金融经济学研究

通过构建包含数字金融、理性泡沫和金融监管政策的DSGE模型，从理性泡沫的视角探讨数字金融的经济效应及其相应的金融监管政策。长期静态结果表明，数字金融有助于缓解投资、产出、资产泡沫和资本的稳态值下降，提升长期经济的稳定性。短期动态结果显示，数字金融通过贷款渠道扩大了商业银行的贷款业务，增加了银行贷款、净值、杠杆率的波动，并经由流动性渠道助推了资产泡沫；但数字金融亦通过降低抵押品在信贷投放中的作用，削弱了资产泡沫的正反馈循环机制。逆周期资本缓冲和资本充足率为代表的金融监管政策通过约束商业银行的信贷扩张，有效降低商业银行相关变量的波动性，维护金融市场的稳定，并抑制资产泡沫的扩张，但对投资和产出产生负面影响；相较于多元化的目标，单一明确的金融监管政策目标更有助于维护金融市场的稳定。建议监管机构基于数字金融的长短期经济效应优化监管政策框架。

To investigate the economic effects of digital finance and the corresponding financial regulatory policies from the perspective of rational bubbles, this study constructed a dynamic stochastic general equilibrium model incorporating digital finance, rational bubbles, and financial regulatory policies.Long-term static results indicated that digital finance helped mitigate the decline in steady-state values of investment, output, asset bubbles, and capital, thereby enhancing long-term economic stability.Short-term dynamic results showed that digital finance expanded the loan business of commercial banks through lending channels, thereby increasing the volatility of commercial banks' loans, net worth, and leverage ratios and ultimately contributing to the formation of asset bubbles.Furthermore, digital finance weakened the positive feedback loop of asset bubbles by diminishing the role of collateral in credit supply.Financial regulatory policies, such as countercyclical capital buffers and capital adequacy ratios, constrained commercial banks' credit expansion.This effectively reduced the fluctuations in variables related to commercial banks, thereby maintaining financial market stability and curbing the expansion of asset bubbles.However, these policies had negative impacts on investment and output.Compared with diversified objectives, a single, clearly defined objective for financial regulatory policies was more conducive to maintaining financial market stability.It is recommended that regulatory authorities optimize the regulatory policy framework based on the long-and short-term economic effects of digital finance.