流动性过剩对资产价格膨胀的影响分析

n the 1930s, the countries in the world to shake off liquidity crunch problem, have been implemented for expansion of the monetary policy and the deficit of fiscal policy, long-term over-emphasis on the policy to stimulate aggregate demand while the economy has faster growth, But also caused many negative effects, excess liquidity is one of the mobility of the economic surplus as a monetary phenomenon first appeared in the 1930s in the United States, everything has two sides and there is no exception of excess liquidity, it is difficult to judge their normative. The benefit of the excess liquidity for economic growth to provide sufficient liquidity, can promote faster development of relevant departments especially non-trade sector development , through a series of conductive to stimulate consumption and investment, national income in the multiplier effect of times Growth for some developing countries, in particular (such as China), the excess liquidity also provide a reasonable opportunity to deepen financial reform, improve the financial system, innovative financial products. But the excess liquidity could trigger asset price inflation leading to the bubble economy, increasing inflation pressure up, when the economic fundamentals experienced external shocks (or the actual impact of the currency impact, etc.) or internal adjustment cycle, the bubble burst and a liquidity crunch Causing an economic slump. In this paper, the use of qualitative analysis methods to study the excess liquidity of the impact of asset price inflation, combined with China\