本文選題：金融創(chuàng)新 + 貨幣�。� 參考：《浙江理工大學(xué)》2017年碩士論文

【摘要】：貨幣與產(chǎn)出關(guān)系的研究一直是貨幣經(jīng)濟(jì)學(xué)和宏觀經(jīng)濟(jì)學(xué)界熱議的話題。自從1961年美國(guó)花旗銀行首次推出大額可轉(zhuǎn)讓定期存單以來(lái),全球掀起了一股金融創(chuàng)新浪潮。金融創(chuàng)新的發(fā)展在推動(dòng)全球經(jīng)濟(jì)發(fā)展的同時(shí),也給各國(guó)貨幣政策的執(zhí)行、貨幣政策中介目標(biāo)的選取造成了很大困擾。近年來(lái)美國(guó)等發(fā)達(dá)國(guó)家逐漸減少使用貨幣作為貨幣政策中介目標(biāo)而紛紛轉(zhuǎn)向利率。究其原因,可能在于金融創(chuàng)新使得貨幣與產(chǎn)出原本的關(guān)系產(chǎn)生了變化。因此,本文旨在探討金融創(chuàng)新對(duì)貨幣與產(chǎn)出關(guān)系的影響。本文于首先回顧了金融創(chuàng)新、貨幣與產(chǎn)出關(guān)系的相關(guān)理論以及研究近況;其次,分析了中國(guó)金融創(chuàng)新的現(xiàn)狀,依據(jù)現(xiàn)狀以及相關(guān)研究的結(jié)論將本文考察的時(shí)間跨度2002-2016年劃分為兩個(gè)金融創(chuàng)新階段,并對(duì)不同金融創(chuàng)新階段下貨幣與產(chǎn)出的關(guān)系進(jìn)行了描述性統(tǒng)計(jì);緊接著,對(duì)不同貨幣供應(yīng)量與產(chǎn)出的關(guān)系、不同貨幣供應(yīng)量與產(chǎn)出各組成部分構(gòu)建了理論導(dǎo)向的結(jié)構(gòu)計(jì)量模型并進(jìn)行分階段的對(duì)比分析;隨后,緊接上一部分,通過(guò)構(gòu)建不同貨幣供應(yīng)量的關(guān)系、不同貨幣供應(yīng)量與產(chǎn)出各組成部分的VAR模型,進(jìn)行脈沖響應(yīng)分析,并對(duì)結(jié)果進(jìn)行綜合對(duì)比分析。最后,根據(jù)實(shí)證結(jié)果進(jìn)行總結(jié)歸納,得到本文的兩個(gè)主要結(jié)論,并提出了本文研究的局限性以及未來(lái)研究的方向。
[Abstract]:The study of the relationship between money and output has always been a hot topic in the field of monetary economics and macroeconomics. Since 1961, when Citibank first launched large transferable certificates of deposit, there has been a wave of financial innovation around the world. The development of financial innovation not only promotes the development of global economy, but also makes the execution of monetary policy and the choice of intermediate target of monetary policy very difficult. In recent years, developed countries such as the United States have gradually reduced the use of money as an intermediate target of monetary policy and turned to interest rates. The reason may be that financial innovation has changed the relationship between money and output. Therefore, this paper aims to explore the impact of financial innovation on the relationship between money and output. In this paper, we first review the theory of financial innovation, the relationship between monetary and output, and the recent research situation. Secondly, we analyze the current situation of financial innovation in China. According to the present situation and the conclusions of related research, the time span 2002-2016 is divided into two financial innovation stages, and the relationship between money and output in different financial innovation stages is analyzed. The relationship between different money supply and output, the different components of money supply and output are analyzed and analyzed in stages. By constructing the VAR model of different money supply, different money supply and different components of output, the impulse response analysis is carried out, and the results are compared and analyzed synthetically. Finally, according to the empirical results, two main conclusions are obtained, and the limitations of this study and the direction of future research are put forward.
【學(xué)位授予單位】：浙江理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832;F822

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本文編號(hào)：1862188