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随着近年来利率市场化进程的推进,利率在货币政策的执行和传导过程中的作用越来越大。本文使用1996年至2013年的月度数据,采用LSTVAR模型分析了利率市场化背景下利率和货币供应量对产出和通货膨胀的影响效果和差异以及货币政策传导中的非对称效应。研究结果表明,在不同的经济增长状态下我国货币政策的实施效果具有非对称性。在经济增速较高的状态下,货币供应量调控的短期效果较为明显,而利率调控则具有长期的调控效果;对于产出和通货膨胀而言,相同的货币政策在不同的经济增速状态下存在明显的非对称性;相比在经济高增速状态下,利率冲击的通货膨胀效应在经济增速放缓状态下的效应相对较弱,而货币供应量的负向冲击能够在更短的时间内对通货膨胀产生影响。因此在经济"新常态"的背景下,利用利率手段对通货膨胀进行调控,效果将更好。 相似文献
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在美国宽松货币政策对金砖国家的货币供应量具有联动性的基础上,分析了发展中国家发生通货膨胀的原因,并运用脉冲响应和方差分解对次贷危机后中国通货膨胀的主要原因进行分析,实证分析表明中国通货膨胀产生的根源在于其自身的经济增长。因此,在美国量化宽松货币政策的环境下,中国解决自身通胀问题的根本途径就是要防止经济增长过快,抑制投资需求膨胀,同时提高汇率和利率机制来维持国内的物价水平稳定。 相似文献
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美联储的货币政策中介目标经过了由利率到货币供应量,再到隐含中介目标的变化,目前以联邦基金利率为操作目标;其货币政策主要通过联邦基金市场向国民经济各个部门传导.在泰勒规则的指导下,美联储的货币政策操作具有自主性、公开性、前瞻性、市场化和模型化的特点.美联储的货币政策操作经验,对我国亦具有现实的借鉴意义. 相似文献
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日美两国量化宽松货币政策的比较 总被引:2,自引:0,他引:2
日本是最早采用量化宽松货币政策的经济强国,比较日美两国的量化宽松货币政策有助于理解美国当前的量化宽松货币政策.有鉴于此,本文在分别介绍日本和美国量化宽松货币政策的推出背景、具体操作和政策效果的基础上,分析指出与日本相比,美国量化宽松货币政策不仅关注货币供应量,而且更加侧重对资产进行结构性调整,但目前效果不甚理想,且对全球造成较大负面影响. 相似文献
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《时代金融》2016,(5)
当前全球性的量化宽松的货币政策使得通货膨胀预期一直保持高位,这也为全球经济复苏蒙上一层阴影。如何预防通货膨胀预期引致实际通货膨胀,对于货币当局管理通货膨胀预期而言具有重要意义。本文的目的在于使用H-P滤波估算通货膨胀预期,继而用协整和Phillips-Hasen两阶段法分析人民币汇率对国内通货膨胀预期的影响,本文还使用误差修正模型探讨了人民币汇率变动对国内通货膨胀预期影响的机制。本文建立了一个半开放经济模型,这一模型中,国内通货膨胀预期由人民币汇率和货币供应量共同决定。本文的结论是,长期而言通货膨胀预期、名义有效汇率和国内货币供应量是协整的,汇率的变动显著地影响了国内通货膨胀预期水平;短期而言,汇率变动对国内通货膨胀预期的影响也要大于货币供应量。 相似文献
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Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China. 相似文献
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正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note: 相似文献
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How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u... 相似文献
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《China Journal of Accounting Research》2016,(2):175
<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to... 相似文献
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The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th... 相似文献
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Andrew Thomson 《Accounting, Business & Financial History》2001,11(2):99-115
This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory. 相似文献
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Garry D. Carnegie Robert H. Parker Roy Wigg 《Accounting, Business & Financial History》2000,10(3):371-383
So far as the available evidence allows, this paper examines the life and career of John Spence Ogilvy, foundation member of the Society of Accountants in Edinburgh in 1854, who emigrated to Melbourne in 1856, but did not play a part in the development of an organized accounting profession in Australia. The paper also attempts to explain the gap of thirty-two years between the formation of the first accounting bodies in Edinburgh and Melbourne. 相似文献
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Based on signaling and gender discrimination theory, we examine whether chief financial officer(CFO) gender matters to bank–firm relationships and the designing... 相似文献
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《China Journal of Accounting Research》2016,(2):174
<正>The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin... 相似文献
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This fictional case is based on a Canadian public company that produces greenhouse vegetables. Focusing on the differences between International Financial Reporting Standards (IFRS) and Canadian Accounting Standards for Private Enterprises (ASPE), this case provides students an opportunity to (1) apply IFRS in a real world setting; (2) prepare and reconcile financial statements under ASPE and IFRS; (3) analyze the impact of IFRS adoption on key financial ratios; and (4) detect and explain differences in financial statements under ASPE and IFRS through common size analysis. 相似文献