Asset price swings influence fiscal accounts mainly through three channels: revenue, output and bailout costs. And the influence is non-linear and asymmetric during boom and bust.

资产价格波动主要是通过收入、产出和财政援助三个渠道对财政账户产生影响的，并且这种影响在资产价格高涨和低迷时期是非线性和非对称的。