区域货币供给对票据转贴现的影响——来自内陆欠发达地区的经验证据  

The Influence of Regional Money Supply on Bill Transfer Discount:Empirical Evidence from Underdeveloped Inland Areas

作　　者：梁非哲 豆小强 宋旭刚[1] Liang Feizhe;Dou Xiaoqiang;Song Xugang(Guyuan Municipal Sub-branch,the People's Bank of China)

机构地区：[1]中国人民银行固原市中心支行

出　　处：《金融发展评论》2020年第6期42-54,共13页Financial Development Review

摘　　要：本文综合运用货币乘数理论和信用创造理论,系统梳理了欠发达地区货币供给对商业银行票据转贴现的影响作用机理,并基于内陆欠发达地区典型案例,运用DAG方法构建SVAR模型,创新性地引入央行再贷款、政策性银行贷差、全部银行存差等变量,检验央行基础货币供给、政策性银行贷款、财政转移支付等因素对商业银行票据转贴现规模的影响作用,有针对性地提出优化区域货币调控和票据融资监管的建议。This paper uses the theory of money multiplier and the theory of credit creation to systemically analyze the mechanism of the influence of money supply in underdeveloped areas on bank bill transfer discount.Based on the typical cases of inland underdeveloped areas,it uses DAG method to build SVAR model,innovatively including the central bank’s refinancing,policy bank’s loan difference,bank deposit difference and other variables,to test the influence of the central bank’s basic money supply,policy bank’s loan,fiscal transfer payment and deposit outflow on the scale of bank bills transfer discount.The paper puts forward some suggestions to optimize regional monetary control and bill financing supervision.

关 键 词：票据转贴现 流动性 财政转移支付 SVAR模型 

分 类 号：F822.7[经济管理—财政学] F832.7