CAJ | 학술논문

本文在开放框架下，基于结构突变的视角对纳入汇率（特别是在考虑到了汇率结构突变的情况下）及国外利率等因素的我国货币需求函数稳定性进行了研究。结果发现：在样本期内，人民币名义有效汇率确实在2003年4月和2005年9月两个时点发生了结构突变；而且这两次结构突变对货币需求函数的结构产生了显著不同的影响，表现在人民币名义有效汇率在2003年4月前以及2003年4月至2005年9月前均未能对广义货币需求产生实质性的影响，而在2005年9月后却对广义货币需求产生了显著的正向影响。尽管如此，；12率的这种结构变化对货币需求函数造成的影响仍未能改变货币需求函数的稳定性，即在开放框架下我国仍然存在着稳定的货币需求函数。这一结果为我国合理地确定货币供应量，并以此影响宏观经济等带来有价值的参考。
본문재개방광가하，기우결구돌변적시각대납입회솔（특별시재고필도료회솔결구돌변적정황하）급국외리솔등인소적아국화폐수구함수은정성진행료연구。결과발현：재양본기내，인민폐명의유효회솔학실재2003년4월화2005년9월량개시점발생료결구돌변；이차저량차결구돌변대화폐수구함수적결구산생료현저불동적영향，표현재인민폐명의유효회솔재2003년4월전이급2003년4월지2005년9월전균미능대엄의화폐수구산생실질성적영향，이재2005년9월후각대엄의화폐수구산생료현저적정향영향。진관여차，；12솔적저충결구변화대화폐수구함수조성적영향잉미능개변화폐수구함수적은정성，즉재개방광가하아국잉연존재착은정적화폐수구함수。저일결과위아국합리지학정화폐공응량，병이차영향굉관경제등대래유개치적삼고。
Based on the perspective of structural changes, this article studies the stability of money demand function of china＇ s accounting exchange rate（especially the structural changes of exchange rate） and interest of foreign countries in the open framework. The results show that, first, the nominal exchange rate of RMB certainly has two stiuctural changes within the sample period. Second, the influences caused by the two structural changes are completely different. Such as the nominal exchange rate of RMB doesn＇ t make a substantive influence on the money demand function before the first structural change and between the first structural change and the second structural change, while the second structural change makes an obvious positive effect on money demand. Although, The influence by structural changes of exchange rate doesn＇t change the stability of money demand function, so our country still has a stability money demand function in the open framework. The results give a valuable reference to our country how to rationally define money supply so as to influence our macro economy.