【摘要】：本文抓住中國轉(zhuǎn)型時(shí)期私營經(jīng)濟(jì)的高效和金融受限兩大特點(diǎn)進(jìn)行建模,推導(dǎo)出流動(dòng)性過剩函數(shù)。在相對(duì)風(fēng)險(xiǎn)厭惡不變的效用函數(shù)假設(shè)下,利用歐拉公式解出均衡利率的隨機(jī)表達(dá)式。通過模型校準(zhǔn)、數(shù)值模擬以及中美數(shù)據(jù)對(duì)比分析,論證了中國利率市場化的必要性。通過中國經(jīng)濟(jì)發(fā)展的"特惠模式"觀點(diǎn),解釋了利用模型所得利率數(shù)據(jù)高于現(xiàn)實(shí)利率以及兩者相關(guān)系數(shù)為負(fù)的原因,進(jìn)一步論證了模型的可信性,為政府的宏觀調(diào)控提供了理論支撐。通過分析,我們還得出一些重要結(jié)論。
[Abstract]:In this paper, we model the two characteristics of private economy efficiency and financial restriction in China's transition period, and deduce the excess liquidity function. Under the assumption of the utility function of relative risk aversion, the stochastic expression of equilibrium interest rate is obtained by using Euler's formula. The necessity of Chinese interest rate marketization is demonstrated by model calibration, numerical simulation and comparative analysis of Chinese and American data. Through the viewpoint of "preferential mode" in China's economic development, this paper explains the reasons why the interest rate data obtained by the model are higher than the real interest rate and the correlation coefficient is negative, and further proves the credibility of the model. It provides theoretical support for the government's macro-control. Through analysis, we also draw some important conclusions.
【作者單位】： 山西財(cái)經(jīng)大學(xué)財(cái)政金融學(xué)院;
【分類號(hào)】：F832.5

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本文編號(hào)：2170913