央行票据与社会融资规模的物价稳定效应比较

发布时间：2018-03-01 19:39

本文关键词： 央行票据社会融资规模物价效应货币政策工具　出处：《南京师范大学》2015年硕士论文　论文类型：学位论文

【摘要】：物价是我国长期密切关注的话题,而货币政策是我国物价调控非常重要的手段,货币政策工具的选择和使用关系到整个货币政策的传导效率及物价目标的实现程度。目前已有大量研究分别定性和定量的分析货币政策工具在推动我国经济增长时的作用,而分析这些工具物价效应的相关文献相对较少,在相同经济环境下对各工具的物价调控效果进行比较的文献则更为少见。本文通过理论和实证方法研究我国央行票据和社会融资规模的传导机制,比较分析这两个货币政策工具的物价稳定效应。通过结合实证及实践分析结果认为：央行票据从控制货币数量角度控制物价水平,短期物价调控效果较好；社会融资规模则是从信贷渠道影响物价,能有效反映物价变化,控制社会融资规模也能在短期内平抑物价波动,但存在一定时滞。在调控物价效率方面,央票操作要高于社会融资规模的调整,这两个工具对物价长期影响力均较为有限。全文共分六个部分：第一部分阐述了本文的选题背景、意义及国内外研究现状；第二部分主要阐述货币政策工具的基本理论及货币政策的传导机制；第三部分详细分析了央行票据的发行现状、有效传导路径以及其长短期的物价稳定效果；第四部分分析社会融资规模与物价的相关性,从理论和实证分析其长短期的物价稳定效果；第五部分对上述两个工具变量在物价影响的效果与效率等方面进行进行比较,判断各自运用的优劣；第六章综合这两个工具理论、实践及比较分析,提出相应建议。
[Abstract]:Price is a topic that China has been paying close attention to for a long time, and monetary policy is a very important means of price control in our country. The choice and use of monetary policy tools are related to the transmission efficiency of monetary policy and the realization of price target. At present, a large number of studies have been carried out to analyze the role of monetary policy tools in promoting economic growth in China, respectively, qualitatively and quantitatively. However, there are relatively few related documents to analyze the price effect of these instruments. In the same economic environment, it is more rare to compare the price control effects of various instruments. This paper studies the transmission mechanism of the scale of central bank bills and social financing through theoretical and empirical methods. By comparing and analyzing the price stability effect of these two monetary policy instruments, the results of empirical and practical analysis show that central bank bills control the price level from the point of view of controlling the quantity of money, and the short-term price control effect is better; The scale of social financing affects prices from credit channels and can effectively reflect price changes. Controlling the scale of social financing can also stabilize price fluctuations in the short term, but there is a certain time lag. The operation of central bank ticket is higher than the adjustment of social financing scale, and these two instruments have limited long-term influence on price. The paper is divided into six parts: the first part expounds the background, significance and current research situation of this paper; The second part mainly expounds the basic theory of monetary policy instrument and the transmission mechanism of monetary policy, the third part analyzes the current situation of the issuance of central bank bills, the effective transmission path and the effect of price stability in the long and short term. Part 4th analyzes the correlation between the scale of social financing and prices, and analyzes the long-term and short-term effects of price stability from both theoretical and empirical aspects. Part 5th compares the effects and efficiency of the above two tool variables in price impact. Chapter 6th synthesizes the theory, practice and comparative analysis of the two tools, and puts forward corresponding suggestions.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F726;F832.2

【相似文献】