不同時(shí)段中國(guó)廣義貨幣來(lái)源影響因素的比較研究——基于SVAR模型
發(fā)布時(shí)間：2018-11-27 11:58
【摘要】：本文從中國(guó)人民銀行資產(chǎn)負(fù)債入手,先分析廣義貨幣的增量和國(guó)外凈資產(chǎn)增量、國(guó)內(nèi)信貸的增量、央票增量之間的靜態(tài)等量關(guān)系,再選用SVAR(p)模型,利用2000年1月至2016年9月的中國(guó)廣義貨幣增量和國(guó)外凈資產(chǎn)增量、國(guó)內(nèi)信貸的增量、債務(wù)增長(zhǎng)量的月度數(shù)據(jù),并以2007年5月為樣本期分割時(shí)點(diǎn),分時(shí)間段捕捉、描述廣義貨幣增量和國(guó)外凈資產(chǎn)增量、國(guó)內(nèi)信貸的增量、負(fù)債表增長(zhǎng)量之間的相互影響。然后以實(shí)證結(jié)果為基礎(chǔ),對(duì)比分析廣義貨幣增量,在次貸危機(jī)前后其來(lái)源主導(dǎo)因素的變化,即國(guó)外凈資產(chǎn)增量、國(guó)內(nèi)信貸的增量、央票增量在次貸危機(jī)前后對(duì)廣義貨幣增量影響的方向、程度和持續(xù)時(shí)間長(zhǎng)度的變化。最后依據(jù)實(shí)證結(jié)果,分時(shí)間段對(duì)比探討,次貸危機(jī)前后中國(guó)央行調(diào)控廣義貨幣快速增長(zhǎng)的貨幣政策實(shí)際效果的差異。
[Abstract]:Starting with the assets and liabilities of the people's Bank of China, this paper first analyzes the static equivalent relationship between the increment of broad money and foreign net assets, the increment of domestic credit, the increment of central bank, and then selects the SVAR (p) model. Using the monthly data of China's broad monetary increment and foreign net asset increment, domestic credit increment and debt growth from January 2000 to September 2016, and taking May 2007 as the sample period segmentation time point, it is captured in different time periods. Describes the interaction between broad monetary increment and foreign net asset increment, domestic credit increment and balance sheet growth. Then, based on the empirical results, the paper contrasts and analyzes the broad monetary increment, the change of the dominant factors before and after the subprime mortgage crisis, that is, the increment of foreign net assets and the increment of domestic credit. The direction, degree and duration of the influence of central vote increment on the broad monetary increment before and after the subprime mortgage crisis. Finally, according to the empirical results, the paper discusses the difference between the real effects of the monetary policy of the central bank in regulating the rapid growth of broad money before and after the subprime mortgage crisis.
【作者單位】： 北京交通大學(xué)中國(guó)產(chǎn)業(yè)安全研究中心;北京市社會(huì)科學(xué)院;
【基金】：北京市社會(huì)科學(xué)院青年課題(課題編號(hào):164002)的資助
【分類(lèi)號(hào)】：F822.2
[Abstract]:Starting with the assets and liabilities of the people's Bank of China, this paper first analyzes the static equivalent relationship between the increment of broad money and foreign net assets, the increment of domestic credit, the increment of central bank, and then selects the SVAR (p) model. Using the monthly data of China's broad monetary increment and foreign net asset increment, domestic credit increment and debt growth from January 2000 to September 2016, and taking May 2007 as the sample period segmentation time point, it is captured in different time periods. Describes the interaction between broad monetary increment and foreign net asset increment, domestic credit increment and balance sheet growth. Then, based on the empirical results, the paper contrasts and analyzes the broad monetary increment, the change of the dominant factors before and after the subprime mortgage crisis, that is, the increment of foreign net assets and the increment of domestic credit. The direction, degree and duration of the influence of central vote increment on the broad monetary increment before and after the subprime mortgage crisis. Finally, according to the empirical results, the paper discusses the difference between the real effects of the monetary policy of the central bank in regulating the rapid growth of broad money before and after the subprime mortgage crisis.
【作者單位】： 北京交通大學(xué)中國(guó)產(chǎn)業(yè)安全研究中心;北京市社會(huì)科學(xué)院;
【基金】：北京市社會(huì)科學(xué)院青年課題(課題編號(hào):164002)的資助
【分類(lèi)號(hào)】：F822.2
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 王愛(ài)儉;王t熲，
本文編號(hào)：2360669
本文鏈接：http://sikaile.net/jingjilunwen/huobiyinxinglunwen/2360669.html
最近更新
教材專(zhuān)著
