长三角地区货币政策渠道传导有效性研究  

Research on the Effectiveness of Channel Transmission of Monetary Policy in Yangtze River Delta

作　　者：丁小松 卢学英[1] Ding Xiao-song Lv Xue-ying(Anhui University of Finance and Economics,Bengbu Anhui 233000,Chin)

机构地区：[1]安徽财经大学,安徽蚌埠233030

出　　处：《铜陵学院学报》2017年第4期14-17,共4页Journal of Tongling University

基　　金：安徽财经大学2016年度校级重大科研项目"地方政府性债务规模信息挖掘与风险预警研究"(ACKY1601ZDA)

摘　　要：为研究长三角地区货币政策渠道传导的有效性,文章运用面板向量自回归(Panel VAR)模型,从货币渠道和信贷渠道出发,考察其货币政策与消费、投资和产出之间的关系。实证结果表明:长三角地区货币渠道产出效应明显且持续时间较长,同时带来消费的增加;而信贷渠道的产出效应较弱;货币渠道具有正向的价格效应,而信贷渠道的价格效应不明显,即长三角地区的货币政策主要通过货币渠道发挥作用。因此,为发挥货币政策的效果,在制定货币政策时,应注重信贷渠道作用的提升,出台惠及中小企业融资的货币政策,努力为中小企业创造良好的外部融资环境。In this paper we study the effectiveness of channel transmission of monetary policy and analyze the relationship among monetary policy, consumption,investment and output in Yangtze River Delta from monetary channel and credit channel respectively bY means of Panel vector Autoregression model.The result shows that there is an obvious output effect in monetary channel which has a long duration and causes growth in consumption.Contrary to monetary channel,credit channel in Yangtze River Delta has a weak out- put effect. Besides, there is a positive price effect in money channel,but the price effect of credit channel is not obvious,namely,mone- tary channel plays the main role in monetary policy in Yangtze River Delta.Therefore,to make sure the effect of monetary policy,we should pay more attention to promotion of the function of credit channel and give more convenience to small and medium-sized en- terprises when making monetary policy to create a favorable financing environment for them.

关 键 词：信贷渠道 货币渠道 有效性 面板VAR 

分 类 号：F064.1[经济管理—政治经济学]