中国金融业双向开放对货币政策效应的影响研究

发布时间：2019-04-03 18:59

【摘要】：文章基于2001-2016年宏观经济季度数据,构建涵盖产出效应、价格效应与结构效应的三组方程,考察了中国金融业双向开放对货币政策效应的影响。结果显示金融业双向开放对货币政策效应的影响具有显著非对称性。在产出效应方面,对外开放度提高显著强化了利率产出效应,对内和对外开放度提高均弱化了货币供给和汇率变动的产出效应;在价格效应方面,对外开放度提高弱化了利率的价格效应,强化了货币供给和汇率变动的价格效应,而对内开放度提高对货币供给、利率及汇率变动的价格效应影响均不显著;在结构效应方面,对内开放度提高对利率变动结构效应作用不显著,对内和对外开放度提高均显著强化了货币供给和汇率变动的结构效应。
[Abstract]:Based on the macroeconomic quarterly data from 2001 to 2016, this paper constructs three sets of equations covering output effect, price effect and structure effect, and investigates the influence of two-way opening of Chinese financial industry on monetary policy effect. The results show that the influence of the two-way opening of the financial industry on the monetary policy effect is significantly asymmetric. In terms of output effect, the increase of openness significantly strengthens the interest rate output effect, and weakens the output effect of money supply and exchange rate changes both at home and abroad. In terms of price effect, the increase of openness weakens the price effect of interest rate, strengthens the price effect of money supply and exchange rate change, while the price effect of money supply, interest rate and exchange rate change is not significantly affected by the increase of internal openness. In the aspect of structural effect, the increase of internal openness has no significant effect on the structural effect of interest rate change, while the increase of both internal and external openness significantly strengthens the structural effect of money supply and exchange rate change.
【作者单位】：浙江工商大学金融学院;
【基金】：国家社会科学基金项目“基于社会融资规模视角的中国货币政策调控创新研究”(17CJL009)
【分类号】：F125;F822.0;F832

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