| 金融创新下的中国狭义货币需求函数及其稳定性 |
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| 引用本文： | 董玉玲,杨晓光.金融创新下的中国狭义货币需求函数及其稳定性[J].系统工程,2008,26(11). |
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| 作者姓名： | 董玉玲 杨晓光 |
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| 作者单位： | 中国科学院数学与系统科学研究院,北京100190 |
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| 基金项目： | 国家自然科学基金资助项目
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中国人民银行货币监测与分析项目
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| 摘 要： | 20世纪90年代中期以来,金融创新在我国的发展迅速,虽然总体层次仍然不高,但是已经对我国的经济运行产生了深远的影响,包括对货币需求关系的影响.本文结合我国的金融创新发展实际情况,选择广义货币与流通中的现金之比作为金融创新的代理变量,建立了包含该指标的狭义货币需求函数.实证结果表明,在金融创新影响下的狭义货币需求函数仍然是稳定的,并且金融创新对于我国的狭义货币需求存在着显著的负向影响,因此不可避免地影响到货币政策的最终目标和实现.
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| 关 键 词： | 狭义货币需求 金融创新 协整与误差修正模型 货币政策 |
China's Narrow Money Demand Function and Its Stability against the Background of Financial Innovation |
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| DONG Yu-ling,YANG Xiao-guang.China''s Narrow Money Demand Function and Its Stability against the Background of Financial Innovation[J].Systems Engineering,2008,26(11). |
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| Authors: | DONG Yu-ling YANG Xiao-guang |
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| Institution: | DONG Yu-ling,YANG Xiao-guang(Academy of Mathematics , System Sciences,Chinese Academy Sciences,Beijing 100190,China) |
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| Abstract: | Since the mid-1990s,financial innovation has developed rapidly in China,and already has a profound impact on China's monetary supply-demand relationship.In this paper,we mainly investigate the effect of financial innovation on China's narrow money demand,and develop a stable relationship between narrow money demand and its influence factors.We offer a quantified proxy for China's financial innovation and apply this proxy to our empirical analysis which proves that financial innovation has significant negati... |
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| Keywords: | Financial Innovation Narrow Money Demand Co-integration and Error-correction Models Monetary Policy |
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