A Study on the Regulatory Effects of Monetary Policy on"Preventing Risks"and"Promoting Development"
"Preventing risks"and"promoting development"are the main goals of current financial macroeconomic regulation.This article uses the SV-TVP-SVAR model to describe in detail the economic and financial regulatory effects of different quantity and price instruments of monetary policy,and empirically tests the dynamic correlation mechanism between the dual goals of macroeco-nomic regulation.Research has found that,on the one hand,quantitative monetary policy has a significant and phased impact on sys-temic financial risks and high-quality development of the real economy.Quantitative monetary policy has a"risk prevention"effect in the short,medium,and long term,while the"development promotion"effect is reflected in the short term;The"risk prevention"effect of price based monetary policy is mainly reflected in the short term,while the"development promotion"effect is reflected in the medium to long term.On the other hand,there is a non-uniform and time-varying relationship between systemic financial risks and high-quality development of the real economy,indicating a phased contradiction between macroeconomic regulation in"risk pre-vention"and"promoting development",and the transmission mechanism of their interactive effects is also different.Therefore,ef-forts should be made to unblock the transmission of monetary policy,improve the quality and efficiency of financial services for the real economy,and assist in the construction of a strong financial country and the high-quality development of the real economy.
Monetary PolicySystemic Financial RiskHigh-quality Development of the Real EconomySV-TVP-SVAR Model
NETL
NSTL
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