基于CC-LM模型的信贷渠道的实证分析

The Impact of Credit Channels Based on CC-LM Model

运用CC-LM模型,基于VAR的时间序列分析货币政策中信贷渠道的存在性及其贡献度,同时分析了货币渠道的存在性,两者综合说明信贷渠道的作用强于货币渠道,也就是说信贷渠道是主要的货币政策的传导渠道。为了增强货币政策的有效性,人民银行在监控货币指标的同时,应该更加着力监控信贷指标,特别是流向中小企业的信贷量。

This theoretical is based on CC-LM model,the time series analysis based on VAR monetary policy in the existence of credit channels and contribution,and analyses the monetary channels,the existence of both comprehensive explanation credit channel role than monetary channel,also is the credit channel of the main monetary policy transmission channel.Therefore,in order to enhance the validity of monetary policy,the people＇s bank in monitoring monetary index at the same time,should be more monitoring credit index,especially small and medium-sized enterprise credit amount flow.