摘要
20世纪90年代中期以来,金融创新在我国的发展迅速,虽然总体层次仍然不高,但是已经对我国的经济运行产生了深远的影响,包括对货币需求关系的影响。本文结合我国的金融创新发展实际情况,选择广义货币与流通中的现金之比作为金融创新的代理变量,建立了包含该指标的狭义货币需求函数。实证结果表明,在金融创新影响下的狭义货币需求函数仍然是稳定的,并且金融创新对于我国的狭义货币需求存在着显著的负向影响,因此不可避免地影响到货币政策的最终目标和实现。
Since the mid-1990s, financial innovation has developed rapidly in China, and already has a profound impact on China＇s monetary supply-demand relationship. In this paper, we mainly investigate the effect of financial innovation on China＇s narrow money demand, and develop a stable relationship between narrow money demand and its influence factors. We offer a quantified proxy for China＇s financial innovation and apply this proxy to our empirical analysis which proves that financial innovation has significant negative effect on China＇s narrow money demand, and attains a stable money demand functions with the effect of financial innovation. These results may provide reasonable proposals for PBC（People＇s bank of China）＇s monetary policy operation.
出处
《系统工程》
CSCD
北大核心
2008年第11期35-41,共7页
Systems Engineering
基金
国家自然科学基金资助项目(70425004
70221001)
中国人民银行货币监测与分析项目
关键词
狭义货币需求
金融创新
协整与误差修正模型
货币政策
Financial Innovation
Narrow Money Demand
Co-integration and Error-correction Models
Monetary Policy
