我国流动性的变动对实体经济影响的实证研究

An Empirical Study on the Changes in China's Liquidity and Its Impact on the Real Economy

改革开放以来,我国的货币化水平迅速上升,"流动性"问题引起了理论研究者和实际工作者的普遍重视,本文运用价格缺口法对我国1978-2009年间流动性的变动情况进行了分析,并在此基础上,运用协整检验对流动性与实体经济的关系进行了实证研究,结果发现流动性与我国的实体经济保持着长期的反向协整关系。基于此,本文认为为了保持经济的持续增长,在宏观经济政策取向上应注意保持适度的流动性,为经济增长创造一个宽松的环境。

Since the reform and opening policy, China＇s rapid rise in the level of monetization, ＂liquidity＂ problems attracted attention from theoretical researchers and practitioners. In this paper, we measured the China＇s degree of liquidity with the price gap method, and on this basis, we take an empirical study on the relationship between the liquidity and real economy.