【作者】 李波；

【导师】 朱孟楠；

【作者基本信息】 厦门大学 ， 金融学， 2008， 硕士

【摘要】 在过去的20多年里,各国央行在控制通货膨胀方面己经取得成效,但频繁的金融资产价格波动,以及数次由于市场崩盘所引发的金融危机和经济衰退,使各国央行不得不深入研究金融资产价格波动所传达的信息,并思考应对之道。近年来我国已经出现金融资产膨胀的端倪,金融资产对货币政策的作用在逐步加强,在这样的背景下,本文以我国货币政策中的金融资产为研究对象,研究的主要问题是如何应对金融资产膨胀以及探索货币政策协调的框架。本文沿着“问题的提出(我国金融资产膨胀的客观存在)—引出中心论点(把金融资产价格作为货币政策参考指标)—理论支撑(加入可交易金融资产市场的IS-LM模型与实证分析)—政策建议(金融资产膨胀情况下我国货币政策的协调)”这样的线索来进行构思,分为四章进行论述:第一章:金融资产膨胀的概念界定。本章对金融资产膨胀进行明确界定,以保证分析的明晰性和一致性。第二章:中国金融资产膨胀的现状及其对货币政策的冲击。本章说明金融资产对货币政策的作用在逐步加强。第三章:金融资产价格与实体经济的关系。本章建立一个新的模型——加入可交易金融资产市场的IS-LM模型,并利用我国可获得的宏观经济数据对金融资产价格与宏观经济变量的关系进行理论分析与实证研究,来解析金融资产膨胀对实体经济的影响。第四章:金融资产膨胀情况下我国货币政策的协调。本章是全文的核心部分,根据前几章的分析,并且参照历史,结合我国的实际,构建一个相对完整的货币政策协调的框架。本文通过较为深入的理论分析和实证研究,得出结论:基于金融资产价格在货币政策中的重要作用,金融资产价格应作为辅助的监测指标,纳入货币政策的视野;对金融资产价格变化进行监测,并建立一套金融资产膨胀的预警指标;应与其他政策配合,共同应对金融资产膨胀。更多还原

【Abstract】 In the past 20 years, the central banks have made great achievement in controlling the inflation of ordinary goods and services. But frequent fluctuation of financial asset prices, as well as several systemic financial crisis and economic depression caused by the collapse of financial asset markets, have forced the central banks to research deeply the information conveyed by the financial asset price inflation, and to resolve it. Financial asset inflation has great impact on monetary policy of China. This paper aims to basically answer the question of why and how financial asset price should be a reference parameter for monetary authorities’ judgment.The first chapter explain the concept of financial asset inflation. The second chapter elaborates the impact that financial asset inflation has on the monetary policy. The third chapter discusses and analyzes the interrelationship between asset price and real economy in China by a new model that involved financial asset and an empirical research based on data of China. The third chapter is also the innovation of the paper. The fourth chapter is the core sector of the whole paper. It firstly introduces two entirely different views on whether financial asset price should be the target of monetary policy, then based on analysis of China’s monetary regulation system and the marginal control over financial asset inflation, finally the author comes up with the opinion that financial asset price should not be a reference parameter for China’s monetary authorities’ judgment system.This paper has made sufficient theoretical and empirical research. The conclusion is that monetary policy should intervene in abnormal financial asset prices fluctuation properly. Furthermore, monetary policy should react to financial asset prices in harmony with other policy for the robust and flexibility of financial system.更多还原