人民币汇率波动对我国货币流动性的影响研究

摘要

本文分阶段对2005年汇改前后人民币汇率及人民币汇率波动对货币流动性及银行流动性的影响进行了研究。实证研究表明：从长期看来，人民币汇率水平与流动性正相关，即人民币升值会增加流动性，但人民币汇率波动会使这一效果减弱；汇改后人民币汇率波动对流动性的作用变得更加明显；相比较作用于银行的流动性效果来看，人民币汇率宏观上对货币的流动性影响更加明显。%This article studies RMB exchange rate and the influence of its volatility on monetary liquidity and bank liquidity from two stages:before and after the exchange rate revaluation. Empirical studies show that in the long run, exchange rate and liquidity are positive correlated,that is appreciation would increase liquidity while fluctuation tends to reduce it. After the revaluation, the influence of fluctuation is deeper, and its affection on monetary liquidity is more significant than on bank liquidity.