摘要
基于Baker等编制的中国经济政策不确定性指数,实证检验了经济政策不确定性、货币政策与企业信贷配置之间的关系,进而从微观层面考察了经济政策不确定性对我国货币政策有效性的影响。研究发现:(1)经济政策不确定性上升会抑制企业的新增借款,尤其是导致新增短期借款减少;(2)较高的经济政策不确定性导致货币政策对企业信贷融资的调节作用下降,降低了我国货币政策的有效性。此外,经济政策不确定性对国企和非国企的影响也存在显著差异。
Based on the economic policy uncertainty index of China compiled by Baker et., this paper empirically examines the relationship between economic policy uncertainty, monetary policy and enterprise credit allocation. It further explores the impact of economic policy uncertainty on the effec- tiveness of China＇s monetary policy from the angle of the micro-level. The fmdings show that： （1） the rising of economic policy uncertainty would inhibit enterprises＇ newly increased loans, especially leading to the decrease of the newly increased short-term loans; （2） higher economic policy uncertainty would result in the decrease of the regulating effect of monetary policy on the enterprises＇ credit financ- ing, in turn the effectiveness of China＇s monetary policy is lowered. Furthermore, the effects of econom- ic tolicy uncertainty on state-owned enterprises and non state-owned enterprises are quite different.
出处
《当代财经》
CSSCI
北大核心
2017年第6期18-27,共10页
Contemporary Finance and Economics
基金
国家自然科学基金地区项目"随机相依风险下的保单最优分配研究"(71561012)
江西省教育厅科技项目"宏观经济不确定性与货币政策传导--基于扩展的Phillips曲线研究"(GJJ160462)
江西省社会科学"十三五"规划项目"江西省金融扶贫体系构建研究"(K03752020)
关键词
经济政策不确定性
货币政策
信贷配置
所有权性质
economic policy uncertainty
monetary policy
enterprise loans
credit allocation
ownership property
