财务与金融
財務與金融
재무여금융
2012年
1期
1-7
,共7页
社会融资规模%货币政策传导%动态随机一般均衡模型
社會融資規模%貨幣政策傳導%動態隨機一般均衡模型
사회융자규모%화폐정책전도%동태수궤일반균형모형
Total Social Financing%Monetary Policy Transmission%Dynamic Stochastic General Equilibrium Model
本文从宏观经济理论出发,建立动态随机一般均衡模型的分析框架,探讨社会融资规模与货币政策传导关系。建模中,金融市场包括直接融资市场与间接融资市场,引入摩擦系数反映金融市场信息不对称。模拟结果表明：货币政策调整对间接融资市场与直接融资市场均产生显著影响,社会融资规模指标将更能反映货币政策调整对资金供给的影响,其变动对宏观经济的影响要大于银行信贷变动的影响;若信贷额度控制,窗口指导等政策导致贷款难度变大,银行信贷将会向直接融资转移,从而从社会融资规模角度考察资金供给将更全面。因此,社会融资规模作为货币政策中间目标是可行的,比银行信贷指标能够更全面地反映货币政策传导过程。
本文從宏觀經濟理論齣髮,建立動態隨機一般均衡模型的分析框架,探討社會融資規模與貨幣政策傳導關繫。建模中,金融市場包括直接融資市場與間接融資市場,引入摩抆繫數反映金融市場信息不對稱。模擬結果錶明：貨幣政策調整對間接融資市場與直接融資市場均產生顯著影響,社會融資規模指標將更能反映貨幣政策調整對資金供給的影響,其變動對宏觀經濟的影響要大于銀行信貸變動的影響;若信貸額度控製,窗口指導等政策導緻貸款難度變大,銀行信貸將會嚮直接融資轉移,從而從社會融資規模角度攷察資金供給將更全麵。因此,社會融資規模作為貨幣政策中間目標是可行的,比銀行信貸指標能夠更全麵地反映貨幣政策傳導過程。
본문종굉관경제이론출발,건립동태수궤일반균형모형적분석광가,탐토사회융자규모여화폐정책전도관계。건모중,금융시장포괄직접융자시장여간접융자시장,인입마찰계수반영금융시장신식불대칭。모의결과표명：화폐정책조정대간접융자시장여직접융자시장균산생현저영향,사회융자규모지표장경능반영화폐정책조정대자금공급적영향,기변동대굉관경제적영향요대우은행신대변동적영향;약신대액도공제,창구지도등정책도치대관난도변대,은행신대장회향직접융자전이,종이종사회융자규모각도고찰자금공급장경전면。인차,사회융자규모작위화폐정책중간목표시가행적,비은행신대지표능구경전면지반영화폐정책전도과정。
The social financing and monetary policy transmission is investigated via a dynamic stochastic general equilibrium model,then two different financing markets-the direct financing market and the indirect financing market are introduced.And the feature of asymmetric information is also considered by using the coefficient of friction in financing market.Our results show： 1.The monetary policy affects both the indirect financing market and the direct financing market.Therefore,the total social financing is a comprehensive indicator for measuring the effects of monetary policy.2.The impacts on the main macroeconomic variables from the shock of the social financing are greater than those impacts from the shock of the indirect financing.3.When there is credit crunch and friction in indirect financing market,there is the overflow from the indirect financing market to the direct financing market.Consequently,the total social financing is a more comprehensive indicator to see the capital supply.In a word,it is feasible to use the total social financing as an intermediate target.
