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

【摘要】：貨幣與產(chǎn)出關系的研究一直是貨幣經(jīng)濟學和宏觀經(jīng)濟學界熱議的話題。自從1961年美國花旗銀行首次推出大額可轉(zhuǎn)讓定期存單以來,全球掀起了一股金融創(chuàng)新浪潮。金融創(chuàng)新的發(fā)展在推動全球經(jīng)濟發(fā)展的同時,也給各國貨幣政策的執(zhí)行、貨幣政策中介目標的選取造成了很大困擾。近年來美國等發(fā)達國家逐漸減少使用貨幣作為貨幣政策中介目標而紛紛轉(zhuǎn)向利率。究其原因,可能在于金融創(chuàng)新使得貨幣與產(chǎn)出原本的關系產(chǎn)生了變化。因此,本文旨在探討金融創(chuàng)新對貨幣與產(chǎn)出關系的影響。本文于首先回顧了金融創(chuàng)新、貨幣與產(chǎn)出關系的相關理論以及研究近況;其次,分析了中國金融創(chuàng)新的現(xiàn)狀,依據(jù)現(xiàn)狀以及相關研究的結(jié)論將本文考察的時間跨度2002-2016年劃分為兩個金融創(chuàng)新階段,并對不同金融創(chuàng)新階段下貨幣與產(chǎn)出的關系進行了描述性統(tǒng)計;緊接著,對不同貨幣供應量與產(chǎn)出的關系、不同貨幣供應量與產(chǎn)出各組成部分構(gòu)建了理論導向的結(jié)構(gòu)計量模型并進行分階段的對比分析;隨后,緊接上一部分,通過構(gòu)建不同貨幣供應量的關系、不同貨幣供應量與產(chǎn)出各組成部分的VAR模型,進行脈沖響應分析,并對結(jié)果進行綜合對比分析。最后,根據(jù)實證結(jié)果進行總結(jié)歸納,得到本文的兩個主要結(jié)論,并提出了本文研究的局限性以及未來研究的方向。
[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.
【學位授予單位】：浙江理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832;F822

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相關期刊論文 前10條

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本文編號：1862188