{"id":49203,"date":"2023-03-05T17:25:57","date_gmt":"2023-03-05T09:25:57","guid":{"rendered":"https:\/\/\/?p=49203"},"modified":"2023-05-22T09:42:05","modified_gmt":"2023-05-22T01:42:05","slug":"housing-crash-history","status":"publish","type":"post","link":"https:\/\/\/housing-crash-history\/","title":{"rendered":"\u623f\u5730\u7522\u5d29\u76e4\u6b77\u53f2\u56de\u9867\uff1a20\u4e16\u7d00\u4ee5\u4f86\u5168\u74034\u6b21\u91cd\u5927\u7684\u623f\u5730\u7522\u5371\u6a5f"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-49204\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230304124750_74.jpg\" alt=\"\u6b77\u53f2\u4e0a\u7684\u623f\u5730\u7522\u5d29\u76e4\" width=\"1413\" height=\"740\" \/><\/p>\n<p>\u7531\u65bc\u53f0\u7063\u7684\u623f\u50f9\u7d93\u6b77\u4e86\u5f88\u9577\u4e00\u6bb5\u6642\u9593\u7684\u4e0a\u6f32\u8da8\u52e2\uff0c\u9020\u6210\u8a31\u591a\u4eba\u90fd\u64c1\u6709\u300c\u623f\u50f9\u53ea\u6f32\u4e0d\u8dcc\u300d\u7684\u8ff7\u601d\u3002<\/p>\n<p><a href=/index.html"https:\/\/www.imf.org\/en\/Publications\/WEO\/Issues\/2016\/12\/31\/Growth-and-Institutions\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54(IMF)\u767c\u8868\u7684\u5831\u544a<\/span><\/a>\u6307\u51fa\uff0c\u623f\u5730\u7522\u6ce1\u6cab\u767c\u751f\u7684\u983b\u7387\u53ef\u80fd\u8f03\u80a1\u5e02\u6ce1\u6cab\u4f86\u7684\u4f4e\uff0c\u4f46\u662f\u5b83\u6301\u7e8c\u7684\u6642\u9593\u5f80\u5f80\u662f2\u500d\u4e4b\u4e45\u3002<\/p>\n<p>\u5168\u7403\u623f\u5730\u7522\u5e02\u5834\u5728\u6b77\u53f2\u4e0a\u66fe\u767c\u751f\u904e\u5f88\u591a\u6b21\u5d29\u76e4\u4e8b\u4ef6\uff0c\u4e14\u6bcf\u4e00\u6b21\u5e36\u4f86\u7684\u5f71\u97ff\u90fd\u5341\u5206\u91cd\u5927\uff0c<br \/>\n\u672c\u6587\u5e02\u5834\u5148\u751f\u6311\u907820\u4e16\u7d00\u4ee5\u4f86\uff0c\u5168\u74034\u6b21\u5f71\u97ff\u5de8\u5927\u7684\u623f\u5730\u7522\u5d29\u76e4\u4e8b\u4ef6\u505a\u70ba\u4ee3\u8868\uff0c\u5e0c\u671b\u5f9e\u9019\u4e9b\u6b77\u53f2\u4e8b\u4ef6\u4e2d\uff0c\u80fd\u5e36\u7d66\u6211\u5011\u5b78\u7fd2\u8ddf\u555f\u767c\u3002<\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 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href=/index.html"https:\/\/\/housing-crash-history\/#%E5%85%A8%E7%90%83%E6%AD%B7%E5%8F%B2%E4%B8%8A4%E6%AC%A1%E9%87%8D%E5%A4%A7%E7%9A%84%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A4\" title=\"\u5168\u7403\u6b77\u53f2\u4e0a4\u6b21\u91cd\u5927\u7684\u623f\u5730\u7522\u5d29\u76e4\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5168\u7403\u6b77\u53f2\u4e0a4\u6b21\u91cd\u5927\u7684\u623f\u5730\u7522\u5d29\u76e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/housing-crash-history\/#%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A41%EF%BC%9A1926%E5%B9%B4%E7%BE%8E%E5%9C%8B%E4%BD%9B%E7%BE%85%E9%87%8C%E9%81%94%E5%B7%9E%E6%88%BF%E5%9C%B0%E7%94%A2%E6%B3%A1%E6%B2%AB\" title=\"\u623f\u5730\u7522\u5d29\u76e41\uff1a1926\u5e74\u7f8e\u570b\u4f5b\u7f85\u91cc\u9054\u5dde\u623f\u5730\u7522\u6ce1\u6cab\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u623f\u5730\u7522\u5d29\u76e41\uff1a1926\u5e74\u7f8e\u570b\u4f5b\u7f85\u91cc\u9054\u5dde\u623f\u5730\u7522\u6ce1\u6cab<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/housing-crash-history\/#%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A42%EF%BC%9A1991%E5%B9%B4%E6%97%A5%E6%9C%AC%E6%88%BF%E5%9C%B0%E7%94%A2%E6%B3%A1%E6%B2%AB\" title=\"\u623f\u5730\u7522\u5d29\u76e42\uff1a1991\u5e74\u65e5\u672c\u623f\u5730\u7522\u6ce1\u6cab\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u623f\u5730\u7522\u5d29\u76e42\uff1a1991\u5e74\u65e5\u672c\u623f\u5730\u7522\u6ce1\u6cab<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/housing-crash-history\/#%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A43%EF%BC%9A1997%E5%B9%B4%E6%9D%B1%E5%8D%97%E4%BA%9E%E6%88%BF%E5%9C%B0%E7%94%A2%E6%B3%A1%E6%B2%AB\" title=\"\u623f\u5730\u7522\u5d29\u76e43\uff1a1997\u5e74\u6771\u5357\u4e9e\u623f\u5730\u7522\u6ce1\u6cab\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u623f\u5730\u7522\u5d29\u76e43\uff1a1997\u5e74\u6771\u5357\u4e9e\u623f\u5730\u7522\u6ce1\u6cab<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/housing-crash-history\/#%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A44%EF%BC%9A2008%E5%B9%B4%E7%BE%8E%E5%9C%8B%E6%AC%A1%E8%B2%B8%E5%8D%B1%E6%A9%9F\" title=\"\u623f\u5730\u7522\u5d29\u76e44\uff1a2008\u5e74\u7f8e\u570b\u6b21\u8cb8\u5371\u6a5f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u623f\u5730\u7522\u5d29\u76e44\uff1a2008\u5e74\u7f8e\u570b\u6b21\u8cb8\u5371\u6a5f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/housing-crash-history\/#%E6%AD%B7%E5%8F%B2%E4%B8%8A%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A4%E5%B8%B6%E4%BE%86%E7%9A%84%E5%95%9F%E7%A4%BA\" title=\"\u6b77\u53f2\u4e0a\u623f\u5730\u7522\u5d29\u76e4\u5e36\u4f86\u7684\u555f\u793a\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6b77\u53f2\u4e0a\u623f\u5730\u7522\u5d29\u76e4\u5e36\u4f86\u7684\u555f\u793a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=/index.html"https:\/\/\/housing-crash-history\/#%E5%85%A8%E7%90%83%E6%88%BF%E5%9C%B0%E7%94%A2%E6%B3%A1%E6%B2%AB%E6%8C%87%E6%95%B8\" title=\"\u5168\u7403\u623f\u5730\u7522\u6ce1\u6cab\u6307\u6578\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5168\u7403\u623f\u5730\u7522\u6ce1\u6cab\u6307\u6578<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=/index.html"https:\/\/\/housing-crash-history\/#%E5%BF%AB%E9%80%9F%E7%B8%BD%E7%B5%90%EF%BC%9A%E7%82%BA%E4%BB%80%E9%BA%BC%E6%88%BF%E5%9C%B0%E7%94%A2%E6%9C%83%E5%B4%A9%E7%9B%A4%EF%BC%9F%E9%81%87%E4%B8%8A%E6%99%82%E8%A9%B2%E6%80%8E%E9%BA%BC%E8%BE%A6%EF%BC%9F\" title=\"\u5feb\u901f\u7e3d\u7d50\uff1a\u70ba\u4ec0\u9ebc\u623f\u5730\u7522\u6703\u5d29\u76e4\uff1f\u9047\u4e0a\u6642\u8a72\u600e\u9ebc\u8fa6\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u7e3d\u7d50\uff1a\u70ba\u4ec0\u9ebc\u623f\u5730\u7522\u6703\u5d29\u76e4\uff1f\u9047\u4e0a\u6642\u8a72\u600e\u9ebc\u8fa6\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A4%E6%80%8E%E9%BA%BC%E5%AE%9A%E7%BE%A9%EF%BC%9F\"><\/span>\u623f\u5730\u7522\u5d29\u76e4\u600e\u9ebc\u5b9a\u7fa9\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u623f\u5730\u7522\u5d29\u76e4(Housing Crash)<\/strong>\u662f\u6307\u623f\u5730\u7522\u7684\u50f9\u683c\u6025\u907d\u4e0b\u8dcc\uff0c\u9019\u901a\u5e38\u6703\u767c\u751f\u5728\u623f\u5730\u7522\u6ce1\u6cab(Housing