货币政策对票据融资发展的影响分析——湖南实证

近年来,票据市场融资发展不断加快,并且其发展周期与货币政策调整周期具有一定的趋同性.采用自向量VAR回归模型,逐一分析存放央行准备金率和利率变化对票据融资和一般贷款的影响,结果表明,票据融资和一般贷款对存放央行准备金率及利率的变化具有一定持久的负向响应,但票据融资响应强度明显高于一般贷款.

An Analysis on Impact of Monetary Policy on the Notes Financing Development Based on the Evidence from Hunan Province

In recent years,the paper market continues to speed up the development of financing,and its developmental cycle has a certain convergence with the regulatory cycle of monetary policy.Through the VAR vector regression model,we get the conclusion that the required reserve ratio and interest rate impact the notes financing and the general loan are regulated.The results show that the notes financing and the general loan have a certain long-lasting negative response after the required reserve ratio and interest ...