我国货币市场基金对货币供应量影响的理论与实证分析

正一、我国货币市场基金的发展现状(一)货币市场基金的定义及主要类型货币市场基金(简称MMF)是指投资于货币市场工具的开放式基金。货币市场基金的主要类型有场内"T+0"赎回型、交易型(货币ETF)、场外赎回型。其中,前两类都属于货币市场基金创新的产物,而通过支付宝、微信等网络方式申赎基金则是货币市场基金在申赎方式上的创新。"T+0"赎回型是指当天赎回货币市场基金,当日即可购     

货币市场基金的功能发挥与我国的战略选择

随着货币市场基金规模的迅速扩大,货币市场基金在整个金融市场改革发展中的地位越来越重要,起着举足轻重的作用。本文:首先,针对我国金融体系的现状,分别从协调金融市场结构关系、提供新的投资工具等几个方面阐述了货币市场基金在完善我国金融体系方面的功能和作用;其次,对目前制约货币市场基金发展的一系列因素提出了行之有效的举措,随着货币市场的发展,体制的改革,逐步放宽品种、规模的限制,让货币市场基金循序渐进的发展;同时,在整个过程中加强有效的监管,加快制度、规则的制定等,为货币市场基金的发展提供良好的制度环境。     

我国货币市场基金收益率研究

本文分析了自2004年以来我国货币市场基金收益率的变动,构建了货币市场基金收益率的基本模型,并考察了基金收益率和市场利率、存款利率以及基金自身的相互关系,认为当前之急应加强对货币市场基金的监管,并尽早时地减少对利率的管制。     

我国发展货币市场基金的可行性及几点建议

在中国 ,投资基金的投资结构偏重于成长性的实业投资 ,但其低微的效益以及混乱的管理使其并没有成为国人投资需求的主流。货币市场基金在我国的基金市场理论中是一个鲜为提及的领域 ,但从中国的利率制度、资本市场的准入原则以及国人投资理念中的中庸意识看 ,货币市场基金在我国存在着巨大的投资需求潜力。本文在分析美国货币市场基金的生存、发展、演变特点的基础上提出货币市场基金在中国成长的可能性 ,同时提出在中国建设货币市场基金的初步构想     

中外货币市场基金比较研究

货币市场基金最早始于70年代的美国,在近30年的发展中显示出强大的生命力.本文通过对中外货币市场基金发展现状、基本情况、产生发展背景等几方面的比较,提出应根据中国实际情况及发行货币市场基金的政策目标,来设计适合中国情况的基金发展之路,促进货币市场基金作用的更好更快发挥。     

中国货币市场基金发展及其风险分析

货币市场基金(MoneyMarketFunds,MMF),是一种按法律规定投资于较短期限风险证券的共同基金。货币市场基金最早出现在20世纪70年代的美国,其产生实际上是为避开金融管制的金融工具创新的结果。货币市场基金一般投资于短期商业票据、可转让定期存单、银行承兑汇票以及政府短期债券、银行间同业拆借市场。与股票基金和债券基金相比,货币市场基金的收益较低,但其具有风险低,收益较稳定,流动性高等特征。更为重要的是货币市场基金的最低认购金额较低,中小投资者也有实力购买,这些投资者在不冒很大风险的情况下便能够获取高于银行利率的回报。…     

论我国货币市场基金的发展

货币市场基金自1971年在美国问世以来，在欧美等发达国家和地区发展迅猛，是目前国际货币市场上不可或缺的投资工具。而在我国，货币市场基金却是新生事物，刚刚起步发展。2003年末，经中国证监会批准，博时现金收益、华安现金富利、招商现金增值三只货币市场基金成功发行，它们的诞生，标志着我国基金     

高仓位，个股适度集中

与2004年相比,2005年货币市场基金经历了比较平稳的一年,而且货币市场基金之间的净值增长也非常接近,差距只有千分之一左右。2005年中国经济走在增长顶峰的右侧,对于债券市场上的投资者而言,这只是幸福的开始。但对于货币市场基金,这是考验的开始。在2005年,产能过剩开始显现、人民币开始升值、大量的贸易顺差等这一切都意味着,债券市场的上涨必然开始了。但是,对于超短期债券基金——货币市场基金而言,投资的难度反而加大了。债券的上涨或者说市     

美国货币市场基金的发展对中国的几点启示

自1971年美国产生货币市场基金以来,其在资产组合中扮演了重要的角色,不仅丰富了基金品种而且成为连接货币市场与资本市场的资金流通渠道.我国在大力发展资本市场的同时,也要顾及货币市场的发展与完善.只有两者均形成良好的投融资环境,我国的金融市场才可谓发展完善和成熟.     

货币市场基金影响货币流通速度吗

货币流通速度不仅受实体经济影响,而且受虚拟经济影响,本文运用实证分析方法探讨货币市场基金对货币流通速度是否产生影响,结果表明货币市场基金收益率变动是货币流通速度变动的格兰杰原因,两者正相关,可根据货币市场基金收益率和一年期国债收益率预测货币流通速度,货币政策实施效果受货币流通速度影响,管理者可通过调整货币市场基金政策稳定货币流通速度。     

会计信息失真的原因及治理对策

中小企业的资金不足以成为制约其发展的瓶颈 ,本文在分析困难的基础上 ,提出中小企业筹资的五种新渠道 ,即强化内部管理、参加互助担保基金、开展表外融资、租赁融资、股权融资、合理利用“二板市场”。     

An Analysis of the Structure of Interest Rates in Taiwan: An Application of the Vector ARIMA Model

The structure of interest rates in Taiwan is analysed through the vector ARIMA approach using monthly and quarterly data from 1978 to 1989. These rates are the regulated bank interest rate and unregulated money market interest rates in the formal financial market and the kerb rate in the informal market. The results show that the adjustments in the bank interest rate follow that of the money market interest rate. Furthermore, the time lag has been shortened from one quarter in the early stages of interest rate liberalization in Taiwan to only one month in the later stages. Increases in the money market interest rate might be followed by an increase in the kerb market interest rate because of partial market segmentation. In periods when there is excess supply of funds in the banking sector, an increase in the bank rate might be followed by a decrease of the kerb rate. The interest rates structure of Taiwan is relevant to developing countries which have an informal financial sector.     

