经济增长、市场分工与货币供给效益  

Economic Growth,Market Division of Labor,and the Effectiveness of Money Supply

作　　者：李燕燕[1] 杨延玲 Li Yanyan;Yang Yanling(School of Business,Zhengzhou University,Zhengzhou 450001,China)

机构地区：[1]郑州大学商学院,河南郑州450001

出　　处：《郑州大学学报（哲学社会科学版）》2024年第5期45-54,143,共11页Journal of Zhengzhou University:Philosophy and Social Sciences Edition

摘　　要：从社会分工演化路径解释基于交易的货币增长和叠加信用的货币增长机理,实证研究了房地产、地方债和国债在货币增长效应中的调节作用及货币政策效应。结果表明:房地产投资、地方债和国债在货币增长的市场深化效应中分别发挥了“倒U型”、负向线性及正向线性调节作用。以7天期逆回购操作利率为政策利率,以国债收益率为中介目标,发挥国债价格信号的市场化指引作用,提升货币政策有效性,创造出基于真实信用的货币,促进经济结构转型,拓展分工,扩大市场规模,助推经济增长。This paper explains the mechanisms of transaction-based monetary growth and the additive nature of credit through the evolutionary path of social division of labor.It empirically studies the moderating effects of real estate,local government debt,and national debt on monetary growth and the effects of monetary policy.The results indicate that real estate investment,local government debt,and national debt play distinct roles in the market deepening effect of monetary growth,exhibiting an"inverted U-shape",negative linear,and positive linear moderating effects,respectively.By using the 7-day reverse repurchase operation rate as the policy interest rate and the national bond yield as the intermediary target,the paper highlights the market-oriented guidance of national bond price signals,enhancing the effectiveness of monetary policy.This approach aims to create money based on real credit,promote structural economic transformation,expand the division of labor,increase market scale,and stimulate economic growth.

关 键 词：经济增长 劳动分工 市场深化 货币供给 国债收益率 

分 类 号：F822.0[经济管理—财政学]