我国货币需求函数的经验分析

本文使用局部调整模型对我国货币需求函数进行了分析,提出在货币需求函数的分析中,应关注市场化利率,以便对持币成本做出合理的解释。     

The Stability of European Money Demand: An Investigation of M3H

The paper assesses the stability and predictive performance of a European money demand function as compared to national money demand functions. With respect to the explanatory accuracy, the national functions perform better than the aggregated function. Examination of the residuals of the national money demand equations indicates that currency substitution is not the major cause for the stability of the aggregated money demand function. The aggregate relation mainly seems to reflect German money demand. This conclusion is supported by the instability of aggregated money demand resulting from the exclusion of Germany from the aggregate.     

Currency Substitution and Money Demand in Euroland

This paper tests the stability of the demand for money in the euro-area in the context of an open economy. A sample consisting of quarterly data covering the 1982:2–1999:3 period is considered. The main finding is that the U.S. dollar long-term interest rate plays a significant role in the European money demand relationship. This result holds for different combinations of variables forming the vector auto-regressive system and suggests that international monetary interdependency may be an important factor influencing the ECB monetary policy.This paper draws on an earlier version and was prepared while the author was at the Bank of Portugal (the usual disclaimer applies). It was presented at the 2003 Meeting of the Economic Modelling Network. The author acknowledges Luis Catela Nunes, Carlos Santos, Carlos Robalo Marques, Nuno Alves, and an anonymous referee for their helpful suggestions.     

The Information Contents of Aggregated Money Demand in the EMU

Estimates of aggregated and disaggregated demand-for-money functions in 7 EMU member states show that the aggregated function slightly outperforms the disaggregated functions in explaining the European demand for M3. The aggregated function appears to contain some additional information on money demand in The Netherlands and, to a lesser extent, in France. For the other countries investigated in this study information on aggregated European money demand does not add much to the explanation of demand for money in the individual countries.     

Currency Substitution and the Stability of the Demand for Money in East Asia

Abstract

This paper models and tests the stability of the demand for money in five East Asian countries—Indonesia, Malaysia, Philippines, Singapore, and Thailand—in the context of an open economy. The Johansen multivariate cointegration vector error correction analysis against quarterly data covering the period 1985:1–2001:4 was used. It was found that a stationary long run cointegrating relationship exists between broad money, real income, domestic interest rates, foreign interest rates corrected for exchange rate depreciation, and the expected rate of depreciation of the exchange rate. The results show that US Treasury bills rates and the foreign exchange rate vis-à-vis the US dollar play a significant role in the East Asian countries money demand relationship. This suggests that currency substitution vis-à-vis the US dollar may be an important consideration in the design and implementation of monetary policy in the East Asian countries. Furthermore, the results show that the Asian currency crises impacted the money demand functions negatively in these countries. CUSUM and CUSUMSQ stability tests show no evidence of parameter instability of the money demand functions in three of the five countries throughout the period under investigation.     

Wealth and the demand for money: Empirical evidence for the Netherlands and Belgium

Summary This paper examines the impact of wealth on the demand for money in The Netherlands and Belgium. The empirical analysis reveals a substantial influence of wealth on the demand for money. For The Netherlands, incorporating wealth effects mitigates the volatility of the monetary picture. For Belgium this is not the case, indicating that interest and inflation rates are very important for understanding the monetary developments.We are indebted to Michel Dombrecht of De Nationale Bank van België for providing the data on wealth for Belgium. Helpful comments by Professors S.K. Kuipers and F.C. Palm are gratefully acknowledged.     

免签对中国入境旅游需求影响分国别研究

以客源国入境中国的旅游需求为研究对象,利用32个客源国2009-2015年入境中国的短面板数据,构建旅游需求模型,并使用混合回归,研究了免签对客源国入境中国旅游需求的影响。研究结果表明：免签对客源国入境中国旅游需求有显著积极的影响,免签便利化分数每增加1%,客源国入境中国旅游需求将增加约0.37%。此外,旅游住宿条件、客源国总人口数等对客源国入境中国旅游需求也产生一定影响。     