Bubble)\u5f8c\uff0c\u4e5f\u5c31\u662f\u623f\u5730\u7522\u50f9\u683c\u98c6\u5347\u5f8c\u7684\u6025\u907d\u4e0b\u8dcc\u3002<\/p>\n<p>\u9020\u6210\u623f\u5730\u7522\u5d29\u76e4\u7684\u539f\u56e0\u5305\u542b\uff1a<strong>\u7d93\u6fdf\u653e\u7de9\u3001\u5229\u7387\u4e0a\u5347\u3001\u4fe1\u8cb8\u6a19\u6e96\u7dca\u7e2e\u7b49<\/strong>\u3002<\/p>\n<p>\u81f3\u65bc\u623f\u50f9\u8981\u8dcc\u591a\u5c11\u624d\u7b97\u5d29\u76e4\uff0c\u5e02\u5834\u4e0a\u4e26\u6c92\u6709\u4e00\u500b\u660e\u78ba\u7684\u5b9a\u7fa9\uff0c\u4e00\u822c\u8a8d\u70ba\uff0c\u623f\u50f9\u53ea\u8981<strong>\u8dcc20%\u4ee5\u4e0a<\/strong>\u5c31\u7b97\u662f\u975e\u5e38\u5927\u7684\u8dcc\u5e45\u3002<\/p>\n<p><strong>\u623f\u5730\u7522\u5982\u679c\u5d29\u76e4\u7d93\u5e38\u4e5f\u6703\u5f15\u767c\u91d1\u878d\u50b5\u52d9\u5371\u6a5f<\/strong><\/p>\n<p>\u6211\u5011\u8a66\u60f3\u4e00\u4e0b\uff0c\u5047\u8a2d\u6211\u5011\u8cb7\u4e86\u4e00\u68df1,000\u842c\u7684\u623f\u5b50\uff0c\u4ed8\u4e86\u982d\u671f\u6b3e200\u842c\uff0c\u8ddf\u9280\u884c\u8cb8\u6b3e800\u842c\uff0c\u5982\u679c\u623f\u50f9\u8dcc\u4e8620%\uff0c\u8dcc\u5230800\u842c\u4ee5\u4e0b\uff0c\u90a3\u9ebc\u5c31\u7b97\u6211\u5011\u628a\u623f\u5b50\u8ce3\u6389\uff0c\u9084\u662f\u4e00\u6bdb\u9322\u90fd\u62ff\u4e0d\u56de\u4f86\uff0c\u76f4\u63a5\u4e0d\u9084\u8cb8\u6b3e\u653e\u68c4\u623f\u5b50\u53ef\u80fd\u640d\u5931\u9084\u5c0f\u4e00\u9ede\u3002<\/p>\n<p>\u5982\u679c\u4ee5\u4e0a\u7684\u72c0\u6cc1\u5927\u91cf\u51fa\u73fe\uff0c\u9032\u4e00\u6b65\u64f4\u5927\u5c0e\u81f4\u4eba\u5011\u5931\u53bb\u4fe1\u5fc3\u8207\u5927\u91cf\u62cb\u552e\uff0c\u5f88\u53ef\u80fd\u6703\u8b93\u9280\u884c\u50b5\u52d9\u9055\u7d04\u66b4\u589e\uff0c\u5c31\u53ef\u80fd\u5f15\u767c\u91d1\u878d\u5371\u6a5f\u3002<\/p>\n<p>\u56e0\u6b64\u5168\u7403\u5404\u570b\u7684\u653f\u5e9c\uff0c\u90fd\u6703\u76e1\u53ef\u80fd\u5728\u5371\u6a5f\u767c\u751f\u524d\u6216\u767c\u751f\u5f8c\uff0c\u900f\u904e\u653f\u7b56\u53bb\u5f71\u97ff\u5e72\u9810\u4f86\u907f\u514d\u623f\u5730\u7522\u5d29\u76e4\u66b4\u8dcc\u7684\u60c5\u6cc1\uff0c\u6216\u81f3\u5c11\u8b93\u5371\u6a5f\u7684\u767c\u751f\u904e\u7a0b\u8b8a\u7684\u548c\u7de9\u3001\u6e1b\u5c11\u623f\u5730\u7522\u5d29\u76e4\u5e36\u4f86\u7684\u885d\u64ca\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%85%A8%E7%90%83%E6%AD%B7%E5%8F%B2%E4%B8%8A4%E6%AC%A1%E9%87%8D%E5%A4%A7%E7%9A%84%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A4\"><\/span>\u5168\u7403\u6b77\u53f2\u4e0a4\u6b21\u91cd\u5927\u7684\u623f\u5730\u7522\u5d29\u76e4<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"width: 100%; height: 192px;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 106.9526627218935%; height: 24px; background-color: #014876; text-align: center;\" colspan=\"5\"><span style=\"color: #ffffff; font-size: 20px;\"><b>\u6b77\u53f2\u4e0a4\u6b21\u91cd\u5927\u7684\u623f\u5730\u7522\u5d29\u76e4<\/b><\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 11.945964050463326%; text-align: center; height: 24px;\"><strong>\u767c\u751f\u6642\u9593<\/strong><\/td>\n<td style=\"width: 25.739316604167627%; text-align: center; height: 24px;\"><strong>\u4e8b\u4ef6<\/strong><\/td>\n<td style=\"width: 12.611890798521038%; text-align: center; height: 24px;\"><strong>\u6700\u5927\u8dcc\u5e45<\/strong><\/td>\n<td style=\"width: 21.893491124260358%; text-align: center; height: 24px;\"><strong>\u9ad8\u9ede\u81f3\u4f4e\u9ede\u6301\u7e8c\u6642\u9593<\/strong><\/td>\n<td style=\"width: 34.76200014448115%; text-align: center; height: 24px;\"><strong>\u9ad8\u9ede\u6f32\u56de\u4e0b\u6b21\u9ad8\u9ede\u82b1\u8cbb\u6642\u9593<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 11.945964050463326%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">1926<\/span><\/td>\n<td style=\"width: 25.739316604167627%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">\u7f8e\u570b\u4f5b\u7f85\u91cc\u9054\u623f\u5730\u7522\u6ce1\u6cab<\/span><\/td>\n<td style=\"width: 12.611890798521038%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td style=\"width: 21.893491124260358%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td style=\"width: 34.76200014448115%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 11.945964050463326%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">1991<\/span><\/td>\n<td style=\"width: 25.739316604167627%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">\u65e5\u672c\u623f\u5730\u7522\u6ce1\u6cab<\/span><\/td>\n<td style=\"width: 12.611890798521038%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">45%<\/span><\/td>\n<td style=\"width: 21.893491124260358%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">20y<\/span><\/td>\n<td style=\"width: 34.76200014448115%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">\u5c1a\u672a\u6f32\u56de\u524d\u9ad8<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 11.945964050463326%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">1997<\/span><\/td>\n<td style=\"width: 25.739316604167627%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">\u6771\u5357\u4e9e\u623f\u5730\u7522\u6ce1\u6cab<\/span><\/td>\n<td style=\"width: 12.611890798521038%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">65%<\/span><\/td>\n<td style=\"width: 21.893491124260358%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">6y<\/span><\/td>\n<td style=\"width: 34.76200014448115%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">13.5y<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 11.945964050463326%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">2008<\/span><\/td>\n<td style=\"width: 25.739316604167627%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">\u7f8e\u570b\u6b21\u8cb8\u5371\u6a5f<\/span><\/td>\n<td style=\"width: 12.611890798521038%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td style=\"width: 21.893491124260358%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">2y<\/span><\/td>\n<td style=\"width: 34.76200014448115%; text-align: center; height: 24px;\"><span style=\"font-weight: 400;\">6.5y<\/span><\/td>\n<\/tr>\n<tr style=\"height: 48px;\">\n<td style=\"width: 106.9526627218935%; height: 48px; text-align: right;\" colspan=\"5\"><span style=\"font-weight: 400;\">\u8aaa\u660e\uff1a1997\u6771\u5357\u4e9e\u623f\u5730\u7522\u6ce1\u6cab\u6578\u5b57\u4ee5\u9999\u6e2f\u70ba\u4f8b<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market \u5e02\u5834\u5148\u751f<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A41%EF%BC%9A1926%E5%B9%B4%E7%BE%8E%E5%9C%8B%E4%BD%9B%E7%BE%85%E9%87%8C%E9%81%94%E5%B7%9E%E6%88%BF%E5%9C%B0%E7%94%A2%E6%B3%A1%E6%B2%AB\"><\/span>\u623f\u5730\u7522\u5d29\u76e41\uff1a1926\u5e74\u7f8e\u570b\u4f5b\u7f85\u91cc\u9054\u5dde\u623f\u5730\u7522\u6ce1\u6cab<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\u958b\u59cb\u6642\u9593\uff1a1926\u5e74<\/li>\n<li>\u7d50\u675f\u6642\u9593\uff1a\u7121\u76f8\u95dc\u8cc7\u6599<\/li>\n<li>\u6f32\u56de\u524d\u9ad8\u6642\u9593\uff1a\u7121\u76f8\u95dc\u8cc7\u6599<\/li>\n<li>\u6700\u5927\u8dcc\u5e45\uff1a\u7121\u76f8\u95dc\u8cc7\u6599<\/li>\n<li>\u5f8c\u7e8c\u5f71\u97ff\uff1a1929\u5e74\u7d93\u6fdf\u5927\u856d\u689d<\/li>\n<\/ul>\n<h3>\u767c\u751f\u7de3\u8d77\uff1a\u7d93\u6fdf\u7e41\u69ae\u3001\u6295\u6a5f\u8005\u7092\u623f\u3001\u8cb8\u6b3e\u689d\u4ef6\u5bec\u9b06<\/h3>\n<p>1920\u5e74\u4ee3\u662f\u7f8e\u570b\u300c\u5486\u54ee\u7684\u4e8c\u5341\u5e74\u4ee3\u300d\uff0c\u7576\u6642\u7d93\u6fdf\u7e41\u69ae\uff0c\u80a1\u5e02\u8ddf\u623f\u5e02\u4e00\u7247\u770b\u597d\uff0c\u6295\u6a5f\u98a8\u6c23\u76f8\u7576\u65fa\u76db\uff0c\u5927\u5bb6\u90fd\u89ba\u5f97\u8cfa\u9322\u592a\u5bb9\u6613\u4e86\u3002<\/p>\n<p>\u4f5b\u7f85\u91cc\u9054\u5dde\u4f4d\u65bc\u7f8e\u570b\u6771\u5357\u90e8\uff0c\u56e0\u70ba\u5730\u7406\u4f4d\u7f6e\u8f03\u70ba\u504f\u50fb\uff0c\u5728\u7b2c\u4e00\u6b21\u5927\u6230(1914~1918)\u524d\uff0c\u571f\u5730\u53ca\u623f\u50f9\u4e00\u76f4\u90fd\u6bd4\u7f8e\u570b\u5176\u4ed6\u5730\u65b9\u4f4e\u8a31\u591a\u3002<\/p>\n<p>\u4e00\u6230\u7d50\u675f\u5f8c\uff0c\u4f5b\u7f85\u91cc\u9054\u5dde\u56e0\u70ba\u6eab\u6696\u7684\u6c23\u5019\uff0c\u6210\u70ba\u7f8e\u570b\u4eba\u51ac\u5929\u71b1\u9580\u7684\u5ea6\u5047\u52dd\u5730\uff0c\u8a31\u591a\u6709\u9322\u4eba\u559c\u6b61\u5230\u9019\u88e1\u4f86\u5ea6\u5047\uff0c\u65bc\u662f\u5b83\u9010\u6f38\u7e41\u69ae\u8d77\u4f86\uff0c\u623f\u5730\u7522\u9700\u6c42\u4e5f\u96a8\u4e4b\u589e\u52a0\u3002<\/p>\n<p>\u5716\uff1a1920\u5e74\u4ee3\u9081\u963f\u5bc6\u7684\u69ae\u666f\uff0c\u64e0\u6eff\u4e86\u5927\u91cf\u4f86\u5ea6\u5047\u7684\u6c11\u773e<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-49205\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230304125147_33.jpg\" alt=\"\u9081\u963f\u5bc6\u69ae\u666f\" width=\"1413\" height=\"740\" \/><\/p>\n<p style=\"text-align: center;\">\u5716\u7247\u4f86\u6e90\uff1aMARKETPLACE<\/p>\n<p>\u5f9e1923\u5e74\u52301926\u5e74\u9593\uff0c\u4f5b\u7f85\u91cc\u9054\u5dde\u7684\u5730\u50f9\u51fa\u73fe\u4e86\u9a5a\u4eba\u7684\u589e\u9577\u5e45\u5ea6\uff0c\u8209\u4f8b\u4f86\u8aaa\uff0c\u68d5\u68a0\u7058\u4e0a\u7684\u4e00\u584a\u5730\uff0c\u57281923\u5e74\u50f9\u503c80\u842c\u7f8e\u5143\uff0c\u5230\u4e86\u9694\u5e74\u76f4\u63a5\u6f32\u5230150\u842c\u7f8e\u5143\uff0c\u66f4\u8a87\u5f35\u7684\u662f\uff0c\u52301925\u5e74\u76f4\u63a5\u6210\u95775\u500d\u5230400\u842c\u7f8e\u5143\u3002<\/p>\n<p>\u57281925\u5e74\u7576\u6642\uff0c\u6574\u500b\u9081\u963f\u5bc6\u5e02\u51fa\u73fe2000\u591a\u5bb6\u5730\u7522\u516c\u53f8\uff0c\u5e73\u5747\u6bcf\u4e09\u500b\u5e02\u6c11\u5c31\u6709\u4e00\u500b\u5c08\u505a\u623f\u5730\u7522\u8cb7\u8ce3\uff0c\u7f8e\u570b\u4eba\u722d\u76f8\u5230\u4f5b\u7f85\u91cc\u9054\u5dde\u6295\u8cc7\uff0c\u5e0c\u671b\u80fd\u85c9\u6b64\u81f4\u5bcc\u3002<\/p>\n<p>\u63a8\u9019\u500b\u6ce1\u6cab\u4e00\u628a\u7684\uff0c\u662f\u9280\u884c\u5bec\u9b06\u7684\u8cb8\u6b3e\u653f\u7b56\uff0c\u7576\u6642\u623f\u50f9\u4e0d\u65b7\u6500\u9ad8\uff0c\u9280\u884c\u653e\u6b3e\u4e5f\u975e\u5e38\u597d\u505a\uff0c\u6838\u8cb8\u4e0d\u6ce8\u91cd\u501f\u6b3e\u4eba\u7684\u9084\u6b3e\u80fd\u529b\uff0c\u8cb7\u623f\u53ea\u898110%\u7684\u982d\u671f\u6b3e\uff0c\u5176\u4ed690%\u90fd\u53ef\u4ee5\u7531\u9280\u884c\u8cb8\u6b3e\u652f\u4ed8\u3002\u56e0\u6b64\uff0c\u9020\u6210\u4e86\u8a31\u591a\u6295\u6a5f\u5ba2\u5927\u91cf\u4f7f\u7528\u69d3\u687f\uff0c\u8f15\u9b06\u8cb7\u8ce3\u623f\u5b50\u5c31\u53ef\u4ee5\u7372\u5229\u5e7e\u5341\u500d\u3002<\/p>\n<h3>\u6ce1\u6cab\u7834\u88c2\uff1a1926\u5e74\u6bc0\u6ec5\u6027\u7684\u98b6\u98a8<\/h3>\n<p>1926\u5e749\u6708\uff0c\u4e00\u5834\u6bc0\u6ec5\u6027\u7684\u98b6\u98a8\u8972\u64ca\u4f5b\u7f85\u91cc\u9054\u5dde\uff0c\u98b6\u98a8\u5f15\u8d77\u4e86\u6d77\u562f\uff0c\u6467\u6bc0\u4e86\u8d85\u904e13,000\u68df\u623f\u5c4b\uff0c\u5171\u6709415\u4eba\u55aa\u751f\u3002<\/p>\n<p>\u81ea\u6b64\uff0c\u623f\u50f9\u958b\u59cb\u767c\u751f\u5d29\u76e4\uff0c\u9081\u963f\u5bc6\u7684\u623f\u5e02\u4ea4\u6613\u91cf\u5f9e1925\u5e74\u768410.7\u5104\u7f8e\u5143\u907d\u8dcc\u52301926\u5e74\u53ea\u5269\u4e0b1.4\u5104\u7f8e\u5143\uff0c\u623f\u5b50\u8ce3\u4e0d\u51fa\u53bb\u5f8c\uff0c\u8a31\u591a\u6295\u6a5f\u8005\u958b\u59cb\u7e73\u4e0d\u51fa\u623f\u8cb8\uff0c\u53ea\u80fd\u5927\u91cf\u62cb\u552e\u6216\u9055\u7d04\uff0c\u5c0e\u81f4\u623f\u5730\u7522\u50f9\u683c\u66b4\u8dcc\uff0c\u9019\u500b\u6301\u7e8c\u4e09\u5e74\u591a\u7684\u6ce1\u6cab\u7d42\u65bc\u7834\u88c2\u3002<\/p>\n<h3>\u9020\u6210\u5f71\u97ff\uff1a1929\u5e74\u7d93\u6fdf\u5927\u856d\u689d<\/h3>\n<p>\u4f5b\u7f85\u91cc\u9054\u623f\u5730\u7522\u6ce1\u6cab\u7834\u88c2\u5f8c\uff0c\u5927\u91cf\u7684\u623f\u5730\u7522\u76f8\u95dc\u4f01\u696d\u5012\u9589\uff0c\u9280\u884c\u4e5f\u7206\u51fa\u5de8\u984d\u7684\u58de\u5e33\uff0c\u6700\u7d42\u5ef6\u71d2\u5230\u4e86\u6574\u500b\u7f8e\u570b\uff0c\u5f15\u767c\u91d1\u878d\u5371\u6a5f\uff0c\u83ef\u723e\u8857\u760b\u72c2\u7684\u80a1\u5e02\u8ddf\u8457\u5d29\u6f70\uff0c\u5c0e\u81f4\u4e86\u8457\u540d\u76841929\u5e74\u7d93\u6fdf\u5927\u856d\u689d\u3002<\/p>\n<p>\u9019\u662f\u7f8e\u570b\u53f2\u4e0a\u6700\u56b4\u91cd\u7684\u7d93\u6fdf\u5371\u6a5f\uff0c\u4e26\u6301\u7e8c\u4e8610\u5e74\u4e4b\u4e45\uff0c\u80a1\u5e02\u5f9e1929\u5e74\u9ad8\u9ede\u5f80\u4e0b\u8dcc\u5f8c\uff0c\u4e00\u76f4\u523025\u5e74\u5f8c\u624d\u6f32\u56de\u539f\u672c\u7684\u9ad8\u9ede\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A42%EF%BC%9A1991%E5%B9%B4%E6%97%A5%E6%9C%AC%E6%88%BF%E5%9C%B0%E7%94%A2%E6%B3%A1%E6%B2%AB\"><\/span>\u623f\u5730\u7522\u5d29\u76e42\uff1a1991\u5e74\u65e5\u672c\u623f\u5730\u7522\u6ce1\u6cab<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\u958b\u59cb\u6642\u9593\uff1a1991\u5e74Q1<\/li>\n<li>\u7d50\u675f\u6642\u9593\uff1a2010\u5e74Q1<\/li>\n<li>\u6f32\u56de\u524d\u9ad8\u6642\u9593\uff1a\u5c1a\u672a\u6f32\u56de\u524d\u9ad8<\/li>\n<li>\u6700\u5927\u8dcc\u5e45\uff1a\u7d0445%<\/li>\n<li>\u5f8c\u7e8c\u5f71\u97ff\uff1a\u65e5\u672c\u5931\u843d\u768420\u5e74<\/li>\n<\/ul>\n<h3>\u767c\u751f\u7de3\u8d77\uff1a\u7d93\u6fdf\u7e41\u69ae\u3001\u65e5\u5713\u5347\u503c\u3001\u5bec\u9b06\u7684\u8ca8\u5e63\u653f\u7b56<\/h3>\n<p>\u5f9e\u4e8c\u6b21\u5927\u6230(1939~1945)\u5f8c\uff0c\u65e5\u672c\u7684\u7d93\u6fdf\u9010\u6f38\u5fa9\u7526\uff0c1960\u5e74\u4ee3\uff0c\u65e5\u672c\u7d93\u6fdf\u6bcf\u5e74\u4ee5\u9ad8\u901f\u6210\u9577\uff0c\u5230\u4e861980\u5e74\u4ee3\uff0c\u65e5\u672c\u5df2\u7d93\u6210\u70ba\u4e9e\u6d32\u7b2c\u4e00\u5f37\u570b\u4ee5\u53ca\u50c5\u6b21\u65bc\u7f8e\u570b\u7684\u4e16\u754c\u7b2c\u4e8c\u5f37\u570b\uff0c\u5916\u532f\u5b58\u5e95\u8d85\u904e4,000\u5104\u7f8e\u5143\uff0c\u4f54\u5168\u7403\u768450%\u3002<\/p>\n<p><strong>1985\u5e74\u8d77\u65e5\u5713\u7684\u5feb\u901f\u5347\u503c\u662f\u52a0\u901f\u623f\u5730\u7522\u6ce1\u6cab\u7684\u4e3b\u56e0\u4e4b\u4e00<\/strong>\uff0c\u65e5\u5713\u6bcf\u5e74\u4fdd\u63015%\u4ee5\u4e0a\u7684\u5347\u503c\u6c34\u6e96\uff0c\u5438\u5f15\u4e86\u570b\u969b\u71b1\u9322\u6e67\u5165\uff0c\u56e0\u70ba\u5149\u662f\u532f\u7387\u6bcf\u5e74\u81f3\u5c11\u5c31\u67095%\u4ee5\u4e0a\u7684\u6536\u76ca\uff0c\u9019\u4e9b\u71b1\u9322\u6295\u5165\u4e86\u65e5\u672c\u7684\u80a1\u5e02\u548c\u623f\u5e02\uff0c\u52a0\u901f\u6ce1\u6cab\u7684\u589e\u9577\u3002<\/p>\n<p>\u800c\u65e5\u5713\u5347\u503c\u7684\u80cc\u5f8c\u4e3b\u56e0\u4f86\u81ea\u65bc\u7f8e\u570b\u5c0d\u5916\u532f\u5e02\u5834\u7684\u5e72\u9810\u3002<\/p>\n<p>1978\u5e74\uff0c\u7b2c\u4e8c\u6b21\u77f3\u6cb9\u5371\u6a5f\u7206\u767c\uff0c\u5c0e\u81f4\u4e86\u56b4\u91cd\u7684\u901a\u8ca8\u81a8\u8139\u3002\u70ba\u4e86\u5c0d\u6297\u901a\u81a8\u3002\u7576\u6642\u7684\u806f\u6e96\u6703\u57281979\u5e74\u9023\u7e8c\u4e09\u6b21\u5347\u606f\uff0c\u63a1\u53d6\u7dca\u7e2e\u7684<a