总部经济对中国货币政策传导渠道影响机制研究被引量：12

On the Impact of Headquarters Economy on the Transmission Channel of Monetary Policy in China

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摘要总部经济是当前我国经济发展过程中出现的一种新型形态,对金融运行以及货币政策传导机制产生了重要影响。在计量分析得到我国货币政策传导以信贷为主要渠道的基础上,通过加入总部经济冲击的金融市场博弈模型,本文分析了总部经济对信贷渠道的影响机制。辅以在实际调研中发现总部经济影响银行信贷渠道发挥作用的若干特征事实,本文认为,总部经济通过强有力的融资能力、资金集中管理能力以及较强的利率议价能力降低了对银行信贷的依赖,削弱了银行信贷渠道的传导效率,针对这种现象,本文提出了相关建议。 Headquarters economy emerges as a new economic type and has already impacted financial performance and monetary policy transmission profoundly. Based on the conclusion that the bank lending is the main monetary transmission channel in China by the econometric model, the paper further analyzes how headquarters economy impacts the bank lending channel by the game model inbuih the headquarters economy impact variable in the financial market. The paper suggests that headquarters economy may reduce the transmission efficiency of bank lending owing to its＇ strong capacities of financing and management in credit market. Finally, some policy proposals are and put forward.

作者中国人民银行营业管理部课题组姜再勇

机构地区中国人民银行营业管理部

出处《金融研究》 CSSCI 北大核心 2008年第7期1-13,共13页 Journal of Financial Research

关键词总部经济传导渠道不对称信息博弈模型 headquarters economy, transmission channel, asymmetric information, game model

分类号 F822.0 [经济管理—财政学] F299.2 [经济管理—国民经济] F224 [经济管理—国民经济]

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参考文献8

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