By the disequilibrium economic theory,this paper first investigates the disequilibrium mathematical economic model of the money market in China.Then,we study ...By the disequilibrium economic theory,this paper first investigates the disequilibrium mathematical economic model of the money market in China.Then,we study the disequilibrium transition of Chinese money market from 1954 to 1993 using a non parametric local fitting technique.Without assuming explicit functional forms,the method of locally weighted maximum likelihood is applied to estimate and test the variations in demand and supply during the period between 1954 to 1993.Furthermore,the disequilibrium state and mechanism of Chinese money market are inspected and the direction,the strength and the fluctuation of the disequilibrium are discussed respectively.Finally the policy suggestions are given about adjusting effectively money demand and supply under the condition of co existing of plan and market economy.In this paper,a brief review on the disequilibrium researches on money market in foreign countries is also given.展开更多
文摘By the disequilibrium economic theory,this paper first investigates the disequilibrium mathematical economic model of the money market in China.Then,we study the disequilibrium transition of Chinese money market from 1954 to 1993 using a non parametric local fitting technique.Without assuming explicit functional forms,the method of locally weighted maximum likelihood is applied to estimate and test the variations in demand and supply during the period between 1954 to 1993.Furthermore,the disequilibrium state and mechanism of Chinese money market are inspected and the direction,the strength and the fluctuation of the disequilibrium are discussed respectively.Finally the policy suggestions are given about adjusting effectively money demand and supply under the condition of co existing of plan and market economy.In this paper,a brief review on the disequilibrium researches on money market in foreign countries is also given.
