| 银行金融创新与货币政策有效性 |
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| 引用本文： | 李后建,尹希果,卞小娇.银行金融创新与货币政策有效性[J].当代经济科学,2010,32(1). |
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| 作者姓名： | 李后建 尹希果 卞小娇 |
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| 作者单位： | 1. 重庆大学,贸易与行政学院,重庆,400044
2. 天津大学管理学院,天津,300072 |
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| 摘 要： | 本文在对银行金融创新与货币政策有效性理论分析的基础上得出,银行金融创新的普及会在一定程度上削弱货币政策的有效性。从这一论断出发,本文运用1994年-2008年的季度数据,对银行金融创新与货币政策有效性进行了实证分析,实证结果表明,银行金融创新能够抑制产出存款准备弹性的释放,但就产出实际利率弹性的影响却不明显,实证结果一定程度上支持了理论模型推导的结果,最后本文就金融危机形势下,中央银行在银行金融创新普及的状态下如何有效发挥货币政策效力提出了简要建议。
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| 关 键 词： | 银行金融创新 货币政策有效性 CC-LM模型 二阶段最小二乘法 |
Toward Financial Innovation and Monetary Policy Effectiveness |
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| LI Hou-jian,YIN Xi-guo,BIAN xiao-jiao.Toward Financial Innovation and Monetary Policy Effectiveness[J].Modern Economic Science,2010,32(1). |
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| Authors: | LI Hou-jian YIN Xi-guo BIAN xiao-jiao |
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| Institution: | 1. College of Trade and Public Administration;Chongqing University;Chongqing 400044;China;2. School of Management;Tianjin University;Tianjin 300072;China |
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| Abstract: | This paper analyses financial innovation and the effectiveness of monetary policy. We conclude that the popularity of financial innovation to a certain extent undermine the effectiveness of monetary policy. We conduct an empirical analysis on financial innovation and the effectiveness of monetary policy using quarterly data through 1994-2008. The empirical results show that financial innovation could inhibit the release of elasticity of output deposit reserve,while the effect on real interest rate elasticit... |
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| Keywords: | Financial innovation Effectiveness of monetary policy CC-LM Model Two-Stage Least-Square Method |
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