分析社会融资主要成分，将其分为人民币贷款、直接融资、影子银行以及外币贷款。对社会融资结构与物价水平之间进行理论梳理，通过VAR模型将这四项社会融资主要组成部分建立与CPI的联系。实证结果表明，人民币贷款、直接融资、影子银行以及外币贷款均是CPI的格兰杰原因。人民币贷款发挥基础性作用，影响力较大，而直接融资长期对物价波动有显著影响。%The main composition of social financing can be divided into RMB loans, direct financing, shadow banking and for-eign currency loans. This paper tries to analyze the relationship between the structure of social financing and CPI index by the-ory and to establish links between the four main components and CPI index by VAR model. The empirical results show that RMB loans, direct financing, shadow banking and foreign currency loans is the Granger reason of CPI. RMB loans play a funda-mental role and has great impact,while the direct financing has a significant influence on price fluctuation in the long run.
展开▼
