中国货币政策对美国经济存在效应外溢吗?

Does China's Monetary Policy impact US Economy?

随着中国经济的崛起、中美经贸关系和金融关系的"辅车相依"以及人民币国际化和影响力的日益彰显,中国还只是美国货币政策效应外溢的简单接受者吗?基于此质疑,文章采用边际分析法对中国货币政策的实施是否对美国经济产生了溢出效应进行实证检验。检验结果显示,中国实施紧缩性货币政策会引发美元对人民币贬值,但美元对人民币贬值不会显著改善美国对华贸易,却会抑制美国对华直接投资行为。此外,面对中国货币政策效应外溢,美国货币政策反应不敏感。

With the rise of Chinese economy,the development of China-US economic and trade relationship and the globalization of RMB,is China still a simple recipient of the spillover effect of U. S. monetary policy? Based on this question,this research empirically tests whether there is a spillover effect of China' s monetary policy on US economy by marginal analytical method. The testing results show that China's implementation of tight monetary policy causes the fall of dollar against yuan,which will not significantly improve U. S. trade deficit with China,but will inhibit U. S. direct investment in China. In addition,in the face of the spillover effect of China's monetary policy,the response of U. S. monetary policy is not sensitive.