并购对公司劳动力需求的影响效应研究——基于面板数据的实证分析

文章以2002—2009年沪深两市发生并购的上市公司的平衡面板数据集为研究总样本,通过构造面板数据中的固定效应变截距模型,探究并购对公司劳动力需求的影响。主要结论是：并购对公司劳动力需求有显著影响,发生并购后会使劳动力需求显著地减少。     

Revisiting Cash Endowment and House Money Effects in an Experimental Auction of a Novel Agri‐food Product in the Philippines

This study explores the effect of varying cash endowments on bidding behavior in auction experiments conducted in a developing country. Our results suggest that cash endowment levels can have different effects on bidding behavior under second price auction and random nth price auction. In contrast to past studies conducted in developed countries, we generally do not see the presence of positive house money effect in our results. If behavior varies significantly as the cash endowment is varied, then care must be taken when designing auction experiments or when comparing results to other experimental results and theoretical predictions.     

Unobserved firm heterogeneity and the size-exports nexus: Evidence from German panel data

This paper starts from the stylized fact that firm size and exporting tends to be positively related. Using large sets of establishment panel data for three different industries from official statistics, evidence is presented that the familiar picture of an export/sales ratio that increases (at a decreasing rate) with firm size vanishes if unobserved firm heterogeneity is controlled for in a fixed-effects fractional logit regression model. This finding is well in line with the fact that many small firms are “hidden export champions.” JEL no. F10, D21, L60     

Does Money Have a Role in Monetary Policy for Price Stability under Inflation Targeting in Thailand?

This paper deploys Thai quarterly data for the study period 1999q1–2014q4 to econometrically investigate the proposition that money growth is an important, if not the sole, determinant of inflation under inflation targeting and that the money growth-inflation relation is not conditional on the stability of the money-demand function. The autoregressive distributed-lag (ARDL) bounds-testing results suggest that, across the study period, the Thai money stock (narrow or broad), real output, prices, interest rates and exchange rates maintained a long-run equilibrium relationship. The associated error-correction model of inflation confirms the cointegral relationship among money (narrow or broad), real output, prices, interest rates and exchange rates. It also suggests that money growth has a significant distributed-lag impact on inflation. The presence of this money growth-inflation relationship was associated with a stable narrow money-demand function, whereas the broad money-demand function remained unstable. These results for the study period are consistent with the view that the causal relationship between money growth and inflation holds in Thailand under inflation targeting when the Bank of Thailand deploys a short-term policy interest rate, rather than a monetary aggregate, as the instrument of monetary policy and that this relationship is not conditional on the stability of the money-demand function.     

北京汽车消费需求的动态分析与预测

北京汽车消费进入快速增长时期,主要是私人汽车消费拉动了汽车消费总量的增长。北京汽车拥有量、私人汽车拥有量与地区人均GDP、人均可支配收入和公路客运量高度相关。计量分析表明,人均GDP、人均可支配收入对北京汽车消费、私人汽车消费的需求弹性影响显著。从长期来看,私人汽车消费需求的长期弹性值均大于1,富有弹性。预测结果显示,私人汽车消费需求仍处于大幅度增长的范围。     

我国人口深度老龄化与老年照护服务需求发展趋势

基于我国人口结构发展趋势预测,2022年我国老龄化率将达到14%,进入深度老龄化社会;到2030年前后老龄化率将达到20%,进入超级老龄化社会。随着人口老龄化和老年人口高龄化不断上升,我国失能半失能老人规模及其比例将由2020年的4564万人和17.11%上升到2030年的6953万人和17.44%,至2050年进一步上升到12606万人和22%。失能半失能老人规模的快速扩大,将引发老年照护服务需求激增,按照90%失能半失能老人由家庭照护、10%由机构照护估算,照护机构护工需求将由2020年的33.8万人增加到2030年的52.2万人和2050年的101万人。考虑到家庭小型化趋势和“421”家庭普遍化趋势,未来由社区、家政、养老机构和医疗护理机构提供照护服务的失能半失能老人比例将会不断提高,老年照护所需护工的规模还会成倍增加,当前的护理人才教育培训机制远不能满足未来老年照护服务的需求。满足未来规模不断扩大、质量要求不断提高的多层次照护服务需求,亟须健全基本养老服务体系,大力发展多元化老年照护服务体系,切实做好护理人才中长期培育发展规划,不断完善老年健康服务体系。     

