Asset price swings of influence fiscal accounts exert influence through three channels: revenue, output and bailout costs. And this kind of influence is nonlinear 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，并且这种影响随资产价格波动呈现非线性和非对称特征。