| 流动性过剩影响因素的实证分析 |
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| 引用本文： | 赵文生,刘沛.流动性过剩影响因素的实证分析[J].经济问题,2011(11). |
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| 作者姓名： | 赵文生 刘沛 |
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| 作者单位： | 1. 对外经济贸易大学国际经济贸易学院,北京100029／山西财经大学财政金融学院,太原030006
2. 上海财经大学金融学院,上海,200433 |
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| 摘 要： | 通过货币的供求对比测度出流动性过剩，采用主成分分析方法研究了流动性过剩的影响因素。实证结果表明，货币存量的持续高位、经济增长、持续低利率与人民币升值、物价指数的高涨、外汇储备和净出口增加导致流动性过剩，资产价格与流动性过剩之间存在反向关系，各因素之间存在着交互影响。实证结果与理论分析结论高度吻合。
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| 关 键 词： | 流动性过剩 主成分 实证分析 |
Empirical Analysis on Influence Factors of Excess Liquidity |
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| ZHAO Wen-sheng,LIU Pei.Empirical Analysis on Influence Factors of Excess Liquidity[J].On Economic Problems,2011(11). |
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| Authors: | ZHAO Wen-sheng LIU Pei |
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| Institution: | ZHAO Wen-sheng1,2,LIU Pei3(1.School of International Trade and Economics,University of International Business and Economics,Beijing 100029,China,2.School of Finance,Shanxi University of Finance and Economics,Taiyuan 030006,3.ChinaSchool of Finance,Shanghai University of Finance and Economics,Shanghai 200433,China) |
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| Abstract: | In this article,we measure the excess liquidity through the comparison of money supply and demand and study the influence factors by principal component analysis.The empirical results show that the high stock for currency,economic growth,and continued low interest rates and the renminbi appreciation,commodity price index rising,the foreign exchange reserves and net exports increased liquidity.There is a reverse relationship between asset prices and excsee liquidity and there exist mutual influence among var... |
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| Keywords: | excess liquidity principal components the empirical analysis |
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