Growth‐Enhancing Bubbles
挑战了投机降低长期增长的传统观点，发现对股票等资产的投机性泡沫能提高企业市值，促进创业、投资和增长，而其他资产投机则损害增长。
This article challenges the conventional wisdom that speculation in financial markets reduces long‐run growth. It shows that the real impact of a (rational deterministic) speculative bubble depends on the type of asset that is being speculated on. Speculative bubbles on equity raise the market value of firms, thus encouraging entrepreneurship, firm creation, investment, and growth. On the other hand, speculation on other types of assets is shown to be unambiguously growth‐impairing. The model can explain some stylized facts about financial development and growth. Finally, regulatory implications are discussed briefly.