货币乘数影响因素的扩展分析

Patulous Analysis of Influential Factors of Money Multiplier

货币乘数是货币供应理论的核心变量,在当代经济金融环境下,货币乘数的大小和变化受到中央银行货币政策、监管部门监管要求、商业银行资产负债选择以及社会公众行为偏好的共同影响。本文在对货币乘数影响因素进行扩展分析的基础上,构建了新的货币乘数决定模型,并进行了实证计量检验。研究结果表明,监管要求对广义货币乘数的影响最大,货币政策对货币乘数的影响已不是决定因素,这也为我国实施宏观审慎管理提供了重要的必要性依据。

Money multiplier is the core variable in money supply theory.In current economic and financial environment,the value and change of money multiplier are influenced by many factors including monetary policy,regulatory requirements,commercial bank＇s selection of assets and liabilities,and the public＇s behavioral preference.On the basis of patulous analysis of influential factors of money multiplier,the article builds a new model for the determination of money multiplier and conducts econometric test and empirical analysis.The results show that regulatory requirements have the most profound influence on broad money multiplier,while the impact of monetary policy is no longer decisive.The conclusion provides important necessity basis for the implementation of macro-prudential regulation in China.