直接债务融资对货币供应的影响分析

本文以货币派生传导原理为基础框架,通过引入货币供应融资比对不同融资模式对货币供应的影响进行理论模型研究,并进一步通过对广义货币供应量、贷款余额及债券托管量三者之间关系构建回归模型,从实证角度验证理论推导的结果,进而对发展债券市场、提高货币政策实施有效性给出政策建议。

The Effect of Direct Debt Financing on the Money Supply

Following the money supply theory,by defining the ratio p,the paper embeds direct debt financing into theoretical model of money supply,and then analyzes the impact of different debt financing on money derivative. Furthermore,by conducting regression model on the relationship among the amount of M2,loans and bond outstanding,the paper confirms the results of theoretical analysis from an empirical point of view,and raises policy suggestion on developing bond market and enhancing the effectiveness of monetary...