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The Research on the Asymmetry of the Social Financing Scale Adjustment and Control Based on MSVAR Model
Author(s): 
Pages: 34-36+40
Year: Issue:  12
Journal: Xi'an Finance

Keyword:  monetary policy toolMarkov Switching Vector Auto Regression(MSVAR)social financing scaleinterest rate marketization;
Abstract: The paper studies the relationship between the monetary policy tools and social financing scale from 2002 to 2012 via MSVAR model,and finds that the effects of quantitative monetary policy tools and price monetary policy tools on the social financing scale adjustment and control are remarkable.In the different economic cycles,the level of the monetary policy tools to financing adjustment and control is asymmetric,and the enforcement effect is bigger when the social financing scale is more volatile.The monetary policies should be flexible according to the social financing scale fluctuation in order to achieve the most appropriate adjustment intensity and the optimal implementation effect.
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