a finite life couldn't suffer a rational bubble.

The weak part of the rational bubble theory is in the modelling of the crash.

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We study in this article the existence of bubbles in China's stock market. We argue that the bubbles in this market could be rational and that the following factors might have contributed to the existence of the rational bubbles in asset prices: (1) The strict rules imposed on stock listing; (2) The lack of choices of financial instruments available to investors; (3) The interference of China's government to asset prices; (4) The non existence of short-sale mechanism; (5) The inefficiency...

We study in this article the existence of bubbles in China's stock market. We argue that the bubbles in this market could be rational and that the following factors might have contributed to the existence of the rational bubbles in asset prices: (1) The strict rules imposed on stock listing; (2) The lack of choices of financial instruments available to investors; (3) The interference of China's government to asset prices; (4) The non existence of short-sale mechanism; (5) The inefficiency of arbitrage mechanism; and (6) Low dividend payments to shareholders of China's public companies. Based on our analyses, we make several recommendations on dealing with the bubbles in asset prices.

传统理论通常把证券市场的泡沫与投资者的非理性行为混为一谈。近期的研究却表明在一个完全理性的市场中 ,泡沫依然可以出现。本文首先对我国证券市场存在理性泡沫的可能性提出多种理论解释 ,认为下列原因导致了我国证券市场泡沫的存在 :( 1 )上市审批制 ;( 2 )可供投资的证券种类少 ;( 3 )政府的托市行为 ;( 4)卖空机制的缺乏 ;( 5)套利机制缺乏有效性 ;( 6)上市公司很少分红 ,投资者买卖股票只是为了获得买卖差价。其次 ,我们通过分析所得的结果 ,提出应对理性泡沫的政策措施。

To promote the healthy development of Chinese real asset market,it is very crucial to prevent it from bubbling up.Based on the rationales of rational bubbles,we construct a local RAM equilibrium model and propose the relative conditions for the birth and existence as well as the burst of the rational bubbles.The model provides a simplified and comprehensive explanation on all the effects in forming rational bubbles by the individual's rational expectation,the bank's financing and...

To promote the healthy development of Chinese real asset market,it is very crucial to prevent it from bubbling up.Based on the rationales of rational bubbles,we construct a local RAM equilibrium model and propose the relative conditions for the birth and existence as well as the burst of the rational bubbles.The model provides a simplified and comprehensive explanation on all the effects in forming rational bubbles by the individual's rational expectation,the bank's financing and the government's policies.Meanwhile the model is well consistent with several prominent cases of real asset bubbles in the past.Finally,some proposals are put forward in the macroeconomic perspective.

在目前我国居民消费平淡、投资渠道有限的情况下 ,发展房地产业 ,拉动内需 ,带动经济整体增长显然有着重要的意义 ,但促进地产市场健康发展的同时也要防止房地产过热 ,尤其是要防止出现严重的地产泡沫。本文以这一迫切的现实问题为导向 ,在回顾和借鉴有关经济“泡沫”的基本理论的基础上 ,构造了一个房地产市场的局部均衡模型 ,给出了地产均衡价格中理性泡沫产生和存在的条件 ,以及导致泡沫破灭的相应条件。在理论上我们的模型为行为人预期、银行信贷以及政府政策在地产泡沫形成中的重要作用提供了一个简明、统一的分析框架。模型的基本结论对历史上几次著名的房地产泡沫也有较强的解释力。在理论和实例分析的基础上 ,文章的最后给出了目前我国房地产市场是否存在泡沫的基本判断 ,以及如何进行宏观调控的几点建议。

This paper studies real estate investment decision and rational bubble by an overlapping generation model. Conclusions are as follows. First, expected income and price are two factors for investment. Second, expected income is a random variable which affected by institutional evolution, and hence, over demand and over loan are possible. Third, bubble path is created by interaction between investment and expected price. Finally, the gap between expect and actual income leads to households bankruptcy...

This paper studies real estate investment decision and rational bubble by an overlapping generation model. Conclusions are as follows. First, expected income and price are two factors for investment. Second, expected income is a random variable which affected by institutional evolution, and hence, over demand and over loan are possible. Third, bubble path is created by interaction between investment and expected price. Finally, the gap between expect and actual income leads to households bankruptcy and nonperforming loans of banks.

本文以两阶段动态优化模型研究了居民的房地产投资决策和泡沫的形成与爆裂,结论如下:第一,预期收入和预期价格是决定房地产投资的基本因素;第二,预期收入受体制影响,具有随机变量特征,因而房地产存在超买和超贷可能;第三,房地产泡沫累积和爆裂的过程是理性预期下预期房产价格与即期房产投资交互作用的过程;第四,预期收入与实际收入的偏离将直接导致居民部门破产和银行不良贷款上升。

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  本文关键词：有效证券市场的理性泡沫与股票内在价值的信息滤波，由笔耕文化传播整理发布。