支撑的危险：泡沫和混乱
The Hazards of Propping Up: Bubbles and Chaos
摘要：
在当前金融危机的环境下，许多国家的政府可能很快成为金融资产的主要持有者，但政策辩论的重点只是短期市场稳定的可能性和程度。本文的研究表明，政府干预和扶持很可能导致长期的泡沫，甚至是疯狂的混乱行为。当承诺资本达到一个临界值时，这种不连续性就会发生，这个临界值只取决于两个参数：交易的市场冲击和目标敞口百分比。
英文摘要：
In the current environment of financial distress, many governments are likely to soon become major holders of financial assets, but the policy debate focuses only on the likelihood and extent of short-term market stabilization. This paper shows that government intervention and propping up are likely to lead to long-term bubbles and even wildly chaotic behavior. The discontinuities occur when the committed capital reaches a critical amount that depends on just two parameters: the market impact of trading and the target exposure percentage.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
