新冠疫情对中美金融市场的影响  

Impact of Covid-19 Pandemic on Financial Markets of China and the US

作　　者：谢彪 曹泷月 XIE Biao;CAO Long-yue(Guangxi University,Nanning Guangxi 530004)

机构地区：[1]广西大学,广西南宁530004

出　　处：《天津商务职业学院学报》2022年第1期25-35,共11页Journal of Tianjin College of Commerce

基　　金：国家级社科基金“‘一带一路’金融合作与开放视角下中国金融系统结构性稳定的影响因素与风险产生机制研究”(项目编号:18CJY059);广西大学博士启动项目“基于CCA方法的东盟十国宏观金融风险研究”(项目编号:XBS201901)阶段性研究成果。

摘　　要：新冠疫情给中美经济都带来了巨大的负面冲击,本文前半部分具体描述了新冠疫情对中美两国金融市场的影响,也具体分析了两国政策上的差异。后半部分通过SVAR模型,研究了新冠疫情对于实体经济的影响以及在大流行的背景下,中美两国的实体经济与金融市场分析。研究表明,中国对于疫情的反应和恢复速度都快于美国,新冠疫情对中国金融市场的影响有限。中美两国都采取了积极的货币政策,但就目前而言,货币政策对于实体产出和消费的影响都有限,中国的M2增速对于实体经济的影响大于利率的影响,利率市场化改革仍在继续。The COVID-19 pandemic has taken a heavy toll on the economy of Chi⁃na and the United States.The first half of this paper specifically describes the impact of the epidemic on the financial markets of the two countries and analyzes their policy dif⁃ferences.In the second half,SVAR model is used to study the impact on the real econo⁃my,analyzing the real economy and financial markets of the two countries throughout the pandemic.Results reflect that China has responded more quickly and recovered faster than the United States.Therefore,the influence of COVID-19 on China’s financial mar⁃ket is not very great.Both of the two countries have adopted positive monetary policies,which have yet had limited impact on real output and consumption.Compared with the interest rate,China’s M2 growth rate has greater influence on the real economy,which means the market-oriented reform of interest rate will still continue.

关 键 词：新冠疫情 货币政策 SVAR 

分 类 号：F831[经济管理—金融学]