An Empirical Study about the Effects of Global Liquidity Shocks on China's Economy
研究了全球流动性如何通过出口和外商直接投资影响中国经济增长，并通过国际大宗商品渠道推高通胀，同时发现央行冲销操作能部分隔离国内货币供给。
This paper introduces the transmission path and mechanism of global liquidity affecting China's economy, then sets up the indicators of global liquidity and analyzes its evolving characteristic.The findings of the empirical study reveal that the external shocks of global liquidity expansion drive economic growth of China through boosting export and increasing foreign direct investment.In addition,global liquidity shocks also exert pressure on China's inflation from the channel of international bulk stock.Using sterihzation operation,China's central bank partly isolates domestic money supply from global liquidity,thus strengthens ability to adjust macro economy.