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《Journal of Shandong University of Science and Technology(Social Sciences)》 2009-01
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Controlling Efficiency Test for China's Monetary Tools:A Perspective of Interaction and Feedback Effect

HE Ling-Yun1,LIN Li-duan2(1.School of Management,China University of Mining and Technology,Xuzhou,Jiangsu 221116,China;2.School of Economics,Fujian Normal University,Fuzhou,Fujian 350007,China)  
Monetary tools' controlling efficiency determines the intensity of monetary signals and further influences the effect of monetary policy.Taking the monthly data of related variables of 1999.12-2007.3,this paper tests the controlling efficiency of China's monetary tools on base money,and indicates that China's monetary tools' efficiency is low.Moreover,it relatively shows that the efficacy of interest rate of required reserve is higher than mirror image of foreign exchange reserve,which is higher than the efficiency of reloan and the required reserve ratio.In practice,more attention should therefore be paid to the coordination of monetary tools and the monetary policy with other policies.
【Fund】: 国家统计科学重点研究规划项目(LX:200609)
【CateGory Index】: F822.0;F224
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