对外经贸
對外經貿
대외경무
Heilongjiang Foreign Economic Relations and Trade
2014年
2期
108-110
,共3页
外汇占款%基础货币供应量%协整检验%脉冲响应函数
外彙佔款%基礎貨幣供應量%協整檢驗%脈遲響應函數
외회점관%기출화폐공응량%협정검험%맥충향응함수
furds outstanding for foreign exchange%supplyment of base money%cointegration test%impulse response function
近年来随着我国外汇储备的增加，外汇占款持续增长，同时由于人民币升值步伐的加快及其预期作用、外国直接投资及热钱的流入也导致了外汇占款的增加。外汇占款的增加已严重影响我国货币政策的独立性，并已经成为我国基础货币投放的主要渠道。基于协整检验深入研究外汇占款对基础货币供应量的影响并提出有效解决外汇占款的内生性问题、加快人民币汇率形成机制建设等政策建议。
近年來隨著我國外彙儲備的增加，外彙佔款持續增長，同時由于人民幣升值步伐的加快及其預期作用、外國直接投資及熱錢的流入也導緻瞭外彙佔款的增加。外彙佔款的增加已嚴重影響我國貨幣政策的獨立性，併已經成為我國基礎貨幣投放的主要渠道。基于協整檢驗深入研究外彙佔款對基礎貨幣供應量的影響併提齣有效解決外彙佔款的內生性問題、加快人民幣彙率形成機製建設等政策建議。
근년래수착아국외회저비적증가，외회점관지속증장，동시유우인민폐승치보벌적가쾌급기예기작용、외국직접투자급열전적류입야도치료외회점관적증가。외회점관적증가이엄중영향아국화폐정책적독립성，병이경성위아국기출화폐투방적주요거도。기우협정검험심입연구외회점관대기출화폐공응량적영향병제출유효해결외회점관적내생성문제、가쾌인민폐회솔형성궤제건설등정책건의。
In recent years , gradual acceleration of foreign reserves and the increasing appreciation of the RMB with its impact of anticipation, as well as foreign direct investment and hot money inflows , all have led to gradual increase in funds outstarding for foreign exchange .Acceleration of funds outstanding for foreign exchange has seriously affected the independence of monetary policy, and has become the main channel of base money .Based on cointegration test , the thesis has revealed the impact of furds outstanding for foreign exchange to the supplyment of base money and provided constructive policy recommendations to ef -fectively solve endogenous problems of furds outstanding for foreign exchange and accelerate the construction of the RMB ex -change rate formation mechanism .
