作　　者： ; ;

机构地区： 广东商学院金融学院

出　　处： 《经济与管理》 2011年第9期58-63,共6页

摘　　要： 金融危机后,中国实施了积极的财政政策和适度宽松的货币政策,虽然经济实现了快速复苏,但资产价格上涨的压力也再度显现。实证研究结果表明,货币流动性与我国资产价格之间存在单向的格兰杰因果关系,脉冲响应函数结果也显示,流动性过剩后一般会出现资产价格上涨,尤以房地产市场和股票市场的脉冲响应较为明显,债券市场的脉冲响应相对不太显著。 Chinese government implements progressive fiscal policy and moderate ease monetary policy after global financial crisis, which greatly facilitates economic recovery, but the pressure for the asset price rise appears again. The empirical study shows that there is a one-way Granger cause and effect relationship between monetary liquidity and asset prices. Meanwhile, the result of impulse response function also shows that liquidity excess is often accompanied by a long-term rise of asset prices, especiaUy, real estate market and share market responds greatly, it is relatively not so obvious for the response of bond market.

关 键 词： 货币流动性 资产市场 冲击效应

领　　域： [经济管理]