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《Journal of Finance and Economics》 2009-06
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Soft Budget Constraint and Rational Bubble of Asset Prices

LI Guang-zi1,LI Ling2(1. Guanghua School of Management, Peking University, Beijing 100871, China;2. Institute of World Economics & Politics, China Academy of SocialSciences, Beijing 100732, China)  
The paper introduces soft budget constraint theory into the analysis of rational bubbles of asset prices and obtains an expression of rational bubble of asset prices based on an asset equilibrium-price-making model with soft budget constraint. The analysis indicates that the rational bubbles of risk assets are positive under soft budget constraint. The more a firm possessing risk assets incur soft budget constraint, the bigger the rational bubble of the risk asset price is.
【CateGory Index】: F830.9;F224
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