【摘要】 在经济金融全球化的背景下,全球流动性输入会对一国的宏观经济产生重要影响。在运用SVAR模型及其方差分解定量分析流动性过剩对中国宏观经济的影响后发现,流动性过剩能产生显著的扩张性货币政策的效应,对货币供应量、名义利率和外汇储备具有较大的影响,而对实体经济的影响则甚微。更多还原

【Abstract】 With the economic and financial globalization,the global liquidity input impacts greatly on a country’s macroeconomics.This paper uses the SVAR model to carry out the empirical study of economic variables including monetary supply,nominal interest,real exchange rate and foreign reserve.The result is that global excess liquidity has an expanded effect of monetary policy on the China economy,but no obvious effect on the entity economy.更多还原