北京航空航天大学学报(社会科学版) ›› 2015, Vol. 28 ›› Issue (2): 104-107.DOI: 10.13766/j.bhsk.1008-2204.2014.0119

• 经济与管理 • 上一篇    下一篇

中国货币政策传导机制比较研究

刘东庆   

  1. 中国工商银行广东省分行, 广东 广州 510120
  • 收稿日期:2014-03-31 出版日期:2015-03-25 发布日期:2015-04-23
  • 作者简介:刘东庆 (1979- ),男,广东梅县人,博士研究生,研究方向为货币市场.

Comparative Study of China's Monetary Policy Transmission Mechanism

Liu Dongqing   

  1. Industrial and Commercial Bank of China Guangdong Branch, Guangzhou Guangdong 510120, China
  • Received:2014-03-31 Online:2015-03-25 Published:2015-04-23

摘要:

从目前主流的货币政策传导机制研究入手,将货币政策传导机制分为3类,即利率途径、资产价格途径,信贷途径。截取2008年1月—2013年8月的相关数据,借由计量经济学的单位根检验、协整分析和多元回归等手段对不同的货币政策传导机制进行实证研究。在单一比较基础上,对货币政策的3种传导途径的传导效果综合比较。实证表明,在目前情况下,由于中国利率没有市场化,资本市场发展不够深入。中国的货币传导机制主要还是以信贷传导为主,且其在未来一段时间内将仍旧会是中国货币政策的主要传导方式。

关键词: 货币政策, 信用观, 货币观, 传导机制, 信贷市场

Abstract:

From the current mainstream transmission mechanism of monetary policy,the paper divides transmission mechanism into three categories:interest rate channel, asset price channel and credit channel. Intercepting the data from January 2008 to August 2013, the paper carries out an empirical study on various transmission mechanisms of monetary policy. Econometric unit root test, co-integration analysis, multiple regression and other methods are applied in the study. Based on a single comparison, the paper compares the effects of three transmission channels comprehensively. The study shows that China's monetary transmission mechanism is mainly based on credit transmission and will remain so for a certain period of time in the future.

Key words: monetary policy, credit view, money view, transmission mechanism, credit market

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