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我国金融倾斜波动效应的实证分析
引用本文:田树喜,白钦先,林艳丽.我国金融倾斜波动效应的实证分析[J].财经理论与实践,2009,30(1).
作者姓名:田树喜  白钦先  林艳丽
作者单位:1. 东北大学,文法学院,辽宁,沈阳,110004
2. 辽宁大学,经济学院,辽宁,沈阳,110036
摘    要:基于融资结构变迁的视角,"金融倾斜"特指间接金融与直接金融两种融资方式的不平衡发展,而金融倾斜极易引发一国经济的非对称波动.长期以来,间接金融主导着我国金融资源配置,通过H-P滤波分析可以发现,我国信贷市场波动具有强烈的亲周期特征,股票市场波动仅显现微弱的亲周期特征;通过非对称脉冲响应分析可以发现,我国信贷紧缩时期的波动效应大于扩张期的波动效应,由此验证了我国经济周期中"小冲击,大波动"的金融加速器效应.

关 键 词:金融倾斜  H-P滤波  金融加速器  经济波动

The Empirical Analysis of China's "Financial Tilt" Fluctuating Effect
TIAN Shu-xi,BAI Qin-xian,LIN Yan-li.The Empirical Analysis of China''s "Financial Tilt" Fluctuating Effect[J].The Theory and Practice of Finance and Economics,2009,30(1).
Authors:TIAN Shu-xi  BAI Qin-xian  LIN Yan-li
Institution:1.School of Humanities and Law;Northeast University;Shenyang;Liaoning 110004;China;2.School of Economy;Liaoning University;Liaoning 110036;China
Abstract:Based on the changes of financial structure,"financial tilt" specifically means the unbalanced development between the indirect finance and direct finance,which easily leads to the asymmetric economy fluctuations and gradually evolved into a "small impact,large fluctuations" financial accelerator effect.In China,the indirect finance has been in the leading position for a long time, through the analysis of the H-P filter,it can seen that China's credit market volatility has shown strong pro-cyclical characte...
Keywords:Financial Tilt  H-P Filter  Financial Accelerator  Economic Fluctuations  
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