中国金融加速器机制非对称传导的实证研究  

Empirical Research on Asymmetric Financial Accelerator Conduction Mechanism in China

作　　者：杨胜刚[1] 侯坤[1] 

机构地区：[1]湖南大学金融与统计学院,长沙410079

出　　处：《中央财经大学学报》2011年第7期21-26,共6页Journal of Central University of Finance & Economics

摘　　要：本文运用中国1994年第一季度至2010年第三季度的相关数据对金融加速器传导机制的非对称传导特征进行了实证研究。实证结果表明我国的金融加速器传导机制具有明显的非对称性。负面冲击一旦产生,市场上的"反身性"作用会被压缩在一个狭窄的时段,这会使信贷量的紧缩和企业抵押资产的缩水紧密联系在一起,加速经济的衰退。This paper tests the asymmetric financial accelerator conduction by using quarterly economic data from first quarter of 1994 to third quarter of 2010. The empirical results indicate that the financial accelerator con- duction mechanism is asymmetric in China. That is because once a negative shock is produced, the ＂reflexive＂ function of financial market will be compressed in a narrow period and which will lead to credit crunch and shrink- age of mortgage assets. The economic variables will be effected by each other and the economy will fluctuate great- ly.

关 键 词：金融加速器 非对称传导 货币冲击 

分 类 号：F832[经济管理—金融学]