通货膨胀、经济增长与金融流动性的互动机制分析——来自贵州省的证据

The Mechanism of Inflation,Financial Liquidity and Economic Growth

本文对贵州省金融流动性、通货膨胀和经济增长的短期、长期互动机制进行了实证研究。研究发现:贵州省金融流动性具有明显的内生性,以社会融资规模表征的金融流动性由通货膨胀水平和实际经济增长内生决定,以金融机构信贷规模表征的金融流动性由通货膨胀水平内生决定。从金融流动性对实际经济增长的影响来看,金融机构信贷规模表现出"货币非中性"特征,而社会融资规模则表现出"货币中性"特征。

In this paper, we empirically study the short-term and long-term mechanism among financial liquidi- ty, inflation and economic growth, based on Guizhou province data. Our study shows financial liquidity of Guizhou province has significant endogeneity, due to financial liquidity represented by social financing scale is endogenously determined by both the level of inflation and real economic growth, while that represented by the credit scale is endoge- nously determined by the level of inflation. From the impact of the financial liquidity on real economic growth, the credit scale of financial institutions has been proven to show “currency non-neutral” characteristics, while the social financing scale shows a “currency neutral”characteristics.