摘要
针对国内很多学者误用“货币需求的收入弹性、利率弹性及投资的利率弹性”(以下简称“三个弹性”)的情况 ,从“三个弹性”的准确含义出发 ,建立了计算“三个弹性”的回归模型。并在此基础上 ,利用我国1980～ 2 0 0 0年的有关数据对“三个弹性”进行了实证检验 ,发现我国货币需求的收入弹性要远远大于其利率弹性 ,说明我国货币需求的变动主要由国民收入的变动所引起 ,同时也发现我国的利率 (名义或实际 )变动与投资变动的相关性很小 。
Three regression models\ are established in this essay for calculating 'the income elasticity, the interest rate elasticity of money demand and the interest rate elasticity of investment' (called 'the three elasticity ' for short) according to their accurate definitions aimed at the phenomena of misapplying the concepts of 'the three elasticity' by some scholars in our country. While the models are applied to the relevant data from 1980 to 2000 in China, the results show that the income elasticity of money demand is much higher than the interest rate elasticity of it. That's to say that the fluctuation of China's money demand is mainly caused by the fluctuation of national income. At the same time, the results also show that there is a weak relationship between the fluctuation of interest rate (nominal or real) and investment, which indicates, from empirical aspect, that the efficiency of the transmission of interest rate is very low.
出处
《财经理论与实践》
CSSCI
北大核心
2003年第4期22-25,共4页
The Theory and Practice of Finance and Economics
关键词
中国
货币需求
收入弹性
利率弹性
投资
回归模型
Money demand
investment
income elasticity
interest rate elasticity
regression