href=/index.html"https:\/\/\/what-is-monetary-policy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">\u8ca8\u5e63\u653f\u7b56<\/span><\/a>\uff0c\u7f8e\u570b\u806f\u90a6\u57fa\u91d1\u5229\u7387\u4f86\u523020%\u5de6\u53f3\u7684\u9ad8\u6c34\u5e73\u3002<\/p>\n<p>\u9ad8\u5229\u7387\u5438\u5f15\u4e86\u5927\u91cf\u6d77\u5916\u8cc7\u91d1\u6295\u5165\u7f8e\u5143\uff0c\u5c0e\u81f4\u7f8e\u5143\u5927\u5e45\u5347\u503c\uff0c\u4e0d\u5229\u7f8e\u570b\u51fa\u53e3\u3002<\/p>\n<p>1985\u5e74\uff0c\u7f8e\u3001\u65e5\u3001\u5fb7\u3001\u6cd5\u3001\u82f1\u7b49\u4e94\u500b\u570b\u5bb6\u5728\u7d10\u7d04\u8209\u884c\u6703\u8b70\uff0c\u6c7a\u5b9a\u806f\u5408\u5e72\u9810\u5916\u532f\u5e02\u5834\uff0c\u8b93\u7f8e\u5143\u514c\u4e3b\u8981\u8ca8\u5e63\u9010\u6b65\u7684\u4e0b\u8dcc\u8cb6\u503c\uff0c\u4ee5\u89e3\u6c7a\u7f8e\u570b\u5927\u91cf\u7684\u8cbf\u6613\u9006\u5dee\uff0c\u9019\u5c31\u662f\u6b77\u53f2\u8457\u540d\u7684\u300c\u5ee3\u5834\u5354\u8b70\u300d\u3002<\/p>\n<p>\u5728\u5ee3\u5834\u5354\u8b70\u7c3d\u8a02\u5f8c\uff0c\u65e5\u5713\u958b\u59cb\u5927\u5e45\u5347\u503c (\u76f8\u5c0d\u7684\u662f\u7f8e\u5143\u8cb6\u503c)\uff0c\u65e5\u672c\u653f\u5e9c\u70ba\u4e86\u523a\u6fc0\u5167\u9700\uff0c\u5f9e1986\u5e741\u6708\u8d77\uff0c\u9023\u7e8c5\u6b21\u8abf\u964d\u5229\u7387\uff0c\u5c07\u8cbc\u73fe\u7387\u4e00\u8def\u5f9e5%\u4e0b\u8abf\u52302.5%\uff0c\u662f\u7576\u6642\u4e3b\u8981\u570b\u5bb6\u4e2d\u5229\u7387\u6700\u4f4e\uff0c\u9019\u4e5f\u4fc3\u4f7f\u4e86\u5927\u91cf\u8cc7\u91d1\u6e67\u5165\u80a1\u5e02\u53ca\u623f\u5e02\uff0c\u80a1\u50f9\u6276\u6416\u76f4\u4e0a\uff0c\u623f\u50f9\u4e5f\u4e00\u98db\u6c96\u5929\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-49206\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230304125349_29.jpg\" alt=\"\u65e5\u5713\u5347\u503c\" width=\"1413\" height=\"740\" \/><\/p>\n<p>\u5230\u4e861990\u5e74\uff0c\u65e5\u672c\u4e3b\u89816\u5927\u57ce\u5e02\u4e2d\u5fc3\u7684\u5730\u50f9\u6307\u6578\u6bd41985\u5e74\u4e0a\u6f32\u4e86\u7d0490%\uff0c\u666e\u901a\u7684\u65e5\u672c\u4eba\u6839\u672c\u8cb7\u4e0d\u8d77\u81ea\u5df1\u7684\u4f4f\u623f\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-49207\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230304125415_59.jpg\" alt=\"\u65e5\u672c\u5229\u7387\u4e0b\u964d\" width=\"1413\" height=\"740\" \/><\/p>\n<h3>\u6ce1\u6cab\u7834\u88c2\uff1a\u7dca\u7e2e\u8ca8\u5e63\u653f\u7b56\u3001\u653f\u5e9c\u6253\u58d3\u623f\u5730\u7522<\/h3>\n<p>\u96a8\u8457\u80a1\u5e02\u53ca\u623f\u5e02\u5feb\u901f\u7684\u4e0a\u6f32\uff0c<a href=/index.html"https:\/\/\/blog-post_17-8\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u901a\u8ca8\u81a8\u8139<\/a>\u58d3\u529b\u4e5f\u96a8\u4e4b\u800c\u4f86\uff0c\u65e5\u672c\u592e\u884c\u958b\u59cb\u611f\u5230\u60c5\u6cc1\u4e0d\u5999\uff0c\u65bc\u662f\u5f9e1989\u5e743\u6708\u8d77\uff0c\u65e5\u672c\u592e\u884c\u8f49\u70ba\u63a1\u53d6\u7dca\u7e2e\u7684<a href=/index.html"https:\/\/\/what-is-monetary-policy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">\u8ca8\u5e63\u653f\u7b56<\/span><\/a>\uff0c\u628a\u5229\u7387\u5f9e2.5%\u4f4e\u9ede\u5feb\u901f\u6f32\u52306%\uff0c\u540c\u6642\uff0c\u8ca8\u5e63\u7684\u4f9b\u61c9\u4e5f\u5feb\u901f\u4e0b\u6ed1\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u70ba\u4e86\u6253\u623f\uff0c\u65e5\u672c\u653f\u5e9c\u767c\u5e03\u4e86\u884c\u653f\u6307\u5c0e\uff0c\u8981\u6c42\u623f\u5730\u7522\u8cb8\u6b3e\u589e\u9577\u901f\u5ea6\u4e0d\u80fd\u8d85\u904e\u6574\u9ad4\u8cb8\u6b3e\u589e\u9577\u901f\u5ea6\uff0c\u65bc\u662f\uff0c\u65e5\u672c\u5404\u91d1\u878d\u6a5f\u69cb\u7684\u623f\u8cb8\u589e\u9577\u901f\u5ea6\u5f9e1987\u5e74\u768436.6%\u4e0b\u964d\u52301988\u5e74\u768410.2%\uff0c\u5230\u4e861991\u5e74\uff0c\u65e5\u672c\u7684\u5546\u696d\u9280\u884c\u5e7e\u4e4e\u505c\u6b62\u4e86\u623f\u5730\u7522\u7684\u8cb8\u6b3e\u3002<\/p>\n<p>\u9019\u4e9b\u5c0d\u623f\u5e02\u6975\u70ba\u4e0d\u5229\u7684\u653f\u7b56\u51fa\u4f86\u4e4b\u5f8c\uff0c\u80a1\u5e02\u7387\u5148\u53cd\u61c9\uff0c1990\/1\/12\uff0c\u65e5\u672c\u80a1\u5e02\u66b4\u8dcc70%\uff0c\u5e7e\u4e4e\u6240\u6709\u9280\u884c\u548c\u4f01\u696d\u90fd\u7522\u751f\u5de8\u5927\u7684\u8667\u640d\u3002<\/p>\n<p>\u63a5\u4e0b\u4f86\u9019\u628a\u706b\u71d2\u5230\u623f\u5e02\uff0c\u516c\u53f8\u7834\u7522\u5c0e\u81f4\u5927\u91cf\u7684\u4e0d\u52d5\u7522\u6e67\u5165\u5e02\u5834\uff0c\u623f\u5e02\u958b\u59cb\u51fa\u73fe\u4f9b\u904e\u65bc\u6c42\u7684\u72c0\u6cc1\uff0c\u623f\u50f9\u5f9e1991\u5e74Q1\u5f8c\u8fc5\u901f\u4e0b\u8dcc\u3002\u6b64\u5916\uff0c\u96a8\u8457\u65e5\u5713\u532f\u7387\u5957\u5229\u7684\u7a7a\u9593\u6108\u4f86\u6108\u5c0f\uff0c\u570b\u969b\u71b1\u9322\u7ac4\u9003\uff0c\u5c0e\u81f4\u623f\u50f9\u4e00\u53bb\u4e0d\u5fa9\u8fd4\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-49208\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230304125506_12.jpg\" alt=\"\u65e5\u672c\u623f\u50f9\u8d70\u52e2\" width=\"1413\" height=\"740\" \/><\/p>\n<h3>\u9020\u6210\u5f71\u97ff\uff1a\u65e5\u672c\u5931\u843d\u768420\u5e74<\/h3>\n<p>\u65e5\u672c\u57281991\u5e74\u623f\u5730\u7522\u6ce1\u6cab\u7834\u6ec5\u5f8c\uff0c\u9032\u5165\u4e86\u5931\u843d\u768420\u5e74\u3002\u5f9e1992\u5e74\u8d77\u81f32014\u5e74\u9593\uff0c\u65e5\u672cGDP\u6210\u9577\u7387\u5e73\u5747\u53ea\u67090.8%\uff0c\u5728\u6ce1\u6cab\u524d10\u5e74\u5e73\u5747\u67094.6%\u3002<\/p>\n<p>\u9664\u4e86\u7d93\u6fdf\u505c\u6eef\u4e0d\u524d\u5916\uff0c\u65e5\u672c\u4e5f\u9677\u5165\u4e86\u9577\u671f\u7684<a href=/index.html"https:\/\/\/what-is-deflation-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u901a\u8ca8\u7dca\u7e2e<\/a>\uff0c1992\u5e74\u8d77\u81f32014\u5e74\u9593\uff0c\u65e5\u672cCPI\u6210\u9577\u7387\u5e73\u5747\u53ea\u67090.2%\uff0c\u5728\u6ce1\u6cab\u524d10\u5e74\u5e73\u5747\u70ba1.9%\u3002<\/p>\n<p>\u4f4f\u5b85\u50f9\u683c\u5f9e1991\u5e74\u4e00\u8def\u8dcc\u52302009\u5e74\uff0c\u5171\u8dcc\u4e86\u8d85\u904e45%\uff0c\u76f8\u7576\u65bc\u8cc7\u7522\u8170\u65ac\uff0c\u623f\u50f9\u4e00\u76f4\u52302010\u5e74\u624d\u6b62\u8dcc\uff0c\u7a0d\u898b\u56de\u6696\uff0c\u4f46\u81f3\u4eca\u96e2\u7576\u521d\u7684\u9ad8\u9ede\u90fd\u9084\u6709\u5f88\u5927\u8ddd\u96e2\uff0c<\/p>\n<p>\u4e5f\u5c31\u662f\u8aaa\uff0c<strong>\u5982\u679c\u57281991\u5e74\u7684\u9ad8\u9ede\u8cb7\u4e86\u4e00\u68df\u623f\u5b50\uff0c\u904e\u4e8630\u5e7e\u5e74\uff0c\u623f\u50f9\u90fd\u9084\u662f\u6bd4\u7576\u521d\u8dcc30%\uff0c\u8ddf\u6211\u5011\u5c0d\u623f\u5730\u7522\u9577\u671f\u53ea\u6f32\u4e0d\u8dcc\u7684\u523b\u677f\u5370\u8c61\u5dee\u5f88\u5927\u3002<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A43%EF%BC%9A1997%E5%B9%B4%E6%9D%B1%E5%8D%97%E4%BA%9E%E6%88%BF%E5%9C%B0%E7%94%A2%E6%B3%A1%E6%B2%AB\"><\/span>\u623f\u5730\u7522\u5d29\u76e43\uff1a1997\u5e74\u6771\u5357\u4e9e\u623f\u5730\u7522\u6ce1\u6cab<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\u958b\u59cb\u6642\u9593\uff1a1997\u5e74Q3<\/li>\n<li>\u7d50\u675f\u6642\u9593\uff1a2003\u5e74Q3 (\u4ee5\u9999\u6e2f\u70ba\u4f8b)<\/li>\n<li>\u6f32\u56de\u524d\u9ad8\u6642\u9593\uff1a2011\u5e74Q1\uff0c\u5171\u82b1\u8cbb13.5\u5e74 (\u4ee5\u9999\u6e2f\u70ba\u4f8b)<\/li>\n<li>\u6700\u5927\u8dcc\u5e45\uff1a65% (\u4ee5\u9999\u6e2f\u70ba\u4f8b)<\/li>\n<li>\u5f8c\u7e8c\u5f71\u97ff\uff1a1997\u5e74\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4<\/li>\n<\/ul>\n<h3>\u767c\u751f\u7de3\u8d77\uff1a\u7d93\u6fdf\u7e41\u69ae\u3001\u91d1\u878d\u81ea\u7531\u5316\u3001\u5be6\u65bd\u56fa\u5b9a\u532f\u7387\u5236<\/h3>\n<p>\u4e8c\u6b21\u4e16\u754c\u5927\u6230\u5f8c\uff0c\u4e9e\u6d32\u570b\u5bb6\u5982\u65e5\u672c\u3001\u97d3\u570b\u3001\u53f0\u7063\u3001\u5370\u5c3c\u3001\u99ac\u4f86\u897f\u4e9e\u3001\u6cf0\u570b\u7b49\u570b\u5bb6\u7d93\u6fdf\u767c\u5c55\u5feb\u901f\uff0c\u6bcf\u5e74\u7dad\u630110%\u5de6\u53f3\u7684\u9ad8\u6210\u9577\u7387\uff0c\u4e00\u5ea6\u88ab\u7a31\u70ba\u300c\u4e9e\u6d32\u5947\u8e5f\u300d\u3002<\/p>\n<p>\u5230\u4e861980\u5e74\u4ee3\uff0c\u6771\u5357\u4e9e\u5404\u570b\u53d7\u5230\u5df2\u958b\u767c\u570b\u5bb6\u7684\u5f71\u97ff\uff0c\u7d1b\u7d1b\u5be6\u65bd\u91d1\u878d\u81ea\u7531\u5316\u7684\u6539\u9769\u653f\u7b56\uff0c\u53d6\u6d88\u91d1\u878d\u7ba1\u5236\uff0c\u4e5f\u5c31\u662f\u5141\u8a31\u5916\u8cc7\u53ef\u4ee5\u81ea\u7531\u9032\u51fa\uff0c\u56e0\u6b64\uff0c\u5927\u91cf\u570b\u969b\u8cc7\u672c\u6d41\u5165\u6771\u5357\u4e9e\u3002<\/p>\n<p>\u6771\u5357\u4e9e\u570b\u5bb6\u5927\u591a\u662f\u5be6\u65bd\u300c<a href=/index.html"https:\/\/\/fixed-floating-exchange-rate\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u56fa\u5b9a\u532f\u7387\u5236<\/a>\u300d\uff0c\u4e5f\u5c31\u662f\u628a\u672c\u570b\u8ca8\u5e63\u76f4\u63a5\u8ddf\u7f8e\u5143\u639b\u920e\uff0c\u5728\u9019\u6a23\u7684\u524d\u63d0\u4e0b\uff0c\u7d66\u570b\u969b\u6295\u6a5f\u7684\u8cc7\u672c\u63d0\u4f9b\u4e86\u826f\u597d\u7684\u689d\u4ef6\uff0c\u4e0d\u5fc5\u64d4\u5fc3\u532f\u7387\u4e0a\u7684\u6ce2\u52d5\u3002<\/p>\n<p>\u7531\u65bc\u9019\u4e9b\u570b\u969b\u71b1\u9322\u7684\u6ce8\u5165\uff0c\u52a0\u4e0a\u6295\u6a5f\u98a8\u6c23\u76db\u884c\uff0c\u4f7f\u5f97\u4e9e\u6d32\u8a31\u591a\u570b\u5bb6\u7684\u623f\u50f9\u90fd\u51fa\u73fe\u66b4\u6f32\u7684\u72c0\u6cc1\uff0c1988~1991\u5e74\uff0c\u5370\u5c3c\u7684\u623f\u50f9\u4e0a\u6f32\u4e864\u500d\uff0c1988~1992\u5e74\uff0c\u99ac\u4f86\u897f\u4e9e\u3001\u83f2\u5f8b\u8cd3\u548c\u6cf0\u570b\u7684\u623f\u50f9\u4e0a\u6f32\u4e86\u7d043\u500d\u3002<\/p>\n<h3>\u6ce1\u6cab\u7834\u88c2\uff1a\u570b\u969b\u8cc7\u672c\u6d41\u51fa\u3001\u6539\u7528\u6d6e\u52d5\u532f\u7387\u5236\uff0c\u8ca8\u5e63\u5927\u5e45\u8cb6\u503c<\/h3>\n<p>\u7531\u65bc\u6771\u5357\u4e9e\u570b\u5bb6\u7684\u8ca8\u5e63\u5927\u591a\u8207\u7f8e\u5143\u639b\u920e\uff0c\u57281985\u5e74\u7c3d\u8a02\u300c\u5ee3\u5834\u5354\u8b70\u300d\u5f8c\uff0c\u7f8e\u570b\u70ba\u4e86\u6551\u81ea\u5df1\u7684\u51fa\u53e3\uff0c\u7f8e\u5143\u5c0d\u4e3b\u8981\u8ca8\u5e63\u958b\u59cb\u8cb6\u503c\uff0c\u6771\u5357\u4e9e\u570b\u5bb6\u7684\u8ca8\u5e63\u4e5f\u96a8\u4e4b\u8cb6\u503c\uff0c\u56e0\u6b64\u5927\u5927\u6709\u5229\u51fa\u53e3\u3002<\/p>\n<p>\u7136\u800c\uff0c1995\u5e74\u4ee5\u5f8c\uff0c\u7f8e\u570b\u7d93\u6fdf\u9032\u5165\u9ec3\u91d1\u6642\u671f\uff0c\u7d93\u6fdf\u6210\u9577\u5feb\u901f\u3001\u901a\u8ca8\u81a8\u8139\u7387\u4f4e\uff0c\u7f8e\u5143\u958b\u59cb\u5347\u503c\u3002\u540c\u6a23\u7684\uff0c\u9019\u6ce2\u7f8e\u5143\u7684\u5347\u503c\u5e36\u52d5\u4e86\u6771\u5357\u4e9e\u5404\u570b\u8ca8\u5e63\u7684\u5347\u503c\uff0c\u7d50\u679c\u537b\u9020\u6210\u9019\u4e9b\u570b\u5bb6\u7684\u51fa\u53e3\u53d7\u5230\u963b\u7919\uff0c\u9032\u53e3\u5247\u5927\u91cf\u589e\u52a0\uff0c\u7522\u751f\u4e86\u5927\u984d\u7684\u8cbf\u6613\u9006\u5dee\u3002<\/p>\n<p>\u5728\u9019\u6a23\u7684\u524d\u63d0\u4e0b\uff0c\u6771\u5357\u4e9e\u570b\u5bb6\u4ecd\u6c92\u6709\u53ca\u6642\u505a\u51fa\u8abf\u6574\uff0c\u5f15\u8d77\u6295\u6a5f\u8005\u62cb\u552e\u672c\u5e63\u3001\u6436\u8cfc\u5916\u5e63\u3002<\/p>\n<p>\u6700\u5f8c\uff0c<strong>\u5de8\u5927\u7684\u6d41\u51fa\u58d3\u529b\u8feb\u4f7f\u5404\u570b\u592e\u884c\u653e\u68c4<a href=/index.html"https:\/\/\/fixed-floating-exchange-rate\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u56fa\u5b9a\u532f\u7387\u5236<\/a>\uff0c\u6539\u7528<a href=/index.html"https:\/\/\/fixed-floating-exchange-rate\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6d6e\u52d5\u532f\u7387\u5236<\/a><\/strong>\uff0c\u8b93\u672c\u5e63\u8cb6\u503c\uff0c\u9019\u4e5f\u662f\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u767c\u751f\u7684\u4e3b\u56e0\u4e4b\u4e00\u3002<\/p>\n<p>1997\u5e74\u4e9e\u6d32\u91d1\u878d\u5371\u6a5f\u7206\u767c\u5f8c\uff0c\u6771\u5357\u4e9e\u5404\u570b\u8ca8\u5e63\u7684\u532f\u7387\u5927\u5e45\u8cb6\u503c\uff0c\u80a1\u5e02\u8ddf\u623f\u5e02\u7684\u6ce1\u6cab\u8fc5\u901f\u5d29\u6f70\u3002<\/p>\n<ul>\n<li><strong>\u6cf0\u570b<\/strong>\uff1a\u6cf0\u9296\u8cb6\u503c1\u500d\u4ee5\u4e0a\uff0c1997\u4e0b\u534a\u5e74\u623f\u50f9\u4e0b\u8dcc30%\u3002<\/li>\n<li><strong>\u99ac\u4f86\u897f\u4e9e<\/strong>\uff1a\u4ee4\u5409\u8cb6\u503c\u8fd150%\uff0c1997\u4e0b\u534a\u5e74\u623f\u5e02\u5e73\u5747\u4ea4\u6613\u91cf\u4e0b\u8dcc37%\u3002<\/li>\n<li><strong>\u9999\u6e2f<\/strong>\uff1a1997~1998\u5e74\uff0c\u623f\u50f91\u5e74\u5167\u4e0b\u8dcc\u8d85\u904e40%\u3002<\/li>\n<\/ul>\n<h3>\u9020\u6210\u5f71\u97ff\uff1a1997\u5e74\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4<\/h3>\n<p>1996\u5e74\u9019\u4e00\u6ce2\u6771\u5357\u4e9e\u7684\u623f\u5730\u7522\u6ce1\u6cab\u8ddf\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u53ef\u4ee5\u8aaa\u662f\u5bc6\u4e0d\u53ef\u5206\u7684\u3002\u9019\u6b21\u91d1\u878d\u98a8\u66b4\u91cd\u5275\u4e86\u4e9e\u6d32\u7d93\u6fdf\uff0c\u5f9e\u6b64\u4e4b\u5f8c\uff0c\u9664\u4e86\u65e5\u3001\u97d3\u7b49\u570b\u5bb6\u5916\uff0c\u591a\u6578\u7684\u6771\u5357\u4e9e\u570b\u5bb6\u7d93\u6fdf\u4ecd\u7136\u505c\u6eef\u5728\u4e2d\u7b49\u6536\u5165\u7684\u968e\u6bb5\u3002<\/p>\n<p>\u5728\u623f\u50f9\u65b9\u9762\uff0c\u5404\u570b\u4e5f\u662f\u7d93\u6b77\u4e86\u4e00\u6bb5\u76f8\u7576\u9577\u6642\u9593\u7684\u4f4e\u6f6e\u671f\u3002<\/p>\n<p>\u4ee5\u9999\u6e2f\u70ba\u4f8b\uff0c1997\u5e74\u91d1\u878d\u98a8\u66b4\u5f8c\uff0c\u9999\u6e2f\u4f4f\u5b85\u623f\u50f9\u9023\u8dcc6\u5e74\uff0c\u8dcc\u5e45\u9ad8\u905465%\uff0c\u4e00\u76f4\u52302003\u5e74\u624d\u6b62\u8dcc\u56de\u5347\u3002<\/p>\n<p>\u4e0d\u904e\u9999\u6e2f\u623f\u50f9\u53cd\u5f48\u5f8c\u722c\u5347\u5feb\u901f\uff0c\u52302011\u5e74\u5c31\u56de\u52301997\u5e74\u7684\u9ad8\u9ede\uff0c\u5f8c\u7e8c\u9084\u4e0d\u65b7\u5275\u65b0\u9ad8\uff0c\u76ee\u524d\u7684\u623f\u50f9\u6307\u6578\u5df2\u662f1997\u5e74\u76842\u500d\u591a\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-49209\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230304125751_23.jpg\" alt=\"\u9999\u6e2f\u623f\u50f9\u8d70\u52e2\" width=\"1413\" height=\"740\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A44%EF%BC%9A2008%E5%B9%B4%E7%BE%8E%E5%9C%8B%E6%AC%A1%E8%B2%B8%E5%8D%B1%E6%A9%9F\"><\/span>\u623f\u5730\u7522\u5d29\u76e44\uff1a2008\u5e74\u7f8e\u570b\u6b21\u8cb8\u5371\u6a5f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\u958b\u59cb\u6642\u9593\uff1a2007\u5e74Q1<\/li>\n<li>\u7d50\u675f\u6642\u9593\uff1a2009\u5e74Q1<\/li>\n<li>\u6f32\u56de\u524d\u9ad8\u6642\u9593\uff1a2013\u5e74Q3(\u5171\u82b1\u8cbb6.5\u5e74)<\/li>\n<li>\u6700\u5927\u8dcc\u5e45\uff1a20%<\/li>\n<li>\u5f8c\u7e8c\u5f71\u97ff\uff1a2008\u5e74\u5168\u7403\u91d1\u878d\u6d77\u562f<\/li>\n<\/ul>\n<h3>\u767c\u751f\u7de3\u8d77\uff1a\u5c0d\u623f\u5e02\u904e\u5ea6\u6a02\u89c0\u3001\u5bec\u9b06\u7684\u8cb8\u6b3e\u653f\u7b56\u3001\u91d1\u878d\u8cc7\u7522\u8b49\u5238\u5316<\/h3>\n<p>\u57281990\u5e74\u4ee3\uff0c\u7f8e\u570b\u623f\u5e02\u7684\u666f\u6c23\u6a02\u89c0\uff0c\u591a\u6578\u4eba\u90fd\u76f8\u4fe1\u623f\u50f9\u53ea\u6f32\u4e0d\u8dcc\uff0c\u65bc\u662f\u9023\u8cb7\u4e0d\u8d77\u623f\u5b50\u7684\u4eba\u90fd\u501f\u9322\u8cb7\u623f\u3002<\/p>\n<p>2000\u5e74\u7db2\u8def\u6ce1\u6cab\u5371\u6a5f\u767c\u751f\u5f8c\uff0c\u806f\u6e96\u6703\u70ba\u4e86\u6551\u5e02\u63a1\u53d6\u5bec\u9b06\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u806f\u90a6\u57fa\u91d1\u5229\u7387\u5f9e2000\u5e74\u76846.5%\u4e00\u8def\u8abf\u964d\uff0c\u52302003\u5e746\u6708\u53ea\u5269\u4e0b1%\uff0c\u4f4e\u5229\u7387\u7684\u7d50\u679c\u9020\u6210\u623f\u50f9\u87ba\u65cb\u5f0f\u7684\u4e0a\u5347\u3002<\/p>\n<p>\u7576\u6642\u5e02\u5834\u4e0a\u5c0d\u623f\u5e02\u7684\u4fe1\u5fc3\u6eff\u6eff\uff0c\u52a0\u4e0a\u8cb8\u6b3e\u653f\u7b56\u5bec\u9b06\uff0c\u6709\u4e9b\u8cb8\u6b3e\u6a5f\u69cb\u751a\u81f3\u9023\u7533\u8acb\u4eba\u7684\u8eab\u4efd\u8cc7\u683c\u90fd\u4e0d\u6aa2\u67e5\uff0c\u9020\u6210\u6709\u4e9b\u4fe1\u7528\u7d00\u9304\u4e0d\u4f73\u6216\u6c92\u6709\u4fe1\u7528\u7d00\u9304\u7684\u4eba\u4e5f\u80fd\u501f\u9322\u8cb7\u623f\u3002<\/p>\n<p>\u5728\u7f8e\u570b\u9664\u4e86\u8ddf\u9280\u884c\u8cb8\u6b3e\u5916\uff0c\u9084\u53ef\u4ee5\u8ddf\u6b21\u7d1a\u62b5\u62bc\u8cb8\u6b3e\u516c\u53f8(\u7c21\u7a31\u6b21\u8cb8\u516c\u53f8)\u8cb8\u6b3e\uff0c\u4f8b\u5982\u6709\u540d\u7684\u623f\u5229\u7f8e\u8ddf\u623f\u5730\u7f8e\u3002\u9019\u4e9b\u6b21\u8cb8\u516c\u53f8\u5f9e\u9280\u884c\u6216\u91d1\u878d\u6a5f\u69cb\u90a3\u908a\u8cfc\u8cb7\u623f\u8cb8\u50b5\u6b0a\uff0c\u628a\u9019\u4e9b\u8cb8\u6b3e\u8b49\u5238\u5316\uff0c\u7136\u5f8c\u518d\u8ce3\u7d66\u6295\u8cc7\u9280\u884c\u6216\u6295\u8cc7\u4eba\u4ee5\u7372\u5f97\u8cc7\u91d1\uff0c\u9019\u5c31\u662f\u6240\u8b02\u7684<strong><a href=/index.html"https:\/\/\/what-is-mbs-security\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">MBS(\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238)<\/a>\u3002<\/strong><\/p>\n<p>\u91d1\u878d\u8cc7\u7522\u7684\u8b49\u5238\u5316\u57281980\u53ca1990\u5e74\u4ee3\u975e\u5e38\u6d41\u884c\uff0c\u4e14\u4e0d\u53ea\u6709\u4e0d\u52d5\u7522\u624d\u80fd\u8b49\u5238\u5316\uff0c\u5176\u4ed6\u5982\u8eca\u8cb8\u3001\u4fe1\u8cb8\u4e5f\u80fd\u8b49\u5238\u5316\u3002\u6700\u5f8c\u66f4\u884d\u751f\u51fa\u628a\u6240\u6709\u8b49\u5238\u5316\u50b5\u5238\u90fd\u6253\u5305\u518d\u4e00\u8d77\uff0c\u7a31\u70ba<strong>CDO(\u64d4\u4fdd\u50b5\u52d9\u6191\u8b49)<\/strong>\u3002<\/p>\n<p>MBS\u8ddfCDO\u9019\u6a23\u7684\u91d1\u878d\u5546\u54c1\u7d93\u904e\u5c64\u5c64\u5305\u88dd\uff0c\u4e00\u822c\u4eba\u90fd\u96e3\u4ee5\u7406\u89e3\uff0c\u518d\u52a0\u4e0a\u7576\u6642\u7684\u8a55\u7d1a\u6a5f\u69cb\u9020\u5047\uff0c\u7d66\u4e88\u9019\u6a23\u7684\u91d1\u878d\u5546\u54c1\u975e\u5e38\u5b89\u5168\u7684\u8a55\u7d1a\uff0c\u8aa4\u5c0e\u6295\u8cc7\u4eba\uff0c\u8b93\u8a31\u591a\u6295\u8cc7\u4eba\u722d\u76f8\u8cfc\u8cb7\uff0c\u57cb\u4e0b\u4e86\u4e4b\u5f8c\u5371\u6a5f\u767c\u751f\u7684\u7a2e\u5b50\u3002<\/p>\n<p>2006\u5e74\uff0c\u7f8e\u570b10\u5927\u57ce\u5e02\u7684\u623f\u50f9\u6f32\u81f3\u6b77\u53f2\u65b0\u9ad8\uff0c10\u5e74\u623f\u50f9\u6f32\u4e86\u8fd13\u500d\uff0c\u62b5\u62bc\u8cb8\u6b3e\u7684\u767c\u653e\u898f\u6a21\u4e5f\u9ad8\u905425,200\u5104\u7f8e\u5143\u3002<\/p>\n<h3>\u6ce1\u6cab\u7834\u88c2\uff1a\u5229\u606f\u5347\u9ad8\u3001\u623f\u50f9\u4e0b\u8dcc\u3001\u6c11\u773e\u7121\u529b\u511f\u9084\u8cb8\u6b3e<\/h3>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-49210\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230304125952_4.jpg\" alt=\"\u7f8e\u570b\u806f\u90a6\u57fa\u91d1\u76ee\u6a19\u5229\u7387\" width=\"1413\" height=\"740\" \/><\/p>\n<p>\u5f9e2004\u5e746\u6708\u8d77\uff0c\u7f8e\u806f\u5132\u9032\u5165\u5347\u606f\u5faa\u74b0\uff0c\u4e8c\u5e74\u5167\u9023\u7e8c17\u6b21\u5347\u606f\uff0c\u5c07\u806f\u90a6\u57fa\u91d1\u5229\u7387\u5f9e1%\u8abf\u9ad8\u81f32006\u5e74\u5df2\u90545.25%\uff0c\u518d\u52a0\u4e0a\u7576\u6642\u7684\u623f\u5e02\u958b\u59cb\u7522\u751f\u4f9b\u904e\u65bc\u6c42\u7684\u72c0\u6cc1\uff0c\u623f\u50f9\u7d42\u65bc\u5f9e2007\u5e741\u6708\u958b\u59cb\u4e0b\u8dcc\u3002<\/p>\n<p>\u623f\u50f9\u4e0b\u8dcc\u52a0\u4e0a\u8cb8\u6b3e\u5229\u7387\u4e0a\u5347\uff0c\u8a31\u591a\u501f\u6b3e\u4eba\u958b\u59cb\u7121\u529b\u511f\u9084\u8cb8\u6b3e\uff0c\u9020\u6210\u50b5\u52d9\u9055\u7d04\uff0c\u6216\u662f\u56e0\u70ba\u623f\u50f9\u4e0b\u8dcc\u4e7e\u8106\u4e0d\u7e73\u8cb8\u6b3e\uff0c\u65bc\u662f\u90a3\u4e9b\u6b21\u8cb8\u516c\u53f8\u56e0\u50b5\u52d9\u9055\u7d04\u4e5f\u7d1b\u7d1b\u7533\u8acb\u7834\u7522\uff0c<a