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本文基于银行业处于中国金融市场中主导地位,以及居民金融财富主要以银行存款保有等基本特征,论述指出中国银行业在国际量化宽松冲击的影响下存在着内生性的信贷扩张机制,并通过建模分析比较了两种不同形式货币冲击下中国的经济波动情况,指出大规模的信贷扩张改变了中国的货币增长率方式并致使实际产出和货币供应量呈反周期波动,从而形成了国际量化宽松以来中国经济周期波动中特有的金融加速器机制。随着未来国际量化宽松政策的变化,这种机制会给中国经济的运行带来风险,对此我们也提出了相应的对策与建议。
Based on the banking industry’s dominance in the Chinese financial market and the residents’ financial wealth mainly based on bank deposits, the article points out that there is an endogenous credit expansion mechanism in China’s banking sector under the impact of international quantitative easing. The model analysis compares China’s economic volatility under two different forms of currency shocks. It points out that large-scale credit expansion has changed China’s monetary growth rate and caused counter-cyclical fluctuations in real output and money supply, thus forming an international quantitative The Unique Mechanism of Financial Accelerator in the Fluctuation of China ’s Economic Cycle Since. With the change of the future international quantitative easing policy, this kind of mechanism will bring risks to the operation of China’s economy, and we also put forward corresponding countermeasures and suggestions.