融资结构变化对金融加速器效应的影响研究——基于DSGE模型的数值模拟分析  

The Effect of Change of Financing Structure on Financial Accelerator——Numerical Simulation Analysis Based on DSGE Model

作　　者：张良贵[1] 孙久文[1] 

机构地区：[1]中国人民大学经济学院,北京100872

出　　处：《软科学》2014年第5期24-27,共4页Soft Science

基　　金：国家自然科学基金项目(71103209);教育部新世纪优秀人才支持计划项目(NCET-10-0824);教育部人文社会科学项目(09YJC790116);中国博士后基金项目(2013M053788)

摘　　要：通过构建开放经济下DSGE模型,刻画了在信息不对称和代理成本存在的条件下,融资结构在经济运行中的作用机理,并重点分析了融资结构变化对金融加速器效应的影响。结果表明:融资结构对金融加速器有着显著影响;当融资市场由间接融资占绝对优势时,金融抑制加强了金融加速器在经济波动中的作用影响;当间接融资和直接融资均衡发展、且间接融资市场占相对优势时,能够减弱经济波动中的金融加速器效应;当直接融资规模提升时,经济增长的预期变得越来越重要,经济政策的制定更需要关注对经济各主体的预期影响,此外国外利率对经济波动的冲击影响也得到了加强。在此基础上提出了政策启示。Constructing a DSGE model in open economy, this paper portrays the action mechanism of financing structure in economic fluctuations, and analyses the change of financing structure effect on the financial accelerator effect. The results show that： financing structure has a significant effect on the financial accelerator; when the financial market from indirect fi- nancing accounted for absolute advantage, financial repression strengthen the financial accelerator effect in economic fluctu- ations; when indirect financing and direct financing balanced development, and indirect financing market share relative ad- vantage, can weaken the financial accelerator effect in economic fluctuations; when the amount of direct financing ascend- ing, the economic growth is expected to become more and more important in the formulation of economic policy, so need to pay more attention to expected impact on the economy, and the impact of foreign interest rates on economic fluctuations has also been strengthened. On this basis, this paper presents the policy implications from the study.

关 键 词：融资结构 间接融资 直接融资 金融加速器 经济波动 

分 类 号：F263[经济管理—国民经济]