| 中国货币替代程度及其对福利的影响估计; Estimates of Currency Substitution Degree and Impacts on Domestic Welfare | |
| 吴锦顺 | |
| 2013-05-15 | |
| 关键词 | 货币替代 铸币税 福利 货币政策 广义矩估计 Currency Substitution Seigniorage Welfare Monetary Policy GMM |
| 英文摘要 | 本文在动态一般均衡理论框架下,根据中国1993年1月-2012年10月的经验数据,运用货币效用模型(MIu)和广义矩方法(gMM)估计了样本期内我国的货币替代程度,并分析了货币替代程度变化对政府铸币税和居民福利的影响。结果表明,这种基于CES生产函数估计的货币替代程度比以往学者从数量比角度估计的货币替代程度明显偏小。货币替代尽管给政府造成铸币税损失,但持有外币也能增进居民的福利,货币替代程度提高总体上能够促进社会福利的增加。所以政府只能通过稳定物价、增强人民币信心来降低货币替代程度,防止铸币税损失。放松外汇管制、藏汇于民等措施可以增加社会福利。; Under dynamic general equilibrium framework,this paper estimates the degree of currency substitution with Money-in-the-Utility Model(MIU) and Generalized Method of Moments(GMM) based on the Chinese empirical data from January 1993 to October 2012,and investigates the effects of changes in currency substitution degree on seigniorage and civil welfare.The conclusions indicate that the estimated degree of currency substitution based on CES production function is significantly smaller than those based on ratios of foreign currency deposits.The domestic welfare totally increases since civil welfare out-weights seigniorage loss when the degree of currency substitution grows.Therefore,Chinese government can prevent seigniorage loss only with the decrease of currency substitution degree induced by price stability and the higher confidence on RMB.The total domestic welfare can be improved by means of relaxing the exchange controls,increasing the ratio of civil foreign currency deposits,and so on. |
| 语种 | zh_CN |
| 内容类型 | 期刊论文 |
| 源URL | [http://dspace.xmu.edu.cn/handle/2288/113010]  |
| 专题 | 经济学院－已发表论文 |
| 推荐引用方式 GB/T 7714 | 吴锦顺. 中国货币替代程度及其对福利的影响估计, Estimates of Currency Substitution Degree and Impacts on Domestic Welfare[J],2013. |
| APA | 吴锦顺.(2013).中国货币替代程度及其对福利的影响估计.. |
| MLA | 吴锦顺."中国货币替代程度及其对福利的影响估计".(2013). |
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