资产替代与货币政策

【作者】 邱崇明； 张亦春； 牟敦国；

【机构】 厦门大学经济学院金融系； 中国人民大学中国财金政策研究中心；

【摘要】 本文认为,经济波动和金融危机均可视为源于资产相对收益率和风险变化所引发的公众大规模资产替代的结果。本文对资产替代的概念、效应、成因和政策含义进行了探讨,构建了理论模型并对我国资产替代的特点进行了实证分析。论文认为,要防范资产的异常替代,必须理顺相对收益率体系,关注资产价格,实行规则型的货币政策,用流动性总量与结构的控制来取代传统的单一货币量控制,并通过调节利率和汇率来促进有益的资产替代。更多还原

【Abstract】 In the paper,economic fluctuation and financial crisis are regarded as the result of public portfolio adjust- ment caused by asset relative yield and risk changes.The authors study the concept,effect,cause and policy impli- cation about asset substitution and then puts forward the theoretical model and makes positivism analysis about asset substitution characters of China.Finally the paper suggests that in order to prevent the abnormal asset substitution, China should regulate relative yield system,concern about asset price,implement rule style monetary policy,uses to- tal liquidity and structure control instead of traditional monetary quantity control,and promote the profitable asset sub- stitution through interest and exchange rate adjustment.更多还原