| 金融稳定还是经济增长:中央银行利率政策的门限转换特征 |
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| 引用本文： | 武娜,王群勇. 金融稳定还是经济增长:中央银行利率政策的门限转换特征[J]. 当代经济科学, 2008, 30(4) |
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| 作者姓名： | 武娜 王群勇 |
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| 作者单位： | 1. 天津财经大学,经济学院,天津,300222
2. 南开大学数量经济研究所,天津,300071 |
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| 基金项目： | 国家自然科学基金，教育部资助项目，韩国高教财团-南开大学亚洲研究中心项目 |
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| 摘 要： | 金融稳定对经济增长的影响的非线性特征决定了中央银行货币政策的非线性特征.本文利用世界37个国家1993～2007年的面板数据研究了中央银行利率政策的门限转换特征.研究结论认为,通货膨胀对经济增、长的影响存在显著的门限累进效应,各国中央银行的利率政策也存在显著的门限转换特征,文章对发达国家与发展中国家进行了比较,发现发展中国家的利率政策倾向于更高的门限值,文章最后对中国利率政策的实施提出了相关政策建议.
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| 关 键 词： | 金融稳定 经济增长 利率政策 通货膨胀 门限转换 面板门限回归 |
Financial Stability or Economic Growth:Threshold Switching Characteristics of Central Bank's Interest Rate Policy |
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| WU Na,WANG Qun-yong. Financial Stability or Economic Growth:Threshold Switching Characteristics of Central Bank's Interest Rate Policy[J]. Modern Economic Science, 2008, 30(4) |
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| Authors: | WU Na WANG Qun-yong |
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| Affiliation: | WU Na1,WANG Qun-yong2( 1. Economics School,Tianjin University of Finance , Economics,Tianjin 300222,China,2. Institute of Statistics , Econometrics,Nankai University,Tianjin 300071,China) |
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| Abstract: | The nonlinearity of financial stability's impact on economic growth determines the monetary policy's nonlinearity of the central bank. The paper studies the threshold switching characteristics of central bank's monetary policy with 37 countries' panel data from 1993 to 2007. Several conclusions are drawn. Firstly,there exists significant threshold accumulating effect in the impact of inflation on economic growth. Secondly,There exists significant threshold switching in the interest rate policy. We make comp... |
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| Keywords: | Financial stability Economic growth Interest rate policy Inflation Threshold switching |
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