我国社会融资结构对货币政策的影响研究  

The Influence of Social Financing Structure on Monetary Policy

作　　者：石龙[1] 唐华云[1] 

机构地区：[1]西南财经大学中国金融研究中心

出　　处：《经济社会体制比较》2017年第3期105-116,共12页Comparative Economic & Social Systems

摘　　要：文章以社会融资结构、货币政策中介目标和最终目标为内生变量,以实体经济和虚拟经济为控制变量,通过构建状态空间模型和结构向量自回归(SVAR)模型实证分析了社会融资结构对货币政策的影响。研究结果表明:利率对通货膨胀的冲击作用明显高于货币供应量,且持续时间较长。其政策含义是:一方面要扩大非金融企业债的发行规模和投资者广泛参与度,重视直接融资在经济发展中的作用;另一方面要给市场经济主体平等的融资机会和融资成本,重视利率在货币政策传导中的关键作用。This paper analyzes the impact of changes in the social financing structure on monetary policy objec-tives through the development of a vector autoregressive （SVAR） model by viewing the social financing struc-ture and monetary policy targets as internal variables and the real economy and the virtual economy as controlvariables. Results show that the impact of interest rates on inflation is significantly higher than that of moneysupply, and the duration is long, Policy implications are on the one hand it is necessary to expand the issue ofnon -financial corporate debt and increase investor participation and attach importance to the role of direct fi-nancing in economic development. On the other hand, it is essential to give market economic entities equal op-portunities and financing costs, and take the key role of interest rates in monetary policy transmission seriously.

关 键 词：社会融资 结构 货币政策 冲击传导机制 

分 类 号：F124.6[经济管理—世界经济]