Szerzői információk:
Lakos Gergely: Magyar Nemzeti Bank, vezető közgazdasági elemző. E-mail: lakosg@mnb.hu
Szendrei Tibor: Magyar Nemzeti Bank, közgazdasági elemző. E-mail: szendreit@mnb.hu
Absztrakt:
Tanulmányunkban az eszközárbuborékokat magyarázó elméleteket ismertetjük a nemzetközi szakirodalom alapján. Hat fő magyarázó okot különítettünk el, amelyek önállóan, vagy valamilyen kombinációban eszközárbuborékot idézhetnek elő: információs súrlódások, eladási korlátok, a pénzügyi közvetítők korlátolt felelőssége, a piaci szereplők közötti nyájkövetés, az információszolgáltatás rossz ösztönzői és a piaci szereplők korlátozott racionalitása. Az eszközárbuborékok jelentette félreárazás jelentősen képes gátolni az erőforrások hatékony felhasználását, ami állami beavatkozást indokolhat. Az árbuborékokat okozó tényezők nagy része viszont nem szüntethető meg, csak korlátozható vagy ellensúlyozható. A pénzügyi stabilitást igazán a hitelből finanszírozott eszközárbuborékok veszélyeztetik. A pénzügyi stabilitásért felelős makroprudenciális politika számára az eszközárbuborékok vonatkozásában a mandátum és a rendelkezésre álló eszköztár a kapcsolódó hitelezés ciklikus ingadozásainak tompítására korlátozódik.
Hivatkozás (APA):
Lakos, G., & Szendrei, T. (2017). Az eszközárbuborékok magyarázatai. Hitelintézeti Szemle, 16(4), 122–150. https://doi.org/10.25201/HSZ.16.4.122150
Rovat:
Tanulmány
Journal of Economic Literature (JEL) kódok:
G10, G12, R31
Kulcsszavak:
eszközárbuborék, túlzott hitelezés, korlátozott racionalitás, pénzügyi stabilitás, makroprudenciális politika
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