参保人、缴费年限与养老保险制度框架寻求

按照我国现行城镇职工基本养老保险制度,对个人缴费不足15年的参保人员不予发放基础养老金,使已经参保的很多职工(以农民工为主)仍然被排除在有效保障范围之外。要尽快修改这一规定所决定的部分保障模式,将个人缴费不足15年的职工纳入基础养老金发放范围,实行按缴费年限系数由参保地计发基础养老金的新机制。     

Demand for broad money and expenditure components in Japan: an empirical study

The main objective of the present study is to examine empirically the long-run relation of broad money demand and its determinants in Japan. In contrast with previous study, the present study considers various components of final expenditure demand as determinants that are final consumption goods, expenditure on investment goods and exports. Using quarterly data over the period 1973Q1–2000Q2, the results of the bounds test [J. Appl. Econ. 16 (2001) 289] indicate a stable long-run relationship between demand of real M2 and its determinants. The empirical results also highlight that different domestic demand components yields different effects on Japanese broad money demand behavior. The estimated unrestricted error-correction model appears to track the data well and the results have important policy implications.     

城市住宅适老改造需求的关键影响因素研究

城市住宅适老改造服务体系作为支持居家养老的重要领域在我国尚未形成。文章通过访谈和文本分析,识别出影响城市住宅适老改造需求的18个一般因素;运用主成分分析法提取了3个关键因素,发现居住环境的适老程度与住宅适老改造技术和服务水平是首要的影响因素,住宅适老改造的消费水平和政策支持力度也是影响适老改造需求的关键因素。文章认为,建立并逐步完善住宅适老改造技术服务与质量监管体系、开展适老改造示范工程、探索适老改造市场化服务模式、加强适老改造资金的支持力度等,是形成我国城市住宅适老改造服务体系的有效途径。     

公共财政与省级国库现金管理模式的创新

加强国库现金管理是一种国际趋势。应加强我国现行省级国库现金管理模式创新,按照发展公共财政的要求,借鉴国际通行做法,把国库委托银行代理制改为财政金库制下的银行存款制;完善省级国库现金管理职能,加强政府现金流管理、保持国库最佳现金持有量;进行库底现金余额的投资运作,使国库资金保值、增值。     

金融危机后宏观政策对我国汽车市场的影响研究——基于动态面板数据系统GMM模型

分析了2008年金融危机以来我国实施的一系列与汽车市场密切相关的宏观政策,汽车下乡、小排量汽车购置税优惠、以旧换新、新能源汽车补贴等政策有效地促进了我国汽车市场的发展,限牌限购政策则明显地抑制了汽车消费。基于2002—2017年省际汽车销量面板数据,采用动态面板数据系统GMM模型实证分析了宏观政策对我国汽车市场的影响,结果表明：我国汽车市场具有明显的惯性效应,宏观政策对我国汽车市场的促进和抑制效应都非常显著,其中汽车市场激励政策虚拟变量的估计系数显著为正,汽车市场抑制政策虚拟变量的估计系数显著为负;相对于促进政策,抑制政策对汽车市场的影响程度更为明显;居民消费水平、汽车产量、公路货运量、公路客运量等因素对汽车市场也具有显著为正的促进效应。在实证分析基础上,对我国在未来制定和实施汽车市场相关的宏观政策提出了对策建议。     

福建县域农业科技资源需求的对比分析

借鉴前人研究基础,先对农业科技资源需求的内涵加以分析,从而确定研究方法,继而从投入产出的角度去测算农业科技资源需求状况。据此运用DEA方法,以县为决策单元,对福建省县域农业科技资源的需求量及需求形势加以测算和分析,指出福建各县域农业科技资源需求数量及其变化趋势、内陆山区县与沿海县的需求差异及原因等,并提出相关应对策略。     

流动性过剩压力下农村地区货币供给严重滞后的实证分析——基于河北省的农村金融供求缺口分析

文章从农村地区货币供求的缺口测算入手，对河北省农村地区货币供给的严重滞后状况进行了实证分析，并指出了导致河北省农村地区货币供给短缺的深层次原因。并就如何解决农村地区货币供求矛盾提出了系统安排。