摘要
本文基于1992年1季度至2005年2季度数据,运用LM检验和t检验,研究我国货币政策的非对称性以及“阀值效应”,得出我国货币政策的“阀值”在-0．08-0．05之间。货币政策的非对称性和“阀值”的存在是由于微观信贷市场上的信贷配给导致的,“阀值”和“阀值效应”的存在反映了信贷配给的强弱程度,“阀值”可以用作度量信贷配给程度的指标,它间接地反映了信贷市场的完善程度。
Based on quarter national time-series data between 1992-Q1 to 2005-Q2, the asymmetric and threshold effects of monetary policy have been studied in by LM test and t-test in this article. By estimates, the threshold value is between -0.08 to -0.05. Credit rationing in the credit market results in the asymmetric of monetary policy. The threshold effects reflect the degree of credit rationing and the threshold value can be used to measure the degree of credit rationing, and indirectly reflects the perfect degree of credit market.
出处
《上海金融学院学报》
2006年第1期29-34,共6页
Journal of Shanhai Finance University
关键词
信贷配给
货币政策
非对称性
阀值
credit rationing
monetary policy
asymmetry
threshold value