href=/index.html"https:\/\/\/2008-financial-crisis\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">2007~2008\u5e74\u91d1\u878d\u6d77\u562f<\/span><\/a>\u5168\u9762\u7206\u767c\u3002<\/p>\n<h3>\u9020\u6210\u5f71\u97ff\uff1a2008\u5e74\u5168\u7403\u91d1\u878d\u6d77\u562f\uff0c\u5927\u578b\u91d1\u878d\u6a5f\u69cb\u5012\u9589<\/h3>\n<p>2008\u5e74\u91d1\u878d\u6d77\u562f\u9020\u6210\u7684\u5f71\u97ff\u662f\u5168\u7403\u6027\u7684\uff0c\u5168\u7403\u4e3b\u8981\u570b\u5bb6\u7684\u80a1\u5e02\u5e7e\u4e4e\u90fd\u8170\u65ac\uff0c\u91d1\u878d\u696d\u53d7\u50b7\u5c24\u5176\u6158\u91cd\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-49211\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230304130054_88.jpg\" alt=\"\u91d1\u878d\u6d77\u562f\u5168\u7403\u80a1\u5e02\" width=\"1413\" height=\"740\" \/><\/p>\n<p>\u8457\u540d\u7684\u6295\u8cc7\u9280\u884c\u8c9d\u723e\u65af\u767b\u548c\u96f7\u66fc\u5144\u5f1f\u57282008\u5e74\u76f8\u7e7c\u5012\u9589\uff0c\u7f8e\u6797\u8b49\u5238\u4e5f\u88ab\u7f8e\u570b\u9280\u884c\u6536\u8cfc\uff0c\u82b1\u65d7\u9280\u884c\u5247\u662f\u53d7\u653f\u5e9c\u6ce8\u8cc7\u62ef\u6551\u3002<\/p>\n<p>\u66f4\u591a2008\u5e74\u6b21\u8cb8\u5371\u6a5f\u7d30\u7bc0\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/2008-financial-crisis\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">2008\u5e74\u91d1\u878d\u6d77\u562f\u61f6\u4eba\u5305<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%AD%B7%E5%8F%B2%E4%B8%8A%E6%88%BF%E5%9C%B0%E7%94%A2%E5%B4%A9%E7%9B%A4%E5%B8%B6%E4%BE%86%E7%9A%84%E5%95%9F%E7%A4%BA\"><\/span>\u6b77\u53f2\u4e0a\u623f\u5730\u7522\u5d29\u76e4\u5e36\u4f86\u7684\u555f\u793a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5f9e\u6b77\u6b21\u7684\u623f\u5730\u7522\u5d29\u76e4\u7d93\u9a57\u4f86\u770b\uff0c\u6211\u5011\u53ef\u4ee5\u6b78\u7d0d\u51fa\u4ee5\u4e0b\u5e7e\u500b\u5171\u901a\u9ede\u3002<\/p>\n<h3>1. \u6b77\u53f2\u4e0a\u91cd\u5927\u7684\u7d93\u6fdf\u5371\u6a5f\u591a\u8ddf\u623f\u5730\u7522\u6709\u95dc<\/h3>\n<p>\u7531\u65bc\u623f\u5730\u7522\u8ddf\u500b\u4eba\u8ca1\u5bcc\u3001\u7d93\u6fdf\u6210\u9577\u53ca\u6295\u8cc7\u6d88\u8cbb\u90fd\u6709\u5f88\u76f4\u63a5\u7684\u76f8\u95dc\uff0c\u5982\u679c\u623f\u5730\u7522\u767c\u751f\u5371\u6a5f\uff0c\u5c0d\u7d93\u6fdf\u901a\u5e38\u6703\u9020\u6210\u5f88\u91cd\u5927\u7684\u5f71\u97ff\u3002<\/p>\n<p>\u6b77\u53f2\u4e0a\u7684\u623f\u5730\u7522\u5d29\u76e4\u591a\u6578\u4e5f\u8207\u91cd\u5927\u7684\u7d93\u6fdf\u5371\u6a5f\u76f8\u95dc\uff0c\u4f8b\u59821926\u7f8e\u570b\u4f5b\u7f85\u91cc\u9054\u623f\u5730\u7522\u6ce1\u6cab\u82071929\u5e74\u7d93\u6fdf\u5927\u856d\u689d\u30011991\u5e74\u65e5\u672c\u623f\u5730\u7522\u6ce1\u6cab\u5f8c\u5e36\u4f86\u5931\u843d\u768420\u5e74\u30011997\u5e74\u6771\u5357\u4e9e\u623f\u5730\u7522\u6ce1\u6cab\u8207\u4e9e\u6d32\u91d1\u878d\u5371\u6a5f\u30012008\u5e74\u7f8e\u570b\u6b21\u8cb8\u5371\u6a5f\u8207\u5168\u7403\u91d1\u878d\u6d77\u562f\u3002<\/p>\n<h3>2. \u4f4e\u5229\u7387\u3001\u5bec\u9b06\u8cb8\u6b3e\u653f\u7b56\u52a9\u9577\u623f\u7522\u6ce1\u6cab<\/h3>\n<p>\u6b77\u6b21\u623f\u7522\u6ce1\u6cab\u767c\u751f\u7684\u80cc\u666f\u90fd\u662f\u9a5a\u4eba\u7684\u76f8\u4f3c\uff0c\u5728\u6301\u7e8c<a href=/index.html"https:\/\/\/what-is-cut-interest-rates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u964d\u606f<\/a>\u53ca\u9577\u671f\u4f4e\u5229\u7387\u7684\u74b0\u5883\u4e0b\uff0c\u6d41\u52d5\u6027\u904e\u5269\uff0c\u52a9\u9577\u4e86\u5c0d\u623f\u5730\u7522\u7684\u6295\u8cc7\u9700\u6c42\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u5bec\u9b06\u8ca8\u5e63\u653f\u7b56\u3001\u4fbf\u5b9c\u7684\u8cb8\u6b3e\u66f4\u662f\u706b\u4e0a\u6f86\u6cb9\uff0c\u5982\u679c\u653f\u7b56\u6108\u5bec\u9b06\u5931\u63a7\uff0c\u5f8c\u679c\u6108\u4e0d\u53ef\u6536\u62fe\u3002<\/p>\n<p>\u6240\u4ee5\u5404\u570b\u4e2d\u592e\u9280\u884c\u5c0d\u5229\u7387\u7684\u63a7\u7ba1\u3001\u653f\u5e9c\u7684\u8cb8\u6b3e\u653f\u7b56\u53ca\u5c0d\u9280\u884c\u6216\u8cb8\u6b3e\u6a5f\u69cb\u7684\u76e3\u7ba1\uff0c\u5c0d\u65bc\u9810\u9632\u623f\u5730\u7522\u5371\u6a5f\u81f3\u95dc\u91cd\u8981\u3002<\/p>\n<p>\u7576\u7136\uff0c\u4efb\u4f55\u7684\u5bec\u9b06\u653f\u7b56\u80cc\u5f8c\uff0c\u5176\u5be6\u4e5f\u53ef\u80fd\u662f\u56e0\u70ba\u70ba\u4e86\u633d\u6551\u5148\u524d\u7684\u7d93\u6fdf\u8870\u9000\uff0c\u4e5f\u56e0\u6b64\u666f\u6c23\u6709\u5468\u671f\u6027\u3001\u5468\u800c\u5fa9\u59cb\u3002<\/p>\n<h3>3. \u6b77\u4f86\u5e7e\u6b21\u623f\u5730\u7522\u5371\u6a5f\u89f8\u767c\uff0c\u90fd\u8207\u5347\u606f\u3001\u7dca\u7e2e\u8ca8\u5e63\u653f\u7b56\u6709\u95dc<\/h3>\n<p>\u6b77\u6b21\u7684\u623f\u5730\u7522\u5371\u6a5f\u7684\u89f8\u767c\u6642\u6a5f\u9ede\uff0c\u90fd\u8ddf\u592e\u884c\u5347\u606f\uff0c\u63a1\u53d6\u7dca\u7e2e\u7684\u8ca8\u5e63\u653f\u7b56\u6709\u95dc\u3002<\/p>\n<p>\u7dca\u7e2e\u7684\u8ca8\u5e63\u653f\u7b56\u5c31\u50cf\u662f\u6233\u7834\u6ce1\u6cab\u7684\u91dd\u4e00\u6a23\uff0c\u9700\u8981\u975e\u5e38\u8b39\u614e\u7684\u4f7f\u7528\uff0c\u56e0\u70ba\u4e00\u4e0d\u5c0f\u5fc3\u5c31\u53ef\u80fd\u8b93\u50f9\u683c\u5feb\u901f\u5d29\u584c\u3002<\/p>\n<p>\u800c\u4e00\u65e6<a href=/index.html"https:\/\/\/what-is-raise-interest-rates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5347\u606f<\/a>\u5230\u4e00\u5b9a\u7684\u7a0b\u5ea6\uff0c\u501f\u6b3e\u4eba\u958b\u59cb\u7121\u6cd5\u511f\u9084\u8cb8\u6b3e\uff0c\u5c31\u5f88\u5bb9\u6613\u767c\u751f\u62cb\u552e\u623f\u5b50\u6216\u662f\u50b5\u52d9\u9055\u7d04\u7684\u5371\u6a5f\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u4e0d\u53ea\u653f\u5e9c\u7684\u8ca8\u5e63\u653f\u7b56\u626e\u6f14\u975e\u5e38\u95dc\u9375\u7684\u89d2\u8272\uff0c\u91d1\u878d\u6a5f\u69cb\u5c0d\u65bc\u501f\u6b3e\u4eba\u9084\u6b3e\u80fd\u529b\u7684\u8a55\u4f30\u4e5f\u76f8\u7576\u91cd\u8981\u3002<\/p>\n<h3>4. \u623f\u50f9\u5d29\u76e4\u5f8c\uff0c\u9700\u8981\u5f88\u9577\u4e00\u6bb5\u6642\u9593\u624d\u80fd\u56de\u5fa9\uff0c\u6216\u751a\u81f3\u7121\u6cd5\u56de\u5fa9<\/h3>\n<p>\u6b77\u6b21\u7684\u5371\u6a5f\u544a\u8a34\u6211\u5011\uff0c\u623f\u50f9\u7d55\u5c0d\u4e0d\u662f\u53ea\u6f32\u4e0d\u8dcc\uff0c\u800c\u4e14\u4e00\u4f46\u6ce1\u6cab\u7834\u88c2\u5f8c\uff0c\u901a\u5e38\u9700\u8981\u5f88\u9577\u4e00\u6bb5\u6642\u9593\u624d\u80fd\u56de\u5fa9\uff0c\u751a\u81f3\u53ef\u80fd\u5728\u8a31\u591a\u4eba\u6709\u751f\u4e4b\u5e74\u6839\u672c\u7121\u6cd5\u56de\u5fa9\u3002<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c<br \/>\n\u9999\u6e2f\u7684\u623f\u50f9\u57281997\u5e74\u91d1\u878d\u98a8\u66b4\u66b4\u8dcc\u5f8c\uff0c\u82b1\u4e8613.5\u5e74\u624d\u56de\u5230\u7576\u521d\u7684\u9ad8\u9ede\u3002<br \/>\n\u7f8e\u570b\u7684\u623f\u50f9\u57282008\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\uff0c\u82b1\u4e866.5\u5e74\u624d\u56de\u52302007\u7684\u9ad8\u9ede\u3002<br \/>\n\u65e5\u672c\u7684\u623f\u50f9\u57281991\u5e74\u623f\u5730\u7522\u6ce1\u6cab\u5f8c\uff0c\u81f3\u4eca\u4ecd\u672a\u6f32\u56de\u7576\u521d\u7684\u9ad8\u9ede\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%85%A8%E7%90%83%E6%88%BF%E5%9C%B0%E7%94%A2%E6%B3%A1%E6%B2%AB%E6%8C%87%E6%95%B8\"><\/span>\u5168\u7403\u623f\u5730\u7522\u6ce1\u6cab\u6307\u6578<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u745e\u58eb\u9280\u884c\u5168\u7403\u623f\u5730\u7522\u6ce1\u6cab\u6307\u6578(UBS Global Real Estate Bubble Index)\u4e3b\u8981\u8ffd\u8e64\u5168\u7403\u4e3b\u8981\u91d1\u878d\u4e2d\u5fc3\u7684\u623f\u5730\u7522\u6ce1\u6cab\u98a8\u96aa\uff0c\u6bcf\u5e74\u90fd\u6703\u767c\u5e03\u5831\u544a\uff0c\u60f3\u4e86\u89e3\u7684\u8b80\u8005\u53ef\u4ee5\u4e0a\u745e\u9280\u7684\u5b98\u7db2\u67e5\u770b\u3002<\/p>\n<p>\u6839\u64da<a