外汇储备对货币流动性影响的实证分析

Empirical Analysis of Impact on Monetary Liquidity by Foreign Exchange Reserve

近几年有很多学者研究货币流动性的原因,但少数仅专门研究外汇储备对货币流动性影响。运用计量经济模型分析外汇储备与货币流动两者的关系,结论表明其二者之间存在着协整关系,但同时存在着单方面的影响,即货币流动性对外汇储备的影响显著,外汇储备对货币流动性的影响却比较小。

In recent years, many scholars researched on reasons for monetary liquidity, but only a few have specialized research on monetary liquidity affected by foreign exchange. Using econometric analysis on the relationship between foreign exchange reserves and monetary flow model, the paper concludes there is cointegration between them, but there is a unilateral effects that monetary liquidity affects foreign exchange reserves more than that of the reverse.