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弗里德曼货币需求函数在中国的实证研究
An Empirical Study of Friedman’s Monetary Demand Function in China
【摘要】 文章首先是对货币需求理论进行了回顾,然后利用数据对弗里德曼提出的回归方程最小二乘法进行估计以及相关的检验分析,得出中国货币需求函数为M/P=10.09872 y0.020096i-0.070723,发现其形式是稳定的且收入弹性和利率弹性均非常小,说明在我国货币政策的实施效果不佳。进而提出了相关的建议:加快解决金融市场以及金融机构中存在的一系列问题;提高金融机构对市场指标的敏感度以及金融市场的政策敏感度从而提高货币政策的效果;构建完整的配套的法律体系以完善整个市场体制等。
【Abstract】 Firstly,this paper reviews the monetary demand theory; then uses the data to estimate Friedman’s regression equation by the least squares method and analysis it by the associated test,it is concluded that China’s monetary demand function for M / P = 10. 09872,the situation is stable and the income elasticity and the interest rate elasticity is very small,it indicates that the implementation of monetary policy is not good. Then this paper puts forward some related suggestions: resolve a series of the problems existing in the financial markets and financial institutions quickly; improve the financial institutions’ s sensitivity to the market indicators and the financial market policy so as to improve the effectivness of monetary policy; build and form a complete set of legal system to perfect the market system.
【Key words】 monetary demand theory of Friedman; income elasticity; the interest rate elasticity;
- 【文献出处】 金融教育研究 ,Research of Finance and Education , 编辑部邮箱 ,2015年06期
- 【分类号】F091.3
- 【被引频次】2
- 【下载频次】503