股票市场经济活动的行为方式【外文翻译】_精品.doc

毕业论文（设计）外文翻译 外文题目：Approaches to Stock Market and Economic Activity 出 处：Asset Price，Booms and RecessionsForm a Dynamic Persepective 作 者：Mohamed EI Hedi Arouri, Fredj Jawadi Approaches to Stock Market and Economic Activity 1.Introduction The interaction of the stock market and economic activity has recently become an important topic in empirical finance as well as in macroeconomic research. The research has pursued two directions. A large number of papers have studied the impact of the stock market on real activity. Here particular emphasis is given to the relationship of the volatility of the stock market and output. The research studies the impact of wealth, as evaluated on the stock market, on borrowing, lending and spending behavior of banks, firms and households. The argument may go like this. An increase in wealth through the appreciation of stocks increases spending directly since people feel wealthier. At the same time the appreciation of stocks increases the collateral for borrowing by firms and households. Credit may expand and thus spending is likely to increase. A depreciation of stocks lets spending decrease and devaluates the collateral and credit contractions followed by large output loss may occur. Thus, large stock price swings can easily be seen to impact economic activity. Often Tobin’s Q is employed to study this impact of stock market appreciation or depreciation on firm investment. Of course, other financial variables such as interest rates, interest rate spreads, the term structure of the interest rates and credit constraints, as discussed in Chaps. They are also important for household and firm spending. Thus, beside the real variables, asset prices and financial variables are also important for economic activity and, moreover, have often been good predictors for turning points in economic activity and business cycles. On the other hand, another import