公债货币化对货币供应量的影响研究?——基于国际面板数据的实证分析

被引：5

作者：

邓晓兰

李铮

机构：

[1] 西安交通大学经济与金融学院

来源：

经济科学 | 2015年 / 04期

关键词：

公债货币化; 货币供应量; 财政政策; 货币政策;

D O I：

10.19523/j.jjkx.2015.04.003

中图分类号：

F811.6 [国际财政关系]; F821.0 [货币政策];

学科分类号：

摘要：

在发达经济体频繁采用大规模公债货币化操作和我国"地方债务置换计划"热议以及"中国式QE"呼之欲出之际,亟需弄清公债货币化对货币供应量有何影响。本文基于货币供给外生和内生理论提出假说,选取九个国家和地区的面板数据,实证分析发现:公债货币化对货币供应量影响有限且依赖于信贷资金,但发达国家的公债货币化操作由于具有更强的准备金调控效应、能够有效影响信贷需求且商业银行放贷更加积极,能够显著引起货币供应量增加。据此给出完善货币政策传导渠道、财政货币政策协调配合的建议和"中国式QE"可行性的初步回答。

引用

页码：18 / 29

页数：12

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