外商直接投资与中国通货膨胀关系的实证检验

The Empirical Research on the Relationship between FDI and Inflation in China

随着我国对外开放度的不断扩大,外商直接投资（FDI）成为我国通货膨胀压力的新因素。文章运用1999-2007年的月度时间序列数据,利用Johansen协整检验、误差修正模型和脉冲响应函数分析了FDI、货币供应量与中国通货膨胀的动态关系。结果表明：FDI、货币供应量都是我国通货膨胀的重要原因;FDI增加了我国的外汇储备,进而增加了我国的货币供应量,进一步形成通货膨胀的压力。

As China becomes more open to the world, the foreign direct investment （FDI） constitutes the factors in inflationary pressures. This paper uses Johansen cointegration test,error correction model and impulse response function to analyze the dynamics relationship between FDI,money supply and inflation on the monthly time series data from 1999 to 2007. The results suggest that FDI and money supply both are the important reasons that cause the inflation in money supply,and continue to create the pressure of inflation.