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中国国际资本流动与货币政策动态关系:1994—2007——基于BGT模型抵消和冲销系数分析 被引量:33

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摘要 本文通过修正的BGT模型,重新构造净国外资产变化(△NFA)与净国内资产变化(△NDA)变量,同时使用OLS和联立方程方法估计了中国自1994年汇改以来国际资本流动和货币政策之间的定量关系,并采用递归系数方法估计了其动态变化过程。结果显示:中国国际资本流动与货币政策冲突加重,货币政策虽对资本流动冲销力度充分大,但资本流动的抵消效应也十分大,央行货币政策独立性受到很大挑战,央行冲销工具面临无效性难题,正被迫寻找其他措施化解外汇占款。
出处 《经济科学》 CSSCI 北大核心 2009年第3期36-48,共13页 Economic Science
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参考文献16

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二级参考文献18

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  • 10《证券日报》,2007年7月12日

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