中国金融发展中货币政策与财政政策有效性的比较检验

A Comparative Efficience Analysis between Monetany Poliy and Fiscal Policy in the Chinese Financial Development Process

从中国1978-2005年间金融发展的模式以及在这一过程中货币政策和财政政策对经济增长影响的差异性和它们之间的动态特性可以看到，广义货币供应量与经济增长指标GDP的长期均衡关系支持中国金融发展的“供给导向型”模式；全社会固定资产投资在中国经济增长中的短期和长期效应不一致；财政支出增加的经济增长效应要弱于货币供应量的扩张。

Through and research of monetary policy and fiscal policy in the Chinese financial development process and the effect it has brought to the economic development, conclusions can be made as follows： the long term balance of board monetary supply and the GDP economic development index sustained the local economic development model; the effect between short term and long term of the whole society＇ s fixed asset capital investment is different in the process of development; the effect of the increment of fiscal expenditure is weaker than the expansion of monetary supply.