我国货币政策信贷传导渠道的非对称效应分析

Credit Transmit Channel of Asymmetric Effects of Monetary Policy Analysis

陆虹(Hong Lu)

《Journal of Data Analysis》 6卷5期 (2011/10) Pp. 157-173

https://doi.org/10.6338/JDA.201110_6(5).0009

摘要

国际金融危机前后，我国货币政策数次转向，对于扩张性和紧缩性货币政策对于经济的影响是否效果一致的研究就具有现实意义。本文以1996年第一季度～2010年第二季度的数据，对货币政策的扩张期和紧缩期，信贷政策的变化引起的我国货币政策是否具有一致性效果进行检验。采用STR模型构建LM统计量进行线性检验，发现我国货币政策信贷渠道效果存在着不对称性，具有很强的非线性特征，并分析这种不对称性现象出现的原因。

關鍵字

货币政策 ； 信贷渠道 ； 非对称性 ； STR模型

並列摘要

China's monetary policy changed directions several times since the international financial crisis, so the research of the different effects of expansionary or tightening monetary policy has practical significance. Therefore, applying STR models and LM test statistics; it is concluded in the study of asymmetry effect of credit channel: Credit channel of monetary policy effects of the existence of asymmetry, with strong nonlinear characteristics. Then, the sources of the asymmetry are discussed.

並列關鍵字

Monetary policy ； Credit channel ； Effectiveness of non-symmetry ； STR model

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