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从1988年以来实施总量控制与市场波动来看,总量控制的市场效应十分明显,一方面总量控制制约着市场运行,而另一方面市场运行又反弹于总量控制、制约着总量控制力度。具体地说,可将这种效应大致分为三个阶段:第一阶段,总量紧缩使市场迅速降温与疲软,从而使市场成为总量控制的最灵敏反应;第二阶段,市场疲软反弹于总量控制,促成总量控制力度的适度放松;第三阶段,当前市场运行暗示应适时再度加强总量控制力度。从时间上看,第一阶段大约从1988年底至1989年底或1990年年初,
Since 1988, the implementation of total control and market fluctuations point of view, the total market control of the effect is obvious, on the one hand the total amount of control restricts the operation of the market, on the other hand the market operation has rebounded in the total control, restricting the total Control efforts. Specifically, this effect can be broadly divided into three stages: In the first stage, the tightening of the aggregate has cooled and softened the market rapidly, thus making the market the most sensitive response to the total amount control. In the second stage, the market rebounded from weakness The total amount of control, contributed to a moderate easing of total control efforts; the third phase, the current market operation should promptly once again strengthen the overall control efforts. From a time point of view, the first phase, from the end of 1988 to the end of 1989 or early 1990,