财经研究
財經研究
재경연구
The Study of Finance and Economics
2012年
7期
121~132
,共null页
非正规金融部门 正规金融部门 DSGE模型 消费偏好冲击 货币政策冲击
非正規金融部門 正規金融部門 DSGE模型 消費偏好遲擊 貨幣政策遲擊
비정규금융부문 정규금융부문 DSGE모형 소비편호충격 화폐정책충격
informal financial sector; formal financial sector; DSGEmodel; consumer preference shock; monetary policy shock
文章通过建立四部门动态随机一般均衡模型,分析了二元金融体系下正规金融与非正规金融部门之间的作用机制,并对模型进行数值模拟。研究发现,在居民消费偏好冲击和技术冲击两种情况下,正规金融与非正规金融部门之间主要是互补关系,表现为两部门贷款利率和贷款规模的同向变动;而在货币政策冲击下,两部门短期内呈现相互替代的关系。
文章通過建立四部門動態隨機一般均衡模型,分析瞭二元金融體繫下正規金融與非正規金融部門之間的作用機製,併對模型進行數值模擬。研究髮現,在居民消費偏好遲擊和技術遲擊兩種情況下,正規金融與非正規金融部門之間主要是互補關繫,錶現為兩部門貸款利率和貸款規模的同嚮變動;而在貨幣政策遲擊下,兩部門短期內呈現相互替代的關繫。
문장통과건립사부문동태수궤일반균형모형,분석료이원금융체계하정규금융여비정규금융부문지간적작용궤제,병대모형진행수치모의。연구발현,재거민소비편호충격화기술충격량충정황하,정규금융여비정규금융부문지간주요시호보관계,표현위량부문대관리솔화대관규모적동향변동;이재화폐정책충격하,량부문단기내정현상호체대적관계。
Through the establishment of a 4sector dynamic stochastic gener al equilibrium model, this paper analyzes the interaction of formal and informal fi nancial sectors under a dualistic financial system and makes a numerical simulation of the model. It shows that there is chiefly a complementary relationship between formal and informal financial sectors under consumer preference shock and tech nology shock, which is manifested as the changes in credit rates and credit sizes of formal and informal financial sectors in the same direction. But under monetary policy shock, there is a substitution relationship between formal and informal fi nancial sectors in the short term.
