On the Procyclical Relationship between Bank Credit and Assets Price
通过文献综述、理论探索和实证分析，研究银行信贷与资产价格之间的顺周期关系，发现大量信贷流入股市和房市是资产价格剧烈波动的主因，并提出逆周期信贷政策建议。
The paper studies the procyclical relationship between bank credit and assets price from the literature review,theoretical exploration and empirical analysis.It is found that a large number of bank credit flow into stock market and housing market is the major contributing factor making assets price rise and fall sharply.Conversely, if bank credit increase evenly,it is able to effectively stabilize asset price volatility.Finally the author proposes a contracyclical credit policy,and especially emphasis the importance of the total size and balanced growth of credit and monetary policy tools.