基于金融机构流动性的中国货币政策传导机制实证研究被引量：12

An Empirical Study on the Transmission Mechanism of Chinese Monetary Policy Based on the Liquidity of Financial Institutions

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摘要对货币政策传导机制的SVAR研究,多数选取货币供应量和利率作为衡量政策冲击的指标变量,但理论研究表明,用流动性指标衡量货币政策冲击更适宜。事实上,我国货币政策操作也一直强调对金融机构流动性的控制。因此,金融机构流动性应作为货币政策传导机制的关键部分。以此为起点,笔者对中国货币政策传导机制进行了SVAR实证研究,进一步探讨了流动性过剩的原因及解决方案。 Most SVAR studies on the transmission mechanism of monetary policy choose money supply and interest rate as the index variables to measure the impact of monetary policy. However, theoretical studies indicate that it is more appropriate to use the liquidity indi- ces to measure the impact of monetary policy. In fact, China~ monetary policy has always stressed regulation of the financial institutions＇ liquidity. Therefore the financial institutions＇ liquidity should be the key component of the China~ monetary policy transmission mechanism. Starting from this the authors make an empirical SVAR study of the transmission mechanism of Chinese monetary policy and explore the causes and countermeasures of liquidity surplus.

作者孙小丽杨晓光

机构地区中国科学院数学与系统科学研究院

出处《经济经纬》 CSSCI 北大核心 2008年第3期20-23,27,共5页 Economic Survey

基金中国人民银行委托项目“货币监测与分析系统”(RH-DY2007035)资助

关键词金融机构流动性货币政策传导机制 SVAR 流动性过剩 liquidity of financial institutions transmission mechanism of monetary policy SVAR liquidity surplus

分类号 F01 [经济管理—政治经济学]

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参考文献10

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