我国货币流动性的外部传染效应实证分析

An Empirical Analysis of the External Contagion Effect of Monetary Liquidity in China

我国货币流动性风险的一个主要原因是重要贸易伙伴国货币流动性对我国的货币流动性冲击,即外部传染效应。本文运用协整检验、脉冲响应函数、方差分解等方法,选取美国、日本和欧元区国家三个经济体,对其货币流动性对我国货币流动性的传染效应进行实证研究,实证分析结果表明,我国的货币流动性受外部影响显著。

One of the main reasons for the risk of monetary liquidity in China is the impact of monetary liquidity on China＇s monetary liquidity, namely the external contagion effect. This paper uses cointegration test, impulse response function, and variance decomposition to make an empirical study on the effect of currency liquidity of the United States, Japan and euro zone countries on the currency liquidity in China. The empirical analysis shows that the liquidity of our country is affected by external influence.