中国居民货币需求结构及其对货币需求函数的影响

失业率对中国居民货币需求量存在显著性关系,证券收益率与改革的市场化进程对货币需求存在不同层次的影响。M2的动态模型显示,失业率、利率及市场化率一期滞后值对M2有显著性影响,当期居民收入及其一期滞后值也对M2有显著性影响。因此,中国货币当局应充分关注利率、失业率以及中国市场经济改革进程对微观主体——居民货币需求的影响,以使货币政策更好地促进经济发展。

The Currency Demand Structure of Chinese Citizens and Its Influence to Currency Demand Function

Providing by an econometrics model,this paper has investigated China's citizens' monetary demand cases during 1993 to 2005.It's found out that the fact of unemployment rate,profit rate of stocks and market rate in current China's economics have some different effective evidence.Approached with a dynamic model of M2,it's shown that the first lagged of jobless rate,interest rate,and market rate is effective,as well as the first and second lagged of incomes.Therefore,in order to promote the developing of economy,monetary authority needs to put more attentions to the areas of interest rate,jobless rate and the progress of market economic reforms.