本文選題：通貨膨脹率　切入點：機會成本鑄幣稅　出處：《南方經濟》2017年06期

【摘要】：中央銀行的利潤主要受機會成本鑄幣稅以及轉移的機會成本鑄幣稅二者共同作用的影響。文章定義的財政鑄幣稅(fiscal seigniorage)包括央行上繳的利潤,扣除對央行支付的利息,再加上央行對政府存款所支付的利息,以及央行對政府債權和政府存款的變動等。文章理論分析認為央行利潤、財政鑄幣稅和通貨膨脹率存在非線性關系,在MIU模型下,鑄幣稅呈U型特征或"倒U型"特征,這與鑄幣稅因子和貨幣需求函數的變動特征有關。ARDL模型實證結果顯示我國中央銀行貨幣鑄幣稅、央行利潤和財政鑄幣稅的變動存在"U型"特征;轉移的機會成本鑄幣稅呈現"倒U型"特征;機會成本鑄幣稅既沒有"U型"特征,也沒有"倒U型"特征。以MIU模型中的貨幣需求函數為前提,鑄幣稅的U型或倒U型特征取決于鑄幣稅因子的變動特征。
[Abstract]:The central bank's profits were mainly affected by the opportunity cost Seigniorage and transfer the opportunity cost seigniorage two. The definition of financial seigniorage (fiscal seigniorage) including the central bank profits paid to the central bank, deduct interest payments, plus the central bank to pay the government deposit interest, as well as the Central Bank of the government the creditor's rights and government deposits changes. Theoretical analysis in this paper that the central bank profits, financial Seigniorage and inflation rate there is a nonlinear relationship, under the MIU model, the seigniorage is U features or inverted "U" characteristic, and the change characteristics of cast money tax factor and money demand function of the.ARDL model empirical results show that the central bank money coin tax in China, the central bank profits and fiscal seigniorage changes "U" characteristics; transfer the opportunity cost seigniorage has inverted "U" characteristic; opportunity cost seigniorage is neither "U" There is also no "inverted U" feature. Based on the money demand function in MIU model, the U or inverted U character of seigniorage depends on the change characteristics of seigniorage factor.

【作者單位】： 復旦大學國際金融系;
【基金】：國家自然科學基金(70673011、71173042) 教育部后期項目(12JHQ030) 上海市哲學社會科學規(guī)劃項目(2016BJB001) 復旦大學理論經濟學Ⅰ類高峰項目的資助
【分類號】：F812;F812.42;F830.42

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本文編號：1721611