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	社会融资规模作为金融宏观调控中介目标的适用性分析; Analysis on the Appropriateness of Aggregate Financing of the Economy as an Intermediate Target
	元惠萍 ; 刘飒
	2013-10-05
关键词	中介目标 融资规模 人民币贷款 广义货币 Intermediate Targets Aggregate Financing of the Economy RMB Banking Loan Broad Money
英文摘要	本文采用2002~2012年季度数据考察3个备选的金融宏观中介目标——社会融资规模、人民币贷款和广义货币M_2。图形直观分析、脉冲响应分析以及协整关系分析均表明:M_2不是一个理想的中介目标;社会融资规模在3个中介目标中表现最好,建议我国以社会融资规模作为金融宏观调控的中介目标;金融宏观调控政策对实体经济和物价指数的影响时滞分别为5个季度和2~3年。政策时滞对制定前瞻性政策具有一定指导意义。; The paper analyzes three optional financial intermediate targets-aggregate financing of the economy,RMB banking loan,and broad money M_2,using data from 2002 to June 2012.Three approaches of graph analysis,impulse responses,and co-integretion analysis give rise to the same conclusions.M_2 is not a good intermediate target.Aggregate financing of the economy is the best one according to its relationship with both the real economy and the price index in the short and long run.We suggest adopting aggregate financing of the economy as the financial intermediate target in China.The lags of intermediate targets to the real economy and the price index are respectively 5 seasons,and 2 to 3 years.The concrete policy lags could be instructive to making forward-looking policies.; 教育部人文社科研究一般项目“开放经济下中国货币政策规则理论和实证研究”(10YJA790238); 国家社科基金重点项目“宏观审慎政策和货币政策以及相关治理安排”(12AJY011)的资助
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/112851]
专题	经济学院－已发表论文
推荐引用方式 GB/T 7714	元惠萍,刘飒. 社会融资规模作为金融宏观调控中介目标的适用性分析, Analysis on the Appropriateness of Aggregate Financing of the Economy as an Intermediate Target[J],2013.
APA	元惠萍,&刘飒.(2013).社会融资规模作为金融宏观调控中介目标的适用性分析..
MLA	元惠萍,et al."社会融资规模作为金融宏观调控中介目标的适用性分析".(2013).

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