中国的利率市场化改革是否必要——基于二元企业结构视角的模型和检验
发布时间：2018-08-07 18:14
【摘要】：本文抓住中国转型时期私营经济的高效和金融受限两大特点进行建模,推导出流动性过剩函数。在相对风险厌恶不变的效用函数假设下,利用欧拉公式解出均衡利率的随机表达式。通过模型校准、数值模拟以及中美数据对比分析,论证了中国利率市场化的必要性。通过中国经济发展的"特惠模式"观点,解释了利用模型所得利率数据高于现实利率以及两者相关系数为负的原因,进一步论证了模型的可信性,为政府的宏观调控提供了理论支撑。通过分析,我们还得出一些重要结论。
[Abstract]:In this paper, we model the two characteristics of private economy efficiency and financial restriction in China's transition period, and deduce the excess liquidity function. Under the assumption of the utility function of relative risk aversion, the stochastic expression of equilibrium interest rate is obtained by using Euler's formula. The necessity of Chinese interest rate marketization is demonstrated by model calibration, numerical simulation and comparative analysis of Chinese and American data. Through the viewpoint of "preferential mode" in China's economic development, this paper explains the reasons why the interest rate data obtained by the model are higher than the real interest rate and the correlation coefficient is negative, and further proves the credibility of the model. It provides theoretical support for the government's macro-control. Through analysis, we also draw some important conclusions.
【作者单位】： 山西财经大学财政金融学院;
【分类号】：F832.5
[Abstract]:In this paper, we model the two characteristics of private economy efficiency and financial restriction in China's transition period, and deduce the excess liquidity function. Under the assumption of the utility function of relative risk aversion, the stochastic expression of equilibrium interest rate is obtained by using Euler's formula. The necessity of Chinese interest rate marketization is demonstrated by model calibration, numerical simulation and comparative analysis of Chinese and American data. Through the viewpoint of "preferential mode" in China's economic development, this paper explains the reasons why the interest rate data obtained by the model are higher than the real interest rate and the correlation coefficient is negative, and further proves the credibility of the model. It provides theoretical support for the government's macro-control. Through analysis, we also draw some important conclusions.
【作者单位】： 山西财经大学财政金融学院;
【分类号】：F832.5
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