| Since the 1980's, more and more dramatical and frequent asset price fluctuations had happened in many countries' asset markets (including stock market, real estate market, bond market, foreign exchange market etc.) . And many financial crisis and the recessions had accompanied with the circulation of expansion and collapse of the asset prices. The asset prices fluctuations and the financial instability they brought, had already became the most severe challenges to various countries that they have to face up with.With the development of financial market, the asset prices had even more great effect on the macro-economics. This kind of phenomenon had been paid more attention to by the economists, who had did many thorough researches, and formed a series of theories. The most important theories among these are balance sheet channel theory proposed by Bernanke, Gertler&Gilchrist (1995) , and the credit expansion and asset price bubbles theory proposed by Allen&Gale (2000).With the summary of previous research theory, this paper studied the mechanism that how asset price influence the macroeconomics. And then the interaction mechanism that how asset prices and commercial bank credit influence each other, were studied. The interaction mechanism made the asset prices and the commercial bank credit increasing each other, causing the asset price bubbles keeping expansion and even rupture, eventually causing economic crisis.This paper collected the relevant data of national real estate prices, stock prices and total credit of all financial institutions, made the empirical analysis about the relationship between the change amount of credit quantity and the asset price fluctuation, and finally proved the interaction mechanism that made the commercial bank credit and real estate price fluctuations increasing each other. According to this kind of situation, this paper gave a set of suggestion about the theoretical adjustment of credit policy to commercial banks... |
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