我国外汇储备对货币供给时滞的影响  

Empirical Research on the Impact of Foreign Exchange Reserve on the Time Lag of Money Supply in China

作　　者：岳意定[1] 周双红[1] 张璇[1] 

机构地区：[1]中南大学商学院,长沙410083

出　　处：《湖南师范大学社会科学学报》2007年第3期89-92,共4页Journal of Social Science of Hunan Normal University

基　　金：湖南省自然科学基金"金融创新对货币供求影响的微观作用机理研究"(03JJY3113)

摘　　要：在开放经济条件下,作为本外币政策的连接点,外汇储备及其变动改变了货币政策的传导过程,影响从基础货币投放到实现货币扩张的速度,即货币供给时滞。我们运用基于自向量回归(VAR)模型的脉冲响应函数和方差分解分析对我国外汇储备对货币供给时滞的影响进行实证研究,证明了外汇储备的增加会缩短货币供给的时滞,并且其对广义货币供给时滞的影响比对狭义货币更明显。In the open economy, as the link point between the policy of local and foreign currency, foreign exchange reserve and its variation change the transmission process of monetary policy, and then influence the speed in which the money base is expanded to money supply, say time lag of money supply. Using the impulse responses function and variance decomposition analysis based on VAR model, this paper has made out empirical research on the impact that foreign exchange reserve has on time lag of money supply, and proves that the increase of foreign exchange reserve will shorten the time lag of money supply and this effect on money of broad sense is more obvious than that of narrow sense.

关 键 词：外汇储备 货币供给 时滞 脉冲响应 方差分解 

分 类 号：F832.6[经济管理—金融学] F822.2F224