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《Shanghai Finance》 2010-08
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On the Change of Features of Asset Returns under Counter-Cyclical Policy

Sun Jianbo/Zhang Zhipeng  
The experience of developed countries shows that in the four stages of economic cycle, four types of assets such as stocks, bonds, commodities and cash have vastly different return performance. However, the general law of asset return may be changed under the influence of counter-cyclical monetary and fiscal policy. This paper comparatively analyzes the return on assets in China since 2007 and finds out that although the policy may affect the characteristics of asset return in a particular phase, it is difficult to change the long-term characteristics of asset returns.
【CateGory Index】: F830
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