SHIBOR对于货币供应量影响效力的测度研究  

Research on the Measurement of SHIBOR's Effect on Money Supply

作　　者：周陈曦[1,2] ZHOU Chen-xi(School of Finance,Jiangxi University of Finance and economics,Nanchang 330013,China;Nanchang Central Sub-branch of People's Bank of China,Nanchang,330008,China)

机构地区：[1]江西财经大学金融学院,江西南昌330013 [2]中国人民银行南昌中心支行,江西南昌330008

出　　处：《长春金融高等专科学校学报》2022年第3期5-11,共7页Journal of Changchun Finance College

基　　金：国家社科基金项目(18BJY156);江西财经大学研究生创新基金项目(JC16CX236)。

摘　　要：现代货币政策框架包括优化的货币政策目标体系、创新的货币政策工具体系和畅通的货币政策传导机制,价格型与数量型货币政策工具的协调运用是建设现代中央银行制度的一项重要内容。构建结构方程模型(SEM),分析SHIBOR对于货币供应量的综合影响效力,研究表明,SHIBOR对货币供应量影响效力总体比较微弱,SHIBOR与广义货币供应量指标之间存在负向关系,SHIBOR与狭义货币供应量指标之间存在正向关系,SHIBOR对于外币市场及资本市场也具有一定的导向作用。Modern monetary policy framework includes optimized monetary policy target system,innova-tive monetary policy tool system and smooth monetary policy transmission mechanism.The coordinated application of price monetary policy tools and quantitative monetary policy tools is an important part of building a modern central bank system.The structural equation model(SEM)is constructed to analyze the comprehensive effect of Shibor on money supply.The research shows that Shibor has a weak effect on money supply.There is a negative relationship between Shibor and broad money supply indicators,and a positive relationship between Shibor and narrow money supply indicators.Shibor also plays a guiding role in foreign currency market and capital market.

关 键 词：SHIBOR 货币供应量 SEM模型 

分 类 号：F822.0[经济管理—财政学]