摘要
金融与科技的结合带来经济的深度变革,同时对我国传统货币政策中介目标带来了影响。测度金融科技发展程度,选取2000-2018年季度数据,运用向量自回归(VAR)方法,将金融科技度纳入模型中进行检验。研究结果表明:利率和货币供应量作为货币政策中介目标的有效性均受到了金融科技的影响,货币供应量指标弱化更为显著,利率指标对稳定物价和促进经济增长效力更好。
The combination of finance and technology has brought profound changes in the economy,meanwhile affecting the intermediary o bjectives of China’s traditional monetary policy. This paper measured the development of financial science and technology by selecting the quarterly data from 2000 to 2018 and applying the vector autoregressive(VAR) method to test the degree of financial science and technology in the model. The results show that the effectiveness of interest rate and money supply as intermediary targets of monetary policy are influenced by financial science and technology. The weakening of money supply index is more significant,and interest rate index is more effective in stabilizing prices and promoting economic growth.
作者
宋寒凝
郭敏
尹学超
Song Hanning;Guo Min;Yin Xuechao(School of Finance,University of InternationalBusiness and Economics,Beijing 100029,China)
出处
《河北经贸大学学报》
CSSCI
北大核心
2020年第1期49-57,共9页
Journal of Hebei University of Economics and Business
关键词
金融科技
货币政策
中介目标
货币供应量
利率
实体经济
financial science and technology
monetary policy
intermediary goal
money supply
interest rate
the real economy
