流动性过剩国际传导机制的截面实证研究  

A Cross-Section Model on International Transmission of Excess Liquidity

作　　者：潘沁[1] 余珊萍[2] 

机构地区：[1]东南大学经济管理学院博士 [2]东南大学经济管理学院金融系教授、博士生导师

出　　处：《国际金融研究》2008年第8期58-65,共8页Studies of International Finance

摘　　要：全球流动性过剩已成为经济学热点话题但缺乏学术性的实证研究,国内外学者对于流动性过剩国际传导机制更是少有涉及。本文选取全球6大经济体的经济变量实际产出、价格、名义利率、实际汇率、外汇储备,以及全球流动性,采用截面模型对全球流动性过剩的国际传导机制进行了实证研究。不同经济体的广义货币供应在流动性过剩国际传导过程中存在着个体特征和时期特征,货币因素仍然是流动性过剩国际传导的主要因素。Although excess liquidity has become one of the hot economic topics, it lacks thorough academic empirical study, only few domestic and foreign scholars are studying the international transmission of excess liquidity. This paper uses crosssection model to conduct an empirical study of the international transmission mechanism of excess liquidity. We discover from the variables of global broad money supply, real production, price, interest rate as well as real exchange rate and global excess liquidity, that the international transmission of excess liquidity mechanism behaves individual characteristic and period characteristic in different economies, and in the mechanism the monetary factors are the main ones.

关 键 词：流动性过剩 国际传导 截面模型 

分 类 号：F831[经济管理—金融学]