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基于Baker等编制的中国经济政策不确定性指数,实证检验了经济政策不确定性、货币政策与企业信贷配置之间的关系,进而从微观层面考察了经济政策不确定性对我国货币政策有效性的影响。研究发现:(1)经济政策不确定性上升会抑制企业的新增借款,尤其是导致新增短期借款减少;(2)较高的经济政策不确定性导致货币政策对企业信贷融资的调节作用下降,降低了我国货币政策的有效性。此外,经济政策不确定性对国企和非国企的影响也存在显著差异。
Based on the uncertainty index of China’s economic policy compiled by Baker et al., This paper empirically tests the relationship between the uncertainty of economic policy, monetary policy and corporate credit allocation, and examines the effectiveness of economic policy uncertainty on the monetary policy in China Impact. The findings are as follows: (1) Uncertainty of economic policy will restrain new loans of enterprises, especially the decrease of new short-term borrowings; (2) Higher economic policy uncertainty leads to the regulatory effect of monetary policy on corporate credit financing Decline, reducing the effectiveness of China’s monetary policy. In addition, there are also significant differences in the impact of economic policy uncertainty on state-owned enterprises and non-state-owned enterprises.