我国金融倾斜波动效应的实证分析  

The Empirical Analysis of China's "Financial Tilt" Fluctuating Effect

作　　者：田树喜[1] 白钦先[2] 林艳丽[1] 

机构地区：[1]东北大学文法学院,辽宁沈阳110004 [2]辽宁大学经济学院,辽宁沈阳110036

出　　处：《财经理论与实践》2009年第1期12-16,共5页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金项目(70573042)

摘　　要：基于融资结构变迁的视角,"金融倾斜"特指间接金融与直接金融两种融资方式的不平衡发展,而金融倾斜极易引发一国经济的非对称波动。长期以来,间接金融主导着我国金融资源配置,通过H-P滤波分析可以发现,我国信贷市场波动具有强烈的亲周期特征,股票市场波动仅显现微弱的亲周期特征;通过非对称脉冲响应分析可以发现,我国信贷紧缩时期的波动效应大于扩张期的波动效应,由此验证了我国经济周期中"小冲击,大波动"的金融加速器效应。Based on the changes of financial structure, ＂financial tilt＂ specifically means the unbalanced development between the indirect finance and direct finance, which easily leads to the asymmetric economy fluctuations and gradually evolved into a ＂small impact, large fluctuations＂ financial accelerator effect. In China, the indirect finance has been in the leading position for a long time, through the analysis of the H-P filter, it can seen that China＇s credit market volatility has shown strong procyclical characteristics, and fluctuations in the stock market did not show the pro-cyclical characteristics; the asyrmmetric impulse response analysis shows that the effect of China＇s economic fluctuations in the credit crunch period is greater than that in the credit expansion period, which verifies the existence of China＇s financial accelerator effect.

关 键 词：金融倾斜 H—P滤波 金融加速器 经济波动 

分 类 号：F832.4[经济管理—金融学]