不同时段中国广义货币来源影响因素的比较研究——基于SVAR模型
发布时间：2018-11-27 11:58
【摘要】：本文从中国人民银行资产负债入手,先分析广义货币的增量和国外净资产增量、国内信贷的增量、央票增量之间的静态等量关系,再选用SVAR(p)模型,利用2000年1月至2016年9月的中国广义货币增量和国外净资产增量、国内信贷的增量、债务增长量的月度数据,并以2007年5月为样本期分割时点,分时间段捕捉、描述广义货币增量和国外净资产增量、国内信贷的增量、负债表增长量之间的相互影响。然后以实证结果为基础,对比分析广义货币增量,在次贷危机前后其来源主导因素的变化,即国外净资产增量、国内信贷的增量、央票增量在次贷危机前后对广义货币增量影响的方向、程度和持续时间长度的变化。最后依据实证结果,分时间段对比探讨,次贷危机前后中国央行调控广义货币快速增长的货币政策实际效果的差异。
[Abstract]:Starting with the assets and liabilities of the people's Bank of China, this paper first analyzes the static equivalent relationship between the increment of broad money and foreign net assets, the increment of domestic credit, the increment of central bank, and then selects the SVAR (p) model. Using the monthly data of China's broad monetary increment and foreign net asset increment, domestic credit increment and debt growth from January 2000 to September 2016, and taking May 2007 as the sample period segmentation time point, it is captured in different time periods. Describes the interaction between broad monetary increment and foreign net asset increment, domestic credit increment and balance sheet growth. Then, based on the empirical results, the paper contrasts and analyzes the broad monetary increment, the change of the dominant factors before and after the subprime mortgage crisis, that is, the increment of foreign net assets and the increment of domestic credit. The direction, degree and duration of the influence of central vote increment on the broad monetary increment before and after the subprime mortgage crisis. Finally, according to the empirical results, the paper discusses the difference between the real effects of the monetary policy of the central bank in regulating the rapid growth of broad money before and after the subprime mortgage crisis.
【作者单位】： 北京交通大学中国产业安全研究中心;北京市社会科学院;
【基金】：北京市社会科学院青年课题(课题编号:164002)的资助
【分类号】：F822.2
[Abstract]:Starting with the assets and liabilities of the people's Bank of China, this paper first analyzes the static equivalent relationship between the increment of broad money and foreign net assets, the increment of domestic credit, the increment of central bank, and then selects the SVAR (p) model. Using the monthly data of China's broad monetary increment and foreign net asset increment, domestic credit increment and debt growth from January 2000 to September 2016, and taking May 2007 as the sample period segmentation time point, it is captured in different time periods. Describes the interaction between broad monetary increment and foreign net asset increment, domestic credit increment and balance sheet growth. Then, based on the empirical results, the paper contrasts and analyzes the broad monetary increment, the change of the dominant factors before and after the subprime mortgage crisis, that is, the increment of foreign net assets and the increment of domestic credit. The direction, degree and duration of the influence of central vote increment on the broad monetary increment before and after the subprime mortgage crisis. Finally, according to the empirical results, the paper discusses the difference between the real effects of the monetary policy of the central bank in regulating the rapid growth of broad money before and after the subprime mortgage crisis.
【作者单位】： 北京交通大学中国产业安全研究中心;北京市社会科学院;
【基金】：北京市社会科学院青年课题(课题编号:164002)的资助
【分类号】：F822.2
【参考文献】
相关期刊论文 前10条
1 王爱俭;王t熲，
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