货币供应量对稳态经济增长的作用  

The Effects of Relative Money Supply on Steady Economic Growth

作　　者：张谊浩[1] 周庭佐[1] 

机构地区：[1]南京大学,南京210093

出　　处：《中国经济问题》2011年第4期37-46,共10页China Economic Studies

基　　金：教育部人文社科基金项目"基于话语权考虑的国际金融合作策略研究"(09YJC790146)的资助

摘　　要：本文将货币因素引入索洛模型,构建起一个稳态经济增长模型,探寻相对货币供应量、储蓄率和有效劳动增长率等因素对人均产出的作用机理;并据此构造回归方程,利用1981—2008年间我国省级面板数据进行实证分析。研究表明,相对货币供应量因素对经济增长总体上具有显著的负效应,且这种负效应具有时间趋势和区域差异,即相对货币供应量对经济增长的影响效果随时间呈"V"型走势——对经济增长的遏制作用先增强然后转弱,对东、中、西部地区的负作用依次递增。In this paper,the monetary factor has been introduced into the extended Solow model. With mathematical derivation,we found the relation between the relative money supply,the savings rate,the effective labor growth rate and per capita output growth firstly. Then,through empirical analysis by using the data from the various provinces of China,the paper found the relative money supply has significant negative impact on economic growth. At the same time,the containment impacts were different according to the time and region difference specifically. The relative money supply has ＂V＂ trend impact on economic growth,and the negative impacts on Eastern,central and western regions were increasing.

关 键 词：相对货币供应量 稳态经济增长 时间效应 区域差异 

分 类 号：F822[经济管理—财政学] F124F224