我国资产价格与通货膨胀的联动性——基于不同汇率机制和宏观经济环境的研究  

Co-movement between China's Capital Price and Inflation——based on the Study on Various Exchange Rate Mechanism and Macroscopic Economic Environment

作　　者：张帅[1] 

机构地区：[1]新疆财经大学,新疆乌鲁木齐830012

出　　处：《价格月刊》2017年第5期24-28,共5页

基　　金：新疆社会科学基金项目"‘一带一路’背景下哈萨克斯坦国际资本流动风险预警及对策研究"(编号:2015BJY019);新疆财经大学研究生科研创新项目"中国对哈萨克斯坦资本流动风险预警研究"(编号:XJUFE2016K027)

摘　　要：通过采用有向无环图(DAG)的分析方法 ,在不同汇率机制和宏观经济环境下,对我国资产价格与通货膨胀的联动性进行了实证研究。结果表明:我国资产价格与通货膨胀的联动性受到汇率机制及宏观经济背景因素的影响;整体来看,货币供给是影响我国通货膨胀水平的主要因素,而股票价格及房地产价格对我国通货膨胀的影响相对较小,但在一定时期,股票价格与房地产价格则分别与通货膨胀呈现负相关及正相关的联动性;汇率水平变化在不同阶段对通货膨胀的影响存在较大差异性。By the analysis of directed acyclic graph （DAG）, this paper takes an empirical study on the co-movement be- tween China＇s capital price and inflation under the various exchange rate mechanism and macroscopic economic environment. The results show that： the co-movement between China＇s capital price and inflation is impacted from exchange rate and macroscopic environment background factors; overall, the currency supply is the main influencing factor on China＇s inflation level, but the stock price and real estate price have a minor impact on inflation, during the certain period, the stock price and real estate price has a negative correlation and positive correlation, respectively; the impact of exchange rate variation on infla- tion in different stage have large differences.

关 键 词：资本价格 通货膨胀 汇率机制 宏观经济环境 有向无环图 

分 类 号：F726[经济管理—产业经济]