金融危机爆发前后我国货币乘数变动分析  

Analysis on Money Multiplier Changes before and after Financial Crisis in China

作　　者：王晓[1] 李佳[2] 

机构地区：[1]山东财经大学经济与城市管理学院,山东济南250014 [2]中国建设银行研究部,北京100033

出　　处：《金融发展研究》2012年第2期23-27,共5页Journal Of Financial Development Research

基　　金：教育部2011年人文社科规划基金项目(11YJA790024)的阶段性研究成果

摘　　要：本文对金融危机爆发前后我国货币乘数的周期性变动进行了分析,分析结果表明我国货币乘数与宏观经济的波动周期基本吻合,货币乘数与货币供应量的变动趋势表明我国货币政策的操作还较粗放,货币乘数各个组成部分及其变动也不符合传统理论。因此本文认为应改变我国经济增长方式,加快多层次金融市场建设,以此来提高我国货币政策操作的有效性。This paper analyzes the movements of monetary multiplier around financial crisis in China, and the results show that China＇s monetary multiplier and macroeconomic volatility cycle are basically consistent. Money multiplier and money supply trends indicate that changes in the operation of monetary policy is still in rough shape, and components by monetary multiplier and the money multiplier itself changes the conclusion does not conform to traditional theory. This article suggests that we should change the mode of China＇s economic growth, and speed up the construction of multi-layered financial market, to improve the effectiveness of monetary policy operations.

关 键 词：金融危机 基础货币 货币乘数 

分 类 号：F832.59[经济管理—金融学]