金融创新对我国货币需求影响的实证分析

An Empirical Analysis of the Impact of Financial Innovations on Money Demand in China

世界上很多国家通常都把货币需求作为货币政策的中介目标,稳定的货币需求对一国的货币政策甚至宏观经济政策的有效性有着重要的影响。通过实证研究发现,金融创新对我国货币需求的稳定有着不可忽视的重要影响,我国货币需求与实际产出等变量之间的稳定关系只有在考虑金融创新的影响时才能够成立。

Many countries in the world normally treat money demand as the intermediate objective of monetary policy. Stable money demand has a major effect on the effectiveness of a country＇s monetary policy and even macroeconomic policy. Empirical studies indicate that financial innovations has an impact on money demand stability not to be ignored, and that the stable relationship between money demand and variables like real production can hold only if the effect of financial innovations are taken into account.