数字经济与我国金融周期波动  

Digital Economy and China's Financial Cycle Fluctuation

作　　者：李燕燕[1] 杨延玲 Li Yanyan;Yang Yanling

机构地区：[1]郑州大学商学院

出　　处：《财经科学》2023年第7期1-13,共13页Finance & Economics

摘　　要：数字经济通过赋能传统金融使我国金融周期波动呈现新特征.本文通过构建嵌入知识信息和抵质押融资约束的多部门DSGE模型,考察知识信息冲击、资产偏好冲击以及抵质押率冲击对我国金融周期核心解释变量信贷和资产价格的动态影响。研究发现:抵质押机制放大了我国金融周期的波动;数字经济这一新型经济形态的发展能够缓解抵质押机制的放大效应,进而达到熨平我国金融周期的效果;数字经济对于资产价格膨胀的熨平作用较信贷扩张显著。因此,我国金融体系应实行差异化的信贷政策,加强资本充足率监管,持续提升数字化水平,同时平衡好数字化水平提升与风险防控之间的关系。Digital economy makes China's financial cycle fluctuation show new characteristics by enabling traditional finance.By constructing a multi-sector DSGE model embedded with knowledge information and collateral financing constraints,this paper examines the dynamic impact of knowledge information shock,asset preference shock and collateral rate shock on the core explanatory variables of credit and asset prices in China's financial cycle.The study finds that the pledge mechanism enlarges the fluctuation of China's financial cycle;the development of the new economic form of the digital economy can alleviate the amplification effect of the pledge mechanism,thus achieving the effect of ironing out China financial cycle.The digital economy has a more significant ironing effect on asset price expansion than credit expansion.Therefore,China's financial system should implement differentiated credit policies,strengthen capital adequacy supervision,continuously improve the digital level,and balance the relationship between the improvement of digital level and risk prevention and control.

关 键 词：金融周期 数字经济 抵质押机制 DSGE模型 

分 类 号：F832.5[经济管理—金融学]