Digital Finance,Mortgage Channels,and Asset Bubbles
This paper studies how digital finance impacts asset bubbles in a DSGE model featuring rational bubbles and varying corporate investment efficiency.We explore the mechanisms of asset bubbles in economic cycles and the effect of digital finance on these mechanisms through the mortgage channel.Our findings indicate that asset bubbles function via positive feedback loops and redistribution mechanisms in economic cycles.The positive feedback loop involves an intensifying cycle of asset bubble expansion driven by increased investment and corporate value volatility,while the redistribution mechanism raises investment thresholds by affecting the distribution of credit resources.Additionally,we find that digital finance,through the mortgage channel,modulates endogenous credit constraints in economic cycles.This modulation weakens the positive feedback loop of asset bubbles and alters the redistribution mechanism by lowering investment thresholds,effectively smoothing economic cycle fluctuations.Furthermore,digital finance can mitigate the impact of negative market sentiments and weaken the amplifying effect of the financial accelerator through the mortgage channel.These findings provide a new theoretical perspective for optimizing digital finance development and mitigating financial system risks.
万方数据
维普