Hot Money Flows,Commodity Price Cycles and Financial Repression in the USA and China： The Consequences of Near-zero US Interest Rates

Under near-zero US interest rates, the international dollar standard malfunctions. Emerging markets with naturally higher interest rates are swamped with hot money inflows. Emerging market central banks intervene to prevent their currencies from rising precipitately. They lose monetary control and domestic prices begin inflating. Primary commodity prices rise worldwide unless interrupted by an international banking crisis＇. This cyclical inflation on the dollar＇s periphery only registers in the US core eonsumer price index with a long lag. The zero interest rate policy also fails to stimulate the US economy as domestic finaneial intermediation by banks and money market mutual funds is repressed. Because China is forced to keep its interest rates below market-clearing levels, it also suffers from finaneial repression, although in a form differing from that in the USA.     

American stock market development and performance, 1871–1929

The American stock market played a central role in the allocation of investment funds during the late 19th and early 20th centuries. During the same period the market underwent profound institutional change. Tests of market efficiency are employed to characterize the market's performance, and to ascertain what specific institutional features affected that performance. The market receives mixed reviews. At no time was evidence of substantial market inefficiency apparent. However, money market instability before World War I, and the absence of federal regulation after 1900 did cause stock prices to wander modestly from their “efficient market” values. In both cases intervention by the federal government appears to have improved market performance.     

货币政策中介目标的选择

本文通过对我国证券投资基金的发展现状及对证券市场的影响分析,认为证券投资基金作为中国证券市场真正意义上的专业机构投资者,对证券市场的稳定与发展所起的作用功不可没,但证券投资基金要进一步发展必须对所存在的问题加以规范。     

科技型中小企业市场资金配置体系研究

由于具有科技型和中小企业的双重风险,科技型中小企业的发展一直受限于资金问题。如何以政府政策和财政资金引导市场资金以满足企业的融资需求,是当前亟待解决的问题。文章在分析各类市场资金风险偏好的基础上,结合科技型中小企业的融资需求,构建了基于投资者风险偏好的市场资金配置体系,研究了该体系构建中的问题并提出了相应的建议,为政府确定对市场资金的引导方向和引导力度、以市场化手段解决科技型中小企业的融资等难题提供了思路。     

Taking money seriously David Laidler Cambridge: The MIT press, 1990, xiv, 226 pp.

In Taking Money Seriously and Other Essays, Davis Laidler argues that Walrasian models and new-classical business cycle theories, where transactions occur at equilibrium prices, cannot describe real world economies, where uncertain traders hold "buffer-stocks" of precautionary money balances. Imperfect information leads traders to set prices endogenously and to acquire market information from inflows and outflows of money. Traders adjust prices when cash balances persistently differ from targeted precautionary balances. Unlike standard monetarist and Keynesian models, the buffer-stock theory implies that in the short run actual money holdings frequently differ from desired holdings (unlike the contrary assumption of many money demand studies), that, even when money is endogenous, real balance effects occur, and that the loanable funds theory is the best explanation of interest rates.     

The relationship between the real and financial economies in the Soviet Union: An analysis of government debts using newly available data

Newly available Soviet data reveal that government debt increased to compensate for inefficient use of funds for most of the Soviet period. Given the difficulty in managing fiat money without information and data generated by the market, and the simple Soviet financial structure, the increasing debt suggests that non-performing financial assets accumulated in the household sector, and inefficient real assets built up in the enterprise sector. The empirical analysis using a small time-varying parameter vector autoregression model identified that funds supplied to the economy had contributed at a decreasing rate to economic growth during nearly the entire Soviet period. Funds continued to be used wastefully, non-performing financial assets accumulated, and consequently the value of the ruble was decreasing. In this sense, Soviet monetary management was inefficient. Future research will include efforts to investigate responsiveness of price regulating authorities to changes in monetary and financial situation, to understand monetary management on the republic level, and to quantify the efficiency of use of funds.     

Do Credit Cards Really Reduce Aggregate Money Holdings?

This paper discusses whether the use of credit cards reduces aggregate money holdings in an economy. Applying and modifying the Baumol-Tobin model (Baumol Quarterly Journal of Economics 66:545–556, 1952 and Tobin Review of Economics and Statistics 38(3):241–247, 1956), it studies how much money a credit card bank would normally maintain to support retail trade, and shows that whether or not the use of credit cards actually reduces the aggregate demand for money depends on how often consumers visit the bank and how long it takes to clear a check. With innovations in the banking industry such as ATMs, online banking, and other electric funds transfer services, the cost of visiting banks (i.e., switching funds between a checkable account and an interest-earning account) is now very low. For the whole economy, as a result, the use of credit cards may not necessarily reduce aggregate money holdings.