当代金融研究Issue(2)：37-49,13.
社会融资规模作为我国货币政策中介目标的有效性分析——基于M2和人民币贷款的比较
Analysis of the Effectiveness of Aggregate Financing to the Economy As the Intermediate Target of Monetary Policy——Compared with M2 and Loans
摘要
Abstract
Based on aggregate financing to the economy as the intermediary targets of the monetary policy transmission mechanism, the paper constructs perfect index system of the monetary policy, selects M2 and Loans to compare with aggregate financing to the economy, uses the VAR model and the quarterly data from 2002 to June 2017, through cointegration test, granger causality test and impulse response methods, analysing the relationship between aggregate financing to the economy and the target of monetary policy. The results show that aggregate financing to the economy is of high validity and rationality as the intermediate target of monetary policy.关键词
社会融资规模/货币政策/中介目标/操作目标/最终目标Key words
Aggregate Financing to the Economy/Monetary Policy/Intermediate Targets/Operational Targets/Ultimate Targets分类
管理科学引用本文复制引用
许嘉扬..社会融资规模作为我国货币政策中介目标的有效性分析——基于M2和人民币贷款的比较[J].当代金融研究,2018,(2):37-49,13.基金项目
2017年度浙江省金融学会重点课题(201735) （201735）
2016年度浙江省金融教育基金会课题(2016Y13) （2016Y13）
2016年度浙江省哲学社会科学规划课题(16NDJC317YBM) （16NDJC317YBM）
