货币需求弹性决定因素的实证研究

The Modification of Money Demand Function and the Empirical Research on Money Demand Elasticity

文章从企业和家庭层面的货币需求异质性,对传统货币需求函数进行修正,分析货币需求收入弹性和利率弹性的决定因素。实证结果表明,产业结构和经济开放度不但直接影响货币需求规模,而且通过货币需求弹性间接影响货币需求的变化,产业结构主要对货币需求收入弹性显著影响,而经济开放度对货币需求收入弹性和利率弹性均有显著影响。产业结构升级将弱化对货币需求收入弹性的影响,而加剧对货币需求规模的影响。经济开放度对货币需求的影响将逐渐由正转负,并最终导致货币需求下降。

According to the heterogeneity of money demand in the firm and family level, this paper modifies the money demand function in order to analyze the determinations of money demand elasticity. Through empirical evidences of Chinese money demand function, industrial structure and openness degree not only determine money demand directly, but also influence money demand elasticity so as to change money demand indirectly. The optimization of industrial structure and the increase of the openness degree will reduce money demand gradually.