本文将信贷因素引入戴蒙德经济的内生增长模型,构建了资产泡沫与经济增长的一般性分析框架。信用经济的存在使基于AK模型的内生增长分析框架的结论不再适用,泡沫对实体经济部门投资存在挤出效应,但信贷约束放松弥补了实体经济投资规模的下降,从而使技术进步的作用出现不确定性。资产泡沫与经济增长的共容需满足以下条件:经济增长率高于资产价格上涨速度;技术进步和制度变迁对经济增长主导性作用的持续存在;信贷资金分配使泡沫的投资挤出效应小于信贷约束放松产生的积极效应。 This paper introduces the credit factor into Diamond’s endogenous growth model, and constructs a general analysis framework of asset bubble and economic growth. The existence of credit economy makes the conclusions of endogenous growth analysis framework based on AK model no longer applicable. The bubble has a crowding-out effect on the investment of the real economy, but the credit constraint relaxes to make up for the decline of the real economy investment so that the effect of technological progress Uncertainty arises. The combination of asset bubble and economic growth needs to meet the following conditions: the economic growth rate is higher than the asset price growth rate; the technological progress and the institutional change persist in the dominant role of economic growth; and the distribution of credit funds makes the bubble’s investment crowding-out effect less than the credit Constrain the positive effects of relaxation.