| 国家效用偏好与超额货币供给:基于非均衡计量系统的估计 |
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| 引用本文： | 王书华,崔泽园.国家效用偏好与超额货币供给:基于非均衡计量系统的估计[J].兰州商学院学报,2012(1):83-89. |
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| 作者姓名： | 王书华 崔泽园 |
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| 作者单位： | 山西财经大学;北京大学;山西省财政税务专科学校 |
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| 基金项目： | 教育部人文社科规划基金项目(11YJA790151、09YJA790131);世界银行山西农村扶贫项目(K223001)资助 |
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| 摘 要： | 基于国家效用偏好函数,本文构建了一个包含政府偏好在内的货币供求非均衡计量系统,对我国1999—2011年季度数据的加权两阶段最小二乘回归显示,我国货币市场存在着显著的非均衡现象,国家效用偏好使政府在货币化进程中获得了大量的金融收益,这些成为推动超额货币供给增长的重要诱因。因而,控制超额货币引致的流动性过剩现象,一方面需要规范我国债券市场的承购行为,另一方面也需要加大货币政策对投资领域的结构调控。
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| 关 键 词： | 国家效用偏好 超额货币 非均衡建模 货币控制 |
Government Utility Preference and the Excess Currency in China:Based on the unbalanced model estimation |
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| WANG Shu-hua,CUI Ze-yuan.Government Utility Preference and the Excess Currency in China:Based on the unbalanced model estimation[J].Journal of Lanzhou Commercial College,2012(1):83-89. |
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| Authors: | WANG Shu-hua CUI Ze-yuan |
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| Institution: | 1.Shanxi University of Finance and Economics,Taiyuan 030006;2.Peking University,Beijing 100871; 3.Shanxi Finance and Tax College,Taiyuan 030024,China) |
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| Abstract: | Based on the government utility preference function,this paper constructed an unbalanced model of the money supply and money demand,from the weighted two-stage least squares of China data 1999 quarter 1 to 2011 quarter 3,the analysis found that there is conspicuous unbalance phenomenon in the money demand and supply,and the government utility preference had play an important role in the rapid growth of China money supply,which may the important incentive for the excess money supply of China.So,in order to control the excess money supply,the government needs to supervise the bond market on the one hand,and increase the regulation on the investment market on the other hand. |
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| Keywords: | government utility preference excess currency Unbalanced model monetary control |
| 本文献已被 CNKI 等数据库收录！ |
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