人民币升值的财富效应研究

人民币升值的影响广泛而深远,其所产生的财富效应是不容忽视的重要方面。其传导渠道表现为,通过物价变动效应、资产选择效应、收入预期效应、资产重估效应和投资变动效应来影响居民收入和消费信心,进而影响消费。通过以消费函数为基础构建计量模型进行协整检验,表明当前人民币升值对居民消费的影响甚微,暂时还不存在财富效应。但利用人民币升值增加居民财富,扩大消费是未来可考虑的对策。

The Study on Wealth Effect of RMB Appreciation

The influence of RMB appreciation trend would be far reaching.And the wealth effect which produces through the revaluation of the RMB allows not to be neglected.Its conductive channel shows that through the price fluctuation effect,select effect in assets,residents income expected effect,asset revaluation effect and investment changes effect,it will influence residents income and consumer confidence,then affect consumer demand.The cointegration test using constructing measurement model based on the consumpt...