流动性失衡与物价和股价波动  

The Study on the Impact from Liquidity Imbalance to Price Volatility

作　　者：庞晓波[1] 王作文[2] 王国铭[3] 

机构地区：[1]吉林大学商学院,吉林长春130012 [2]吉林大学数量经济研究中心,吉林长春130012 [3]吉林大学数学学院,吉林长春130012

出　　处：《东北师大学报（哲学社会科学版）》2013年第1期39-43,共5页Journal of Northeast Normal University(Philosophy and Social Science Edition)

基　　金：教育部人文社会科学重点研究基地重大项目(10JJD790033);吉林省自然科学基金一般项目(201215044)

摘　　要：笔者将近年来我国物价和股价波动与流动性扩张现象相联系,通过区分产品市场流动性和金融市场流动性,使用脉冲响应函数和Granger因果检验考察了流动性冲击对价格变动的影响。研究发现流动性配置的此消彼长现象导致了产品市场和金融市场货币供求的"双失衡",并最终引发通货膨胀和资产价格泡沫,两个市场流动性对价格波动的影响呈非对称趋势,金融市场在对流动性传导渠道的影响中起主要作用。这就要求稳定价格的经济政策不应局限于单一市场价格,而要兼顾实体经济和虚拟经济两个部门,在最大限度控制货币供给量的同时,合理疏通流动性传导阻滞,使货币在市场中得到更合理的利用,提高资源配置效率以促进经济均衡发展。In this paper,we contact the price volatility with liquidity expansion in our country recent years,by making a distinction of liquidity between production market and financial market,using an impulse response function and Granger causality test to study the effect of the liquidity impact to the price changing.Conclusions are drawn as follows：the liquidity imbalance cause the ＂dual imbalance＂ in money supply and demand,and would lead to either inflation or bubbles as a result.The liquidity shows asymmetrical characteristics between the production market and the financial market,financial market played an important role in liquidity transmission.Therefore,the economic policies which target toward the price stability should not pay close attention to the production market only,they must make a balance between real economy and fictitious economy,clear the transmission channel of liquidity under the constraint of maximum money supply,let the currency more useful to the market running,improve the efficiency of resource allocation,create a healthy environment for economic development.

关 键 词：流动性失衡 价格波动 实体经济 虚拟经济 产品市场流动性 金融市场流动性 

分 类 号：F820[经济管理—财政学]