供给侧结构性改革与货币政策配合:资本配置效率视角

发布时间：2018-05-21 19:28

本文选题：供给侧结构性改革 + 货币政策配合　；参考：《浙江社会科学》2017年04期

【摘要】：本文立足我国推进供给侧结构性改革的重大战略,基于资本配置效率视角深入探讨如何完善货币政策调控以有效助力供给侧结构性改革。通过选取2000年第1季度至2016年第1季度的货币政策变量与资本配置效率数据,并构建LSTVAR模型进行实证分析,本文发现货币政策变动对我国资本配置效率存在显著影响,且这种影响存在正负方向冲击的非对称性效应,并在不同经济周期呈现出异质性特征。据此,本文认为货币政策调控在考虑传统目标的同时,亦应兼顾资本配置效率的提升,以发挥货币政策配合供给侧改革的作用。具体而言,央行逆周期宏观调控时应根据经济周期特征审慎选择恰当的货币工具:经济处于"低通胀"时期,数量型调控为占优选择;"高通胀"时期,则应选择更为有效的价格型政策工具。除此之外,本文认为货币政策还应进一步完善和优化调控方式,提高信贷配置效率,配合供给侧结构性改革,给供给侧改革提供更好的改革空间,营造适宜的货币金融环境。
[Abstract]:Based on the important strategy of promoting supply-side structural reform in China, this paper probes into how to improve the monetary policy regulation in order to effectively support the supply-side structural reform from the perspective of capital allocation efficiency. By selecting monetary policy variables and capital allocation efficiency data from the first quarter of 2000 to the first quarter of 2016, and constructing the LSTVAR model for empirical analysis, this paper finds that the change of monetary policy has a significant impact on the efficiency of capital allocation in China. Moreover, there is an asymmetric effect of positive and negative impact and heterogeneity in different economic cycles. Therefore, this paper holds that monetary policy should take into account the improvement of capital allocation efficiency while considering the traditional objective, so as to give full play to the role of monetary policy in coordination with supply-side reform. In particular, the central bank should carefully select the appropriate monetary instruments according to the characteristics of the economic cycle in the counter-cyclical macro-control process: the economy is in the period of "low inflation", the quantitative control is the dominant choice, and the period of "high inflation" is the dominant choice. More effective price-based policy instruments should be chosen. In addition, this paper holds that monetary policy should further improve and optimize the control mode, improve the efficiency of credit allocation, cooperate with the supply-side structural reform, provide a better reform space for supply-side reform, and create a suitable monetary and financial environment.
【作者单位】：南京财经大学金融学院;中国人民银行商丘支行;南京大学经济学院;
【基金】：国家自然科学基金青年项目:“农村信贷资金流动:基于县域银行分支机构的视角”(项目编号:71403116) 2014年江苏省“333工程”资助项目:“江苏民间金融风险形成、传染和治理机制研究” 江苏省社科应用研究精品工程项目:“南京市城市金融竞争力研究”(项目编号:16SYC-102) 江苏省社科基金后期资助项目:“财政政策宏观经济效应与新常态下财政工具选择研究”(项目编号:16HQ009)资助
【分类号】：F121;F822.0

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