【摘要】：隨著中國資本項目開放步伐加快,有關(guān)國際資本流動與金融系統(tǒng)間的風(fēng)險行為反饋,以及貨幣政策是否應(yīng)當(dāng)對金融波動做出反應(yīng)等議題已成為學(xué)術(shù)界研究的熱點。本文通過構(gòu)建跨境資本流動與金融摩擦的DSGE模型,模擬分析本幣匯率預(yù)期變動與國內(nèi)金融系統(tǒng)風(fēng)險行為的反饋機(jī)理,并據(jù)此檢驗金融穩(wěn)定目標(biāo)下不同貨幣政策規(guī)則的有效性。結(jié)果表明,本幣升值預(yù)期將導(dǎo)致金融系統(tǒng)的風(fēng)險選擇趨于激進(jìn),同時伴隨著實體經(jīng)濟(jì)借貸利差擴(kuò)大,資產(chǎn)價格上漲,金融系統(tǒng)杠桿率增高等現(xiàn)象。利差平滑、杠桿調(diào)節(jié)在一定條件下可作為貨幣政策關(guān)注的對象,而資產(chǎn)價格穩(wěn)定不應(yīng)納入貨幣政策調(diào)控范疇。
[Abstract]:With the rapid opening of capital account in China, the issues of risk behavior feedback between international capital flow and financial system and whether monetary policy should respond to financial volatility have become a hot topic in academic circles. By constructing the DSGE model of cross-border capital flow and financial friction, this paper simulates and analyzes the feedback mechanism between the expected change of local currency exchange rate and the risk behavior of domestic financial system, and tests the effectiveness of different monetary policy rules under the goal of financial stability. The results show that the expectation of local currency appreciation will lead to a radical choice of risk in the financial system, accompanied by the widening of real economy lending spreads, the rise in asset prices and the increase in the leverage ratio of the financial system. Interest margin smoothing, leverage adjustment can be regarded as the object of monetary policy under certain conditions, but asset price stability should not be included in the scope of monetary policy regulation.
【作者單位】： 武漢大學(xué)經(jīng)濟(jì)與管理學(xué)院;
【基金】：教育部重大攻關(guān)項目“經(jīng)濟(jì)發(fā)展新常態(tài)下我國貨幣政策體系建設(shè)研究”(項目編號:15JZD013) 國家自然科學(xué)基金國際合作研究項目“法、金融與經(jīng)濟(jì)增長之再考察——中國的變革挑戰(zhàn)與英國等國的經(jīng)驗”(項目編號:71661137003)資助
【分類號】：F822.0;F832

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 甄君;李涵;劉桂華;;黑龍江省跨境資本流動特點及政策建議[J];黑龍江金融;2012年06期

2 趙蓓文;;基于國際經(jīng)驗的中國跨境資本流動監(jiān)測預(yù)警體系設(shè)計[J];上海金融;2007年05期

3 王宇;姚均芳;;依法加強(qiáng)對跨境資本流動監(jiān)管[J];經(jīng)濟(jì)研究參考;2008年66期

4 沈慶R，

本文編號：2164948