The Study Of Misalignment Between Fictitious Economy And Real Economy

Since 1980s both western developed countries and developing ones all have taken part in financial globalization, the integration of global financial markets has formed. AS a result, fictitious assets can be transacted at a speed of "light" at anytime a day. Fictitious economy expands quickly and misaligns with real economy increasingly, which benefits economy of these countries on one side, on the other side, the burst of fictitious assets prices leads many countries such as Japan in 1990, Mexico in 1994, Southeast Asia in1997, Russia in1998 and recent Argentina to economic crises or financial ones. Therefore, fictitious economy is a "two-side" sword. The study of misalignment between fictitious economy and real economy is not only a very important issue facing all countries in the world, but of great significant for our country to minimize financial risk, guard against financial crises and keep fictitious economy and real economy healthy.This thesis consists of four chapters plus "Epilogue".Chapter 1 centers on the definitions of fictitious economy, real economy and misalignment At the same time, it draws a general picture of misalignment through its history, points out its shortcomings and puts forward author's standpoints. Chapter 2 deals with empirical studies of misalignment and proves misalignment to be existent. Chapter 3 begins to analyze constant misalignment mechanisms by means of mathematics model and a new IS-LM model including fictitious economy. Chapter 4 firstly analyzes the relationship between monetary policy and misalignment; Secondly suggests that fictitious assets prices should be brought into price targets of monetary policy; At last has a empirical studies to Chinese economy and puts forward some advices on Chinese monetary policy.