Real Economy And The Development Of Non-coordination Of The Virtual Economy

Since the 1990s, fictitious economy has shown an unprecedented trend of flourishing under the impetus of economic globalization and liberalization tide. Fictitious economy is increasingly divorced from the real economy to become a relatively independent economic activity.The incoordination between fictitious economy and real economy increases the volatility and risk of economy system.Then the study of misalignment between fictitious economy and real economy is significant for our country to prevent financial crises and keep the healthy of economy system.This paper studies the relationship between the fictitious economy and real economy from the perspective of macroeconomic policy. We propose forward-looking views and arguments to guide the practice based on the scientific analysis.This paper has three parts consisted of seven chapters.First we sum up the theory of financial development, empirical studies and then spell out the frame of this paper.The empirical study is followed,we measure the degree of deviation between virtual economy and real economy in the view of macroeconomic aggregates and stock market. Then we estimate the fiscal policy multiplier and monetary policy multiplier to appropriately measure the effects of fiscal and monetary policies by constructing IS-LM model.we investigate the influence of the economic growth and economic policies on the accounting performance and stock return. And we find that there is a significant link between economic policies and firm performance. In addition, after controlling the influences of the economic policies on firm performance, we observe that the macro economic growth does not deviate from the micro firm performance.Finally, this paper gives some suggestions about the development of fictitious economy and real economy based on the perspectives of Macro Adjustment-Control and Micro Regulation.