本文選題：金融市場發(fā)展　切入點(diǎn)：貨幣政策傳導(dǎo)　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：當(dāng)代經(jīng)濟(jì)與金融的發(fā)展促進(jìn)了貨幣政策與金融市場關(guān)系的日益密切，金融市場產(chǎn)生并顯示資金需求的信號，及時(shí)反映市場資金需求狀況，，對于中央銀行制定貨幣政策具有重要作用；同時(shí)，金融市場也是中央銀行貨幣政策操作的平臺(tái)，是貨幣政策傳導(dǎo)的重要途徑。金融市場的發(fā)展必然會(huì)對貨幣政策傳導(dǎo)產(chǎn)生重要影響。 本文從貨幣政策傳導(dǎo)機(jī)制和金融市場發(fā)展的基本理論出發(fā)，從定性和實(shí)證角度分析了金融市場發(fā)展對貨幣政策傳導(dǎo)的影響。定性分析方面，本文選取了金融市場發(fā)展的四個(gè)重要特征：利率市場化、金融產(chǎn)品創(chuàng)新、金融整合和金融脫媒，來闡述金融市場發(fā)展對貨幣政策傳導(dǎo)的利率渠道、信貸渠道及其他渠道傳導(dǎo)效應(yīng)的影響。實(shí)證研究方面，本文運(yùn)用單位根檢驗(yàn)、協(xié)整檢驗(yàn)、Granger因果檢驗(yàn)、VAR模型以及脈沖響應(yīng)分析等計(jì)量經(jīng)濟(jì)學(xué)方法，并以中國金融市場發(fā)展的歷史脈絡(luò)為基礎(chǔ)進(jìn)行分段分析，最后得出主要結(jié)論：隨著我國金融自由化的不斷深入、金融產(chǎn)品的持續(xù)創(chuàng)新、金融整合以及金融脫媒的深化，金融市場發(fā)展對于我國貨幣政策傳導(dǎo)的影響越來越大，貨幣政策影響經(jīng)濟(jì)產(chǎn)出和物價(jià)水平的作用效果明顯增強(qiáng)，貨幣政策傳導(dǎo)效應(yīng)加強(qiáng)，金融市場對于貨幣政策的傳導(dǎo)敏感性顯著提高。
[Abstract]:The development of contemporary economy and finance has promoted the increasingly close relationship between monetary policy and financial market. The financial market produces and displays signals of capital demand, which reflects the market demand for funds in a timely manner. It plays an important role in the formulation of monetary policy by the central bank. At the same time, the financial market is also the platform for the operation of the monetary policy of the central bank. The development of the financial market will inevitably have an important impact on the transmission of monetary policy. Based on the basic theory of monetary policy transmission mechanism and financial market development, this paper analyzes the influence of financial market development on monetary policy transmission from the perspective of qualitative and empirical analysis. This paper selects four important characteristics of financial market development: interest rate marketization, financial product innovation, financial integration and financial disintermediation, to explain the interest rate channel of financial market development to the transmission of monetary policy. Empirical study, this paper uses the unit root test, cointegration test, Granger causality test, VAR model, impulse response analysis and other econometrics methods. Based on the historical development of China's financial market, the main conclusions are drawn: with the deepening of financial liberalization, the continuous innovation of financial products, financial integration and deepening of financial disintermediation. The development of financial market has more and more influence on the transmission of monetary policy in our country. The effect of monetary policy on economic output and price level is obviously enhanced, and the transmission effect of monetary policy is strengthened. The sensitivity of financial markets to monetary policy has increased significantly.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F822.0;F832.51

【引證文獻(xiàn)】

相關(guān)期刊論文 前2條

1 蘇陽;郭敏;安立波;易揚(yáng);姚林華;陳文杰;藍(lán)梓豪;;人民幣國際化背景下我國貨幣政策金融市場傳導(dǎo)效應(yīng)研究[J];區(qū)域金融研究;2016年03期

2 胡淵;;金融發(fā)展收斂視角下貨幣政策的區(qū)域效應(yīng)[J];中國商論;2016年02期

本文編號：1597474