| 交互影响和反馈条件下我国货币政策工具控制效率检验 |
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| 引用本文： | 何凌云,林丽端.交互影响和反馈条件下我国货币政策工具控制效率检验[J].山东科技大学学报(社会科学版),2009,11(1):59-65. |
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| 作者姓名： | 何凌云 林丽端 |
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| 作者单位： | 1. 中国矿业大学,管理学院,江苏,徐州,221116
2. 福建师范大学经济学院,福建,福州,350007 |
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| 基金项目： | 国家统计科学重点研究规划项目 |
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| 摘 要： | 货币政策工具控制效率的高低从源头上决定了货币政策信号的强度从而对货币政策效果产生重要影响。以1999年12月至2007年3月相关变量的月度数据为样本对交互影响和多元反馈条件下我国货币政策工具时基础货币的控制效率做检验，得出：样本区间内，我国货币政策工具的控制效率低，相对而言存款准备金利率作用效力相对较高，外汇占款次之，再贷款和法定准备金率效率低。实践中应强调各工具的配合以及货币政策与其它政策的配合。
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| 关 键 词： | 货币政策工具 控制效率 SVAR模型 |
Controlling Efficiency Test for China's Monetary Tools:A Perspective of Interaction and Feedback Effect |
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| HE Ling-Yun,LIN Li-duan.Controlling Efficiency Test for China's Monetary Tools:A Perspective of Interaction and Feedback Effect[J].Journal of Shandong University of Sciences & Technology(Social Science),2009,11(1):59-65. |
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| Authors: | HE Ling-Yun LIN Li-duan |
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| Institution: | 1. School of Management, China University of Mining and Technology, Xuzhou, Jiangsu 221116, China; 2. School of Economics, Fujian Normal University, Fuzhou, Fujian 350007, China) |
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| Abstract: | Monetary tools＇ controlling efficiency determines the intensity of monetary signals and further influences the effect of monetary policy. Taking the monthly data of related variables of 1999.12-2007.3, this paper tests the controlling efficiency of China＇s monetary tools on base money, and indicates that China＇s monetary tools＇ efficiency is low. Moreover, it relatively shows that the efficacy of interest rate of required reserve is higher than mirror image of foreign exchange reserve, which is higher than the efficiency of reloan and the required reserve ratio. In practice, more attention should therefore be paid to the coordination of monetary tools and the monetary policy with other policies. |
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| Keywords: | monetary tool controlling efficiency SVAR model |
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