数字金融与货币政策传导机制:利率传导与货币乘数冲击  

Digital Finance and Monetary Policy Transmission Mechanism:Interest Rate Transmission and Money Multiplier Shock

作　　者：唐平[1] 杨德林 许晓静 Tang Ping;Yang Delin;Xu Xiaojing(School of Finance,Chongqing Technology and Business University,Chongqing 400067,China;Research Center for Economy of Upper Reaches of the Yangtze River,Chongqing Technology and Business University,Chongqing 400067,China)

机构地区：[1]重庆工商大学金融学院,重庆400067 [2]重庆工商大学长江上游经济研究中心,重庆400067

出　　处：《统计与决策》2023年第10期137-142,共6页Statistics & Decision

基　　金：重庆市教育委员会人文社会科学一般项目(16SKGH097);重庆工商大学重点科研项目(2151003)。

摘　　要：数字金融极大地改变了传统金融业务的实现方式,对现有货币政策传导机制与作用效果产生了影响。文章把数字金融变量导入IS-LM-CC均衡模型,对利率传导影响货币政策的效果进行理论分析,运用微积分和弹性分析法对货币乘数的各个变量进行理论推导,并且以2007年第一季度至2022年第一季度数据为基础,运用VAR和IVAR模型对数字金融影响利率传导的效果进行实证检验,并对结果进行对比分析,再运用VEC模型实证检验数字金融对货币供给乘数的影响。结果表明:数字金融发展疏通了利率传导渠道,提升了货币政策传导效果;数字金融对货币乘数产生了一定冲击,对狭义货币乘数的数量型货币政策传导可能存在短暂失效,但总体上强化了广义货币供给传导机制与效果。Digital finance has dramatically changed the way traditional financial services are implemented,and has an im⁃pact on the transmission mechanism and effectiveness of the existing monetary policies.This paper introduces digital finance vari⁃ables into the IS-LM-CC equilibrium model,theoretically analyzes the impact of interest rate transmission on monetary policy ef⁃fectiveness,and uses calculus and elasticity analysis to theoretically deduce various variables of the money multiplier.Further⁃more,based on the data from the first quarter of 2007 to the first quarter of 2022,the paper uses VAR and IVAR models to empir⁃ically test the effect of digital finance on interest rate transmission,and also makes comparison and analysis on the results.Final⁃ly,the paper uses the VEC model to empirically test the impact of digital finance on the money supply multiplier.The results show that the development of digital finance has opened up channels for interest rate transmission and improved the transmission effectiveness of monetary policy,and that digital finance has had a certain impact on the money multiplier,and may result in a temporary failure of narrow-type monetary policy transmission,but that overall,it has strengthened the transmission mechanism and effectiveness of broad-based money supply.

关 键 词：数字金融 传导机制 利率传导 货币乘数冲击 

分 类 号：F822.0[经济管理—财政学]