对外开放对利率效应影响的实证研究  

An Empirical Study on the Impact of the Opening-up on the Interest Rate Effect

作　　者：罗书嵘 刘义圣[3] LUO Shurong;LIU Yisheng(Mobile Center for Postdoctoral Research on Theoretical Economics,Fujian Normal University,Fuzhou,Fujian 350117,China;School of Business,Jinggangshan University,Ji'an,Jiangxi 343009,China;School of Economics,Fujian Normal University,Fuzhou,Fujian 350117,China)

机构地区：[1]福建师范大学理论经济学博士后流动站,福建福州350117 [2]井冈山大学商学院,江西吉安343009 [3]福建师范大学经济学院,福建福州350117

出　　处：《西昌学院学报（社会科学版）》2019年第1期59-63,共5页Journal of Xichang University：Social Science Edition

基　　金：国家社科基金项一般项目:利率市场化后的央行基准利率问题研究(14BGL028)

摘　　要：通过利用Karras构建的产出效应和价格效应模型,运用向量自回归VAR分析框架,实证检验了对外开放对我国利率效应的影响。结果表明,利率对产出效应的影响随着对外开放度的不断提高而趋于不明显,对价格效应的影响随着对外开放度的不断提高而趋于放大。一方面,我国应根据经济发展形势合理调整利率水平,增加产出效应;另一方面,在实现经济增长目标的同时,政府应对价格水平变动的范围进行设定,使我国物价水平稳定在一个可控制的合理区间内。By adopting the output effect and price effect model constructed by Karras and applying the vector autoregressive VAR analysis framework,the impact of opening-up on China's interest rate effect was empirically tested.The results show that the impact of interest rate on output effect tends to be less obvious with the increasing openness,and its impact on price effect tends to be amplified with the increasing openness.On the one hand,the government should adjust the interest rate level reasonably according to economic growth to increase output effect;on the other hand,when achieving the economic growth target,the government should set the range of price fluctuation level,so that the price level of our country can be stabilized in a reasonable and controllable range.

关 键 词：对外开放 利率效应 产出效应 价格效应 

分 类 号：F832.5[经济管理—金融学]