CAJ | 학술논문

运用SVAR模型对1998—2012年间中国货币政策传导机制中的货币渠道和信用渠道对经济增长和通货膨胀的作用进行了研究。通过运用方差分解得出了各变量对经济增长和通货膨胀的影响。研究结果表明，信用渠道在我国货币政策传导渠道中发挥了重要作用，然而其对通货膨胀的影响作用高于其对经济增长的作用，而货币渠道则在经济增长方面发挥了更大作用。
운용SVAR모형대1998—2012년간중국화폐정책전도궤제중적화폐거도화신용거도대경제증장화통화팽창적작용진행료연구。통과운용방차분해득출료각변량대경제증장화통화팽창적영향。연구결과표명，신용거도재아국화폐정책전도거도중발휘료중요작용，연이기대통화팽창적영향작용고우기대경제증장적작용，이화폐거도칙재경제증장방면발휘료경대작용。
With the SVAR model , this paper analyzes the influence of monetary channel and credit channel in the transmis -sion mechanism of monetary policy on the economic growth and inflation .In addition, this paper also investigates the influ-ence of every variable on the economic growth and inflation by variance decomposition .The result indicates that the credit channel plays an important role in the transmission channel of monetary policy and that its influence on inflation is greater than that on the economic growth , while monetary channel plays more important role in the economic growth .