摘要
本文利用1980年以来的中国经济数据就利率对经济增长的影响方式进行了经验分析。在改革前期,利率主要通过资本动员影响经济增长,由于资产替代效应和货币导管效应的同时作用,使得利率对当年和下年经济增长产生方向相反的影响;在改革后期,货币导管效应作用减弱而资本分配效应增强,在资产替代效应和消费替代效应同时作用下,利率对当前和滞后经济增长的影响弱化,这给中央银行利率政策的运用带来了困难。
We study the relationships between interest rate and economic growth.In transitional economy,capital mo- bilization and capital distribution are the chief conductive mechanisms through which interest rate affects eco- nomic growth.In this paper,we make an empirical analysis on the relationships between real interest rate and economic growth,using China's economic data since the 1980s.In the first stage of reform,interest rate affects economic growth mainly through capital mobilization.At the later stage of reform,the currency conduit effect a- bate,but the capital distribution effect heighten.This causes a faint relationship between real interest rate and economic growth.
出处
《世界经济》
CSSCI
北大核心
2006年第6期23-30,共8页
The Journal of World Economy