href=/index.html"https:\/\/www.ubs.com\/global\/en\/wealth-management\/insights\/2022\/global-real-estate-bubble-index.html\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">2022\u5e74\u5ea6\u745e\u9280\u5168\u7403\u623f\u5730\u7522\u6ce1\u6cab\u6307\u6578\u5831\u544a<\/span><\/a>\uff0c\u623f\u5730\u7522\u6ce1\u6cab\u5316\u98a8\u96aa\u6700\u9ad8\u7684\u57ce\u5e02\u524d\u4e09\u540d\u5206\u5225\u662f\uff1a\u52a0\u62ff\u5927\u591a\u502b\u591a\u3001\u5fb7\u570b\u6cd5\u862d\u514b\u798f\u3001\u745e\u58eb\u8607\u9ece\u4e16\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-49212\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230304130241_38.jpg\" alt=\"\u745e\u9280\u5168\u7403\u623f\u5730\u7522\u6ce1\u6cab\u5316\u6307\u6578\" width=\"1413\" height=\"740\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E7%B8%BD%E7%B5%90%EF%BC%9A%E7%82%BA%E4%BB%80%E9%BA%BC%E6%88%BF%E5%9C%B0%E7%94%A2%E6%9C%83%E5%B4%A9%E7%9B%A4%EF%BC%9F%E9%81%87%E4%B8%8A%E6%99%82%E8%A9%B2%E6%80%8E%E9%BA%BC%E8%BE%A6%EF%BC%9F\"><\/span>\u5feb\u901f\u7e3d\u7d50\uff1a\u70ba\u4ec0\u9ebc\u623f\u5730\u7522\u6703\u5d29\u76e4\uff1f\u9047\u4e0a\u6642\u8a72\u600e\u9ebc\u8fa6\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u653e\u773c\u5168\u4e16\u754c\uff0c\u6c92\u6709\u4e00\u500b\u570b\u5bb6\u7684\u623f\u50f9\u662f\u53ea\u6f32\u4e0d\u8dcc\u7684\uff0c\u623f\u50f9\u7684\u8dcc\u5e45\u6709\u5927\u6709\u5c0f\uff0c\u6bd4\u8f03\u56b4\u91cd\u7684\u8dcc\u5230\u8170\u65ac\u4ee5\u4e0a\u90fd\u6709\uff0c\u623f\u5b50\u77ac\u9593\u6703\u8b8a\u6210\u500b\u4eba\u7684\u300c\u8ca0\u8cc7\u7522\u300d\u3002<\/p>\n<p>\u4e5f\u8a31\u9019\u7a2e\u5d29\u8dcc\u6709\u751f\u4e4b\u5e74\u6211\u5011\u4e0d\u6703\u9047\u5230\uff0c\u4f46\u9047\u5230\u7684\u53ef\u80fd\u6027\u4e26\u4e0d\u662f\u96f6\uff0c\u9019\u7bc7\u6587\u7ae0\u4e0a\u9762\u6574\u7406\u7684\u4f8b\u5b50\u5c31\u662f\u524d\u8eca\u4e4b\u9451\u3002<\/p>\n<p>\u6211\u5011\u53ef\u4ee5\u89c0\u5bdf\u5230\uff0c<br \/>\n\u623f\u50f9\u7684\u5d29\u76e4\u901a\u5e38\u8207\u4eba\u70ba\u7092\u4f5c\u904e\u9ad8\u3001\u6ce1\u6cab\u6700\u7d42\u7834\u88c2\u6709\u95dc\uff0c\u5728\u5927\u5e45\u5d29\u76e4\u4e4b\u524d\uff0c\u4e5f\u4e00\u5b9a\u5b58\u5728\u6301\u7e8c\u5927\u6f32\u7684\u7092\u4f5c\u904e\u7a0b\uff0c<br \/>\n\u6240\u4ee5\u7576\u623f\u50f9\u4e0d\u7406\u6027\u7684\u98c6\u9ad8\u6642\uff0c\u6211\u5011\u61c9\u8a72\u8981\u4fdd\u6301\u8b66\u89ba\uff0c\u800c\u4e0d\u662f\u8ddf\u8457\u5e02\u5834\u8d77\u821e\u3002<\/p>\n<p>\u7136\u800c\uff0c\u6211\u5011\u4e26\u7121\u6cd5\u9810\u6e2c\u623f\u5730\u7522\u5371\u6a5f\u4f55\u6642\u6703\u5230\u4f86\uff0c\u4e5f\u4e0d\u9700\u8981\u56e0\u70ba\u5bb3\u6015\u5371\u6a5f\u5230\u4f86\u5c31\u4e0d\u6562\u6301\u6709\u623f\u7522\u3002<\/p>\n<p>\u6bd4\u8f03\u597d\u7684\u505a\u6cd5\u4ecd\u7136\u662f\u900f\u904e<a href=/index.html"https:\/\/\/how-asset-allocation-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cc7\u7522\u914d\u7f6e<\/a>\u5206\u6563\u81ea\u5df1\u7684\u98a8\u96aa\uff0c\u4e0d\u628a\u904e\u591a\u7684\u6bd4\u4f8b\u5168\u90e8\u6295\u5165\u623f\u5730\u7522\u4e2d\uff0c<br \/>\n\u4e5f\u8a18\u5f97\u4e0d\u8981\u5229\u7528\u904e\u591a\u69d3\u687f\u53bb\u8cb7\u8d85\u51fa\u81ea\u5df1\u80fd\u529b\u7bc4\u570d\u7684\u623f\u5b50\uff0c\u56e0\u70ba\u623f\u5730\u7522\u662f\u6d41\u52d5\u6027\u6bd4\u8f03\u5dee\u7684\u5546\u54c1\uff0c\u5371\u6a5f\u4f86\u7684\u6642\u5019\u5f88\u96e3\u7acb\u523b\u62cb\u552e\u8b8a\u73fe\u3002<\/p>\n<p>\u6700\u5f8c\uff0c\u6295\u8cc7\u4eba\u61c9\u8a72\u600e\u9ebc\u53bb\u601d\u8003\u5224\u65b7\u623f\u5730\u7522\u7684\u5e02\u6cc1\u662f\u5426\u904e\u71b1\uff1f<\/p>\n<p>\u5e02\u5834\u5148\u751f\u5efa\u8b70\uff0c\u60f3\u89c0\u5bdf\u5c0d\u65bc\u4e0d\u52d5\u7522\u7684\u50f9\u683c\u8b8a\u5316\uff0c\u53ef\u4ee5\u5148\u5f9e\u95dc\u6ce8\u5168\u7403\u53ca\u672c\u570b\u7684<a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ca8\u5e63\u653f\u7b56<\/a>\uff0c\u56e0\u70ba\u9019\u662f\u5f71\u97ff\u623f\u50f9\u4ee5\u53ca\u623f\u5730\u7522\u666f\u6c23\u5faa\u74b0\u7684\u6838\u5fc3\u95dc\u9375\u56e0\u7d20\u4e4b\u4e00\uff0c<br \/>\n\u5305\u62ec<a href=/index.html"https:\/\/\/what-is-raise-interest-rates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5347\u606f<\/a>\u3001<a href=/index.html"https:\/\/\/what-is-cut-interest-rates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u964d\u606f<\/a>\uff0c\u4e86\u89e3\u9019\u4e9b\u6c7a\u7b56\u80cc\u5f8c\u7684\u539f\u56e0\u53ca\u5f71\u97ff\uff0c\u6703\u5c0d\u4f60\u4e86\u89e3\u623f\u5730\u7522\u672a\u4f86\u50f9\u683c\u8b8a\u5316\u6709\u6240\u5e6b\u52a9\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-monetary-policy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8a8d\u8b58\u592e\u884c\u8ca8\u5e63\u653f\u7b56<\/a><\/p>\n<p>\u6700\u5f8c\u984d\u5916\u5206\u4eab\u5e7e\u7bc7\u6587\u7ae0\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/historical-stock-crush-20-century\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7f8e\u570b\u6b77\u53f2\u4ee5\u4f86\u7684\u767e\u5e74\u91cd\u5927\u80a1\u707d\u6574\u7406<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/2008-financial-crisis\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">2008\u5e74\u91d1\u878d\u6d77\u562f\u61f6\u4eba\u5305<\/a><\/p>\n<p>3. <a href=/index.html"https:\/\/\/stock-crisis-win-3\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5d29\u76e4\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\u5982\u4f55\u61c9\u5c0d\uff1f<\/a><\/p>\n<p>4. <a href=/index.html"https:\/\/\/not-worry-stock-crash-anymore\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e0d\u518d\u64d4\u5fc3\u5d29\u76e4\u7684\u6295\u8cc7\u65b9\u6cd5\uff1f<\/a><\/p>\n\u5c08\u6b04\u4f5c\u8005\uff1a\u725f\u5747\u4fde\u3000\u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" \/><\/a><\/p>\r\n<p>\u6700\u8fd1\u5e02\u5834\u5148\u751f\u958b\u4e86\u4e00\u5802\u7684\u300c<strong>\u7528\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41<\/strong>\u300d\u6559\u5b78\u8ab2\u7a0b\uff0c<br \/>\u9019\u5802\u8ab2\u7a0b\u6703\u5f9e\u57fa\u790e\u5165\u9580\u3001\u8cc7\u6599\u67e5\u8a62\u5230\u5be6\u969b\u64cd\u4f5c\uff0c<br \/>\u6559\u4f60\u5b78\u6703\u5efa\u7acb\u4e00\u500b\u7a69\u5b9a\u7684\u5168\u7403ETF\u6295\u8cc7\u7d44\u5408\uff0c\u76ee\u524d\u7d2f\u7a4d\u5df2\u7d93\u6709\u5c07\u8fd11100\u4f4d\u540c\u5b78\u4e0a\u8ab2\u3002<\/p>\r\n<p>\u7dda\u4e0a\u8ab2\u7a0b\u300b<a href=/index.html"http:\/\/bit.ly\/2FV3hPc\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41\u7dda\u4e0a\u8ab2\u7a0b\u9023\u7d50<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u7531\u65bc\u53f0\u7063\u7684\u623f\u50f9\u7d93\u6b77\u4e86\u5f88\u9577\u4e00\u6bb5\u6642\u9593\u7684\u4e0a\u6f32\u8da8\u52e2\uff0c\u9020\u6210\u8a31\u591a\u4eba\u90fd\u64c1\u6709\u300c\u623f\u50f9\u53ea\u6f32\u4e0d\u8dcc\u300d\u7684\u8ff7\u601d\u3002 \u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54(IMF 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