货币替代和反替代对我国货币政策独立性的影响  

The Impact of Currency Substitution and Currency Anti-substitution on the Independence of China’s Monetary Policy

作　　者：何国华[1] 袁仕陈[2] 

机构地区：[1]武汉大学经济与管理学院金融学系 [2]江苏大学财经学院

出　　处：《国际金融研究》2011年第7期4-10,共7页Studies of International Finance

基　　金：教育部人文社会科学研究规划基金项目(10YJA790066)的资助

摘　　要：货币替代和反替代会通过多种渠道影响一国货币政策的独立性。我国当前同时存在着货币替代和货币反替代,其中货币替代的程度在不断下降,而货币反替代的程度则不断增强。通过构建包含货币替代和货币反替代的粘性价格货币模型,本文运用回归方法检验了货币替代和货币反替代对我国货币政策独立性的影响程度。结论是,货币替代和货币反替代都会影响到我国的货币供给,进而会降低我国货币政策的独立性,但货币替代的影响更加强烈。The independence of monetary policy is influenced by currency substitution and anti-substitution through many channels.Currency substitution and anti-substitution both exist in our country currently,and the degree of currency substitution declines while that of the anti-substitution rises.We build a portfolio model of sticky prices which includes both currency substitution and anti-substitution.We also test the impact of anti-substitution and currency substitution on the independence of China＇s monetary policy with the model.The results are as followed.Both of the currency substitution and the anti-substitution would affect Chinese money supply,and then would reduce the degree of independence of our monetary policy,but the effect of the currency anti-substitution is much stronger.

关 键 词：货币替代 货币反替代 浮动汇率 粘性价格模型 货币政策独立性 

分 类 号：F831[经济管理—金融学]