期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2005
出版社：European Central Bank
摘要：Do asset prices affect real activity? This question has taken on a new importance in recent years, as asset values first surged at the end of 1990s and, thereafter, dramatically retreated. The macroeconomic importance of this phenomenon is illustrated by Figure 1, which presents stock market capitalisation as a percentage of GDP in some major industrialised countries. From the 1970s to the late 1990s this ratio rose six to eightfold in all countries (except in Japan). However, subsequently it fell markedly, and in 2002 it had declined to around half of its late 1990s peak. In 2003 the stock market capitalisation ratio began to recover moderately. It is therefore natural to ask how much of this variation has been transmitted into economic activity?
