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首页> 外文会议>Proceedings of the 4th Conference on Systems Science, Management Science amp; System Dynamics. >The Mechanism of Credit Uncertainty Triggering Bubbles in Asset Prices
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The Mechanism of Credit Uncertainty Triggering Bubbles in Asset Prices

机译：信用不确定性引发资产价格泡沫的机制

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Intermediary of banks plays an important role in the purchase of assets. The scale and change of loans determine the asset prices. This paper develops the dynamic model of Allen and Gale, analyzes the relationships between uncertainty of credit and bubbles in asset prices from two aspects. One is uncertainty of loan scale; the other is increasing of loan distribution variance. The results shows that the former will lead to the formation of bubbles and the latter will lead to intensified bubbles. This paper makes policy recommendations considering the results of model and actual cases, that are the central bank should take into account of credit uncertainty on the impact of asset prices in the formulation of monetary policy, prevent and resolve banking crisis by reducing uncertainty.
机译：银行的中介机构在资产购买中起着重要作用。贷款的规模和变化决定了资产价格。本文建立了Allen和Gale的动态模型，从两个方面分析了信贷不确定性与资产价格泡沫之间的关系。一是贷款规模不确定。二是贷款分配差异增加。结果表明，前者将导致气泡的形成，而后者将导致气泡的增强。本文根据模型和实际案例的结果提出政策建议，即央行在制定货币政策时应考虑信贷不确定性对资产价格的影响，通过减少不确定性来预防和解决银行危机。

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