摘要
商业银行理财产品作为一种创新的金融工具,它的快速发展对货币政策传导机制产生了一定的影响,货币政策传导机制的有效性是否因金融创新工具的出现而降低,成为广大学者关注的问题.本文采用理论结合实证的方法,先从理论上分析了商业银行理财产品对货币政策传导机制的影响,进而通过Johansen协整检验和VEC误差修正模型检验进行实证分析,验证了商业银行理财产品削弱货币政策传导机制效力的结论,并对此提出相关的监管建议.
The financial products of commercial banks, as a kind of innovative financial instruments, have impact on the mone- tary policy transmission. Whether the validity of monetary policy transmission will reduce due to the development of financial in- novation instruments, is a problem that attracts many scholars＇ attention. The article adopts the method of qualitative analysis combined with empirical analysis, in which firstly the effects on the monetary policy transmission were analyzed theoretically, and Johansen cointegration test and VEC error correction model test were used to verify the above effects. The empirical results showed that the financial products of commercial banks weakened the validity of the monetary policy transmission. Finally some accordingly suggestions are given.
出处
《西南民族大学学报（自然科学版）》
CAS
2015年第3期391-396,共6页
Journal of Southwest Minzu University(Natural Science Edition)
基金
四川省哲学社会科学课题一般项目(SC14B065)
四川省教育厅重点项目(13SA0135)的阶段性成果
