经济转型中的狭义货币(M_1)结构  

On the M_1 Structure in China's Economic Transition

作　　者：王曦[1] 杨华阳 

机构地区：[1]中山大学岭南学院金融系,广州510275 [2]泉州市政府发展研究中心,福建泉州362000

出　　处：《金融研究》2007年第09A期55-69,共15页Journal of Financial Research

基　　金：全国优秀博士学位论文作者专项资金资助项目(200504);国家自然科学基金(70671110);中山大学"985二期工程"哲学社会科学创新基地项目的资助

摘　　要：在经济转型中,我国狭义货币(M_1)结构呈现独特而鲜明的倒"U"型变化特征。本文从居民和企业的异质性货币需求行为出发,从微观层面讨论了制度转型对不同货币需求主体行为的影响,得出了我国M_1结构变动的理论模型。协整检验证实了我们的理论推断。实证分析还发现,不同主体的异质性需求是导致我国M_1结构变动的微观行为根源,并且M_1的结构变动完全是由制度转型引起的。贡献分解表明,倒"U"型结构根本上决定于价格自由化进程"先最终产品,后生产资料"的推进方式,而非国有经济的发展、城镇化进程和证券市场的产生则改变了M_1结构的变动趋势。In view of the unique pattern of M1 structure during China＇ s economic transition, the paper derives the theoretical model of M1 structure based on the heterogeneous money-demand behaviors of residents and firms to discuss the effect economic transition on them. The model is verified by cointegration tests and it is shown that institutional factors demonstrate the structural change completely. Further decomposition of contribution concludes that the inverse U shape of M1 structure is solely determined by China＇s special propelling pattern of price liberalization process, while the change tendency is decided by the development of non-stated-owned enterprises, townification process and emergency of stock market.

关 键 词：经济转型 狭义货币结构 倒“U”型 微观行为 

分 类 号：F822[经济管理—财政学] F224