摘要
在众多渠道中,信贷渠道向来发挥着重要的货币政策传导效用。但随着金融自由化的发展,金融工具不断创新,直接融资的出现和扩大动摇了信贷渠道发挥作用的基础。利用2003年第1季度至2011年第3季度的宏观经济数据建立误差修正模型,构造了一个代表金融脱媒的时间序列指标引入到模型中,研究表明,金融脱媒对货币政策信贷传导渠道具有阻滞作用,并且脱媒的程度越深,阻滞作用越明显。
Credit channels have always played an important role in the transmission of monetary policy compared with the other channels. However, with the development of financial liberalization, financial instruments are constantly innovating, and the emergence and expansion of direct financing have shaken the foundation of the role of credit channels. By using the macroeconomic data from the first quarter of 2003 to the third quarter of 2011, the Error Correction Model was established and a time sequence index representing financial disintermediation was introduced into the model. Our research shows that financial disintermediation has a blocking effect on the transmission channel of monetary policy, and the deeper the disintermediation is, the more obvious the blocking effect is.
作者
黎海珊
LI Hai shan(School of Shipping Economics and Trade, Guangzhou Maritime University, Guangzhou, Guangdong 510725, China)
出处
《重庆三峡学院学报》
2018年第2期39-46,共8页
Journal of Chongqing Three Gorges University
基金
广东省教育厅青年创新人才项目"我国自由贸易园区建设的经济效应研究"(2015WQNCX115)
广州航海学院创新强校项目(B330404)阶段性研究成果
关键词
金融脱媒
信贷渠道
货币政策
误差修正模型
financial disintermediation
credit channels
monetary policy
Error Correction Model
