经济结构周期性变化的成因——基于金融摩擦的视角  

The Cyclical Change of Economic Structure: Based on Financial Friction

作　　者：曹永琴[1] 

机构地区：[1]上海社会科学院部门经济研究所,200020

出　　处：《上海经济研究》2012年第10期37-47,共11页Shanghai Journal of Economics

基　　金：国家社科基金资助(项目批准号:11CJY101)

摘　　要：金融摩擦在经济结构的周期性变化中发挥着关键性作用。数量型货币政策通过法定存款准备金率或公开市场业务调节信贷规模,但其调控效果受到金融摩擦的影响。本文以金融摩擦为切入点构造了四部门随机动态一般均衡模型,研究数量型货币政策对经济总量和经济结构的作用机理,进一步考察经济结构的周期性变化。研究发现,由于金融摩擦的存在使得数量型货币政策呈现出非对称效应;且在经济衰退期间,家庭将减少耐用消费品支出比例,企业更倾向于降低资本有机构成,因此消费结构和生产结构在金融周期中呈现动态变化的特征。此外金融摩擦是影响金融深化程度和经济增长方式的关键因素;发达国家和发展中国家之间不同的金融环境导致金融摩擦的差异,从而经济结构和增长方式也不同。The financial friction plays the key role in the cyclical change of the economic structure. The government makes use of quantitative monetary policy to regulate the credit scale through the legal deposit reserve rate or open market business, but the regulation＇s effect is affected by financial friction. This paper takes the financial friction as key point to construct stochastic dynamic general equilibrium model with four departments, and studies how the quantitative monetary policy affect economic aggregate and economic structure, and further discusses the cyclical change of economic structure. We find monetary policy behaves the asymmetric effects, that is, the effect is poor through increasing the legal deposit reserve rate to promote economic growth during overheating period, and the effect is strong through decreasing the legal deposit reserve rate to promote economic growth during economic crunch time. And further we find that family will reduce the spending proportion in durable consumer goods, but enterprise tend to reduce capital organic component, so that consumer structure and productive structure present the characteristics of dynamic change during the whole financial cycle. And financial friction is the key factor which affects the financial deepening extend and economic growth pattern; moreover the different financial environments lead to the different financial friction between developed and developing countries, thus the economic structure and growth pattern are different.

关 键 词：金融摩擦 金融周期 金融加速器 经济结构 

分 类 号：F121.3[经济管理—世界经济]