流动性之谜

我们越来越多地听到“流动性泛滥”这个词,并说正是它会造成资产价格的持续攀升。但是这种流动性到底意味着什么,并且真的有理由可以认为它会导致股票和房地产价格的继续上涨吗?

流动资产是与现金类似的资产,因为它们可以被很容易地转换成现金并且用来购买其他资产。大家似乎认为存在大量的流动资产,并且它们正被用来换成钱来哄抬股票、住房、土地、艺术品等的价格。

这种理论听上去像是与全球变暖正在溶化全世界的冰川和导致海平面的上升的理论一样的整体和基本的理论。海平面上升可以解释许多地理和经济事件。但是金融流动性的上升真的是一种类似的力量吗?这到底 怎样的一种理论呢?

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