我国货币需求函数的影响因素——基于1992—2012年的数据

依据货币需求理论，采用1992～2012年的数据进行整理和计量分析，构建合理的货币需求模型，分析货币需求量与国内生产总值、利率、汇率、外汇储备等变量之间的因果关系，并对变量进行格兰杰因果关系检验，发现狭义货币量、广义货币量与各因素的因果关系并不完全一致。根据实证研究结果，解释了各变量对货币需求量的影响并对货币政策的实施提出建议。

Influencing Factors of the Chinese Money Demand Function

According to the theory of monetary demand, we construct a reasonable monetary demand model which uses the data of our country from 1992 to 2012. After analyzing the relationship between the sample of GDP, interest rates, exchange rates, foreign exchange reserves and currency demand, we find that there is a stability function relationship. By testing Granger causality among the variables, the results show that the rela- tionship between M1 and influencing factors is different from the relationship between M2 and influencing fac- tors. We explain the impact of each variable on monetary demand and make proposals for the implementation of monetary policy based on the econometric testing.