文章从货币增速剪刀差与资产价格相互作用机制的角度,对我国经济整体出现资金"脱实务虚"、"虚绑架实"现象的原因及由此产生的流动性风险进行了理论与实证分析,并提出了经济"脱虚入实"的途径和有效措施。结果表明,货币增速剪刀差与资产价格的相互作用存在区制性特征,在货币政策宽松而经济下行的区制内两者之间的作用增强。虽然当前中国未达到出现流动性陷阱的零利率条件,但是资产价格与货币增速剪刀差之间的作用明显加剧,而货币增速剪刀差又与
经济“脱实向虚”的流动性风险——基于货币增速剪刀差与资产价格相互作用的分析
摘要
参考文献
摘要
2 陈继勇, 袁威, 肖卫国.流动性、资产价格波动的隐含信息和货币政策选择——基于中国股票市场与房地产市场的实证分析[J].经济研究, 2013, (11):43-55. DOI:10.3969/j.issn.1002-5863.2013.11.020
10 Bai J, Perron P. Computation and analysis of multiple structural change models[J]. Journal of Applied Econometrics, 2003, 18(1):1-22. DOI:10.1002/(ISSN)1099-1255
11 Baum C F, Caglayan M, Ozkan N, et al. The impact of macroeconomic uncertainty on non-financial firm's demand for liquidity[J]. Review of Financial Economics, 2006, 15(4):289-304. DOI:10.1016/j.rfe.2006.01.002
12 Byrne J P, Davis E P. Investment and uncertainty in the G7[J]. Review of World Economics, 2005, 141(1):1-32. DOI:10.1007/s10290-005-0013-0
13 Hamilton J D. A new approach to the economic analysis of non-stationary time series and the business cycle[J]. Econometrica, 1989, 57(2):357-384. DOI:10.2307/1912559
14 Hansen B E. Sample splitting and threshold estimation[J]. Econometrica, 2000, 68(3):575-603. DOI:10.1111/ecta.2000.68.issue-3
15 Hansen B E. Threshold effects in non-dynamic panels:Estimation, testing, and inference[J]. Journal of Econometrics, 1999, 93(2):345-368. DOI:10.1016/S0304-4076(99)00025-1
16 Hansen B E. Inference when a nuisance parameter is not identified under the null hypothesis[J]. Econometrica, 1996, 64(2):413-430. DOI:10.2307/2171789
17 Koivu T. Has the Chinese economy become more sensitive to interest rates? Studying credit demand in China[J]. China Economic Review, 2009, 20(3):455-470. DOI:10.1016/j.chieco.2008.03.001
18 Leahy J V, Whited T M. The effect of uncertainty on investment:Some stylized facts[J]. Journal of Money, Credit, and Banking, 1996, 28(1):64-83. DOI:10.2307/2077967
引用本文
任羽菲. 经济“脱实向虚”的流动性风险——基于货币增速剪刀差与资产价格相互作用的分析[J]. 财经研究, 2017, 43(10): 31–42.
导出参考文献,格式为: