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我国的输入型通货膨胀:理论和实证研究
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摘要
随着我国对外开放程度的不断提升,对我国各种国内经济问题的考察从封闭条件开始向开放条件过渡,对我国通货膨胀的考察也也是如此。我国无论是在贸易、金融还是投资领域与世界经济的联系已经十分紧密。外部经济变量诸如外部的产品需求、外部的原材料供给、外部的流动性等,无论是其数量还是价格的变化,都会通过各种途径传导至我国。因此,基于开放性的视角探讨我国的通货膨胀成为一个重要研究问题。
     对于中国来说,其在国际市场上的地位也在不断提升。我国的巨额贸易出口和对制造业产品、原材料的需求都对国际市场产生很大影响。我国的对外贸易的依赖度也不断提高。但是,在一些方面,我国对于国际市场的影响力还与其参与程度不相匹配,我国对本国的出口品和进口品的定价权还比较弱,而且,由于我国处于不断提高开放程度的阶段,金融领域的开放度相对于发达国家来说比较低,外部的金融变量对我国的传导途径还不够通畅。这些因素都决定了我国在研究开放条件下的通货膨胀时与其他国家的不同之处。
     本文建立了相应的研究模型来分析开放条件下外部经济变量对我国的输入,并且从外部的需求因素和外部的供给因素两个角度进行了理论分析和实证研究。首先,通过估计我国开放条件下和封闭条件下的菲利普斯曲线得出结论认为我国的通货膨胀具有明显的输入型的特征。在此基础上建立了我国开放条件下的菲利普斯曲线对我国的输入型通货膨胀进行分析,并得出了输入型的需求和供给因素都对我国的通货膨胀产生了作用,国际贸易的传导渠道通过进口价格上升和外部需求增多两个途径影响了我国的通货膨胀。实证分析中,为了验证我国的进口价格对于我国通货膨胀是否产生了作用。本文检验了国际大宗商品价格和我国通货膨胀之间的作用。
     全球产出缺口也是影响我国输入型通货膨胀的传导机制之一。本文检验得出了全球产出缺口对于我国通货膨胀的影响在1998年以后是显著的,相反本国产出缺口此时变得不显著,说明了本国产出缺口对于本国通货膨胀的影响地位在下降。因此根据对开放条件下混合模型的菲利普斯曲线的估计结果,我国的通货膨胀受全球产出缺口的影响1998年以后较为明显。
     另外,通过考察全球输入型的流动性对我国输入型通货膨胀的影响后发现,外部输入型的流动性更多的影响了我国的外汇储备和资产价格等因素,对通货膨胀的作用并没有十分明显。
     因此,本文认为输入型通货膨胀在我国的通货膨胀中表现愈加明显。未来随着开放程度不断提高,通货膨胀的输入型特征也会不断提高。
With the continuous improvement of China's openiss, the investigation of China's domestic economic problems is changing from closed condition to open condition, so is the investigation of China's inflation. China has been in a very close relationship with the rest of the world in the fields of trade, finance or investment. External economic variables such as external demand for products, the external supply of raw materials, external liquidity, either the number or price changes will be conducted to China through various channels. Therefore, it is become an important question to explore China's inflation based on an open perspective.
     China'sposition in the international market is also rising. China's huge trade exports and huge demand for manufactured goods, raw materials have a significant impact on the international market. China's trade dependence is also rising. However, in some respects, the influence of our country for the international market is not match with its participation. The pricing of the country's exports and imports in China is still relatively weak. And our country is continuously improving in the degree of openness, the openness of the financial field is relatively low, so external financial variables pathway is not smooth enough. These factors have determined the difference with other countries when study inflation.
     We studied the model to analyze the external economic variables. And do theoretical analysis and empirical research from the aspects of external demand factors and external supply factors. First of all, by the estimation of Phillips Curves in open and closed conditions in China, we concluded that China's inflation is impoted inflation. Based on the analysis of the Phillips curve we studed China's imported inflation. We find that imported demand and imported supply factors have affect China's inflation. International trade transmission channels have two ways to affect China's inflation:imported prices and an increase in external demand. In order to verify the effection we do Empirical analysis to examines the relationship of international commodity prices and China's inflation.
     The global output gap also affects the transmission mechanism of China's imported inflation. We find that the global output gap is significant to China's inflaton after1998, and domestic output gap is not that significant after1998. According to the estimates of the mixed Phillips curve model under open conditions, the impact of the global output gap to China's inflation is obvious after1998.
     By the inspection of the global imported liquidity we find that the external imported liquidity influence China's foreign exchange reserves and asset prices other than inflation
     Therefore, this paper argues that imported inflation in China's inflation performance even more obvious. In the future, as opennessy improving, China's imported inflation will continue to improve.
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