金融创新对货币与产出关系影响的实证研究

发布时间：2018-05-08 16:49

本文选题：金融创新 + 货币　；参考：《浙江理工大学》2017年硕士论文

【摘要】：货币与产出关系的研究一直是货币经济学和宏观经济学界热议的话题。自从1961年美国花旗银行首次推出大额可转让定期存单以来,全球掀起了一股金融创新浪潮。金融创新的发展在推动全球经济发展的同时,也给各国货币政策的执行、货币政策中介目标的选取造成了很大困扰。近年来美国等发达国家逐渐减少使用货币作为货币政策中介目标而纷纷转向利率。究其原因,可能在于金融创新使得货币与产出原本的关系产生了变化。因此,本文旨在探讨金融创新对货币与产出关系的影响。本文于首先回顾了金融创新、货币与产出关系的相关理论以及研究近况;其次,分析了中国金融创新的现状,依据现状以及相关研究的结论将本文考察的时间跨度2002-2016年划分为两个金融创新阶段,并对不同金融创新阶段下货币与产出的关系进行了描述性统计;紧接着,对不同货币供应量与产出的关系、不同货币供应量与产出各组成部分构建了理论导向的结构计量模型并进行分阶段的对比分析;随后,紧接上一部分,通过构建不同货币供应量的关系、不同货币供应量与产出各组成部分的VAR模型,进行脉冲响应分析,并对结果进行综合对比分析。最后,根据实证结果进行总结归纳,得到本文的两个主要结论,并提出了本文研究的局限性以及未来研究的方向。
[Abstract]:The study of the relationship between money and output has always been a hot topic in the field of monetary economics and macroeconomics. Since 1961, when Citibank first launched large transferable certificates of deposit, there has been a wave of financial innovation around the world. The development of financial innovation not only promotes the development of global economy, but also makes the execution of monetary policy and the choice of intermediate target of monetary policy very difficult. In recent years, developed countries such as the United States have gradually reduced the use of money as an intermediate target of monetary policy and turned to interest rates. The reason may be that financial innovation has changed the relationship between money and output. Therefore, this paper aims to explore the impact of financial innovation on the relationship between money and output. In this paper, we first review the theory of financial innovation, the relationship between monetary and output, and the recent research situation. Secondly, we analyze the current situation of financial innovation in China. According to the present situation and the conclusions of related research, the time span 2002-2016 is divided into two financial innovation stages, and the relationship between money and output in different financial innovation stages is analyzed. The relationship between different money supply and output, the different components of money supply and output are analyzed and analyzed in stages. By constructing the VAR model of different money supply, different money supply and different components of output, the impulse response analysis is carried out, and the results are compared and analyzed synthetically. Finally, according to the empirical results, two main conclusions are obtained, and the limitations of this study and the direction of future research are put forward.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832;F822

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