金融市场发展对货币政策传导的影响研究

发布时间：2018-03-11 09:02

本文选题：金融市场发展　切入点：货币政策传导　出处：《首都经济贸易大学》2013年硕士论文　论文类型：学位论文

【摘要】：当代经济与金融的发展促进了货币政策与金融市场关系的日益密切，金融市场产生并显示资金需求的信号，及时反映市场资金需求状况，，对于中央银行制定货币政策具有重要作用；同时，金融市场也是中央银行货币政策操作的平台，是货币政策传导的重要途径。金融市场的发展必然会对货币政策传导产生重要影响。本文从货币政策传导机制和金融市场发展的基本理论出发，从定性和实证角度分析了金融市场发展对货币政策传导的影响。定性分析方面，本文选取了金融市场发展的四个重要特征：利率市场化、金融产品创新、金融整合和金融脱媒，来阐述金融市场发展对货币政策传导的利率渠道、信贷渠道及其他渠道传导效应的影响。实证研究方面，本文运用单位根检验、协整检验、Granger因果检验、VAR模型以及脉冲响应分析等计量经济学方法，并以中国金融市场发展的历史脉络为基础进行分段分析，最后得出主要结论：随着我国金融自由化的不断深入、金融产品的持续创新、金融整合以及金融脱媒的深化，金融市场发展对于我国货币政策传导的影响越来越大，货币政策影响经济产出和物价水平的作用效果明显增强，货币政策传导效应加强，金融市场对于货币政策的传导敏感性显著提高。
[Abstract]:The development of contemporary economy and finance has promoted the increasingly close relationship between monetary policy and financial market. The financial market produces and displays signals of capital demand, which reflects the market demand for funds in a timely manner. It plays an important role in the formulation of monetary policy by the central bank. At the same time, the financial market is also the platform for the operation of the monetary policy of the central bank. The development of the financial market will inevitably have an important impact on the transmission of monetary policy. Based on the basic theory of monetary policy transmission mechanism and financial market development, this paper analyzes the influence of financial market development on monetary policy transmission from the perspective of qualitative and empirical analysis. This paper selects four important characteristics of financial market development: interest rate marketization, financial product innovation, financial integration and financial disintermediation, to explain the interest rate channel of financial market development to the transmission of monetary policy. Empirical study, this paper uses the unit root test, cointegration test, Granger causality test, VAR model, impulse response analysis and other econometrics methods. Based on the historical development of China's financial market, the main conclusions are drawn: with the deepening of financial liberalization, the continuous innovation of financial products, financial integration and deepening of financial disintermediation. The development of financial market has more and more influence on the transmission of monetary policy in our country. The effect of monetary policy on economic output and price level is obviously enhanced, and the transmission effect of monetary policy is strengthened. The sensitivity of financial markets to monetary policy has increased significantly.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F822.0;F832.51

【引证文献】