金融理论与实践
金融理論與實踐
금융이론여실천
FINANCIAL THEORY AND PRACTICE
2014年
6期
62-66
,共5页
社会融资规模%可控性%协整检验
社會融資規模%可控性%協整檢驗
사회융자규모%가공성%협정검험
social financing scale%controllability%co-integration test
可控性是指中央银行有能力对某一经济变量进行调节，达到预定的目标水平，也是对货币政策中介目标的一个基本要求。通过对社会融资规模的可控性进行检验，表明社会融资规模与基础货币之间存在协整关系，中央银行可以通过调控基础货币的投放实现对社会融资规模的控制；社会融资规模符合可控性要求。
可控性是指中央銀行有能力對某一經濟變量進行調節，達到預定的目標水平，也是對貨幣政策中介目標的一箇基本要求。通過對社會融資規模的可控性進行檢驗，錶明社會融資規模與基礎貨幣之間存在協整關繫，中央銀行可以通過調控基礎貨幣的投放實現對社會融資規模的控製；社會融資規模符閤可控性要求。
가공성시지중앙은행유능력대모일경제변량진행조절，체도예정적목표수평，야시대화폐정책중개목표적일개기본요구。통과대사회융자규모적가공성진행검험，표명사회융자규모여기출화폐지간존재협정관계，중앙은행가이통과조공기출화폐적투방실현대사회융자규모적공제；사회융자규모부합가공성요구。
Controllability means the central bank is capable to adjust some economic variables and reaches to the expected target. Controllability is a basic requirement to the monetary policy intermedi-ary goal. The author tested the controllability of social financing scale and the result showed that there was a co-integration relationship between social financing scale and monetary base. The central bank could control the social financing scale by the regulation of the monetary base. Social financing scale met the requirements of controllability.
