Research On Coordinated Development Of Real Economy And Fictitious Economy From The Perspective Of Monetary Policy

Since the financial crisis,China's real economy has a downward pressure.At the same time,fictitious economy has been expanding along with financial innovation,and the departure phenomenon of real economy and fictitious economy has been getting worse.Excessive development of fictitious economy has an impact on real economy,on the other hand,it forms a new challenges to monetary policy practice.The single monetary policy that just focus on real economic variables can't be a better solution to the problem of cold real economy and hot fictitious economy.Monetary policy needs to make adjustments in order to improve the effectiveness of its policy.Therefore,it has important theoretical and practical significance for studying the coordination degree and imbalance causes between real economy and fictitious economy,discussing the conduction path and coordination mechanisms among monetary policy,real economy and fictitious economy,and researching the regulatory effects of different monetary policy tools on real economy and fictitious economy.So as to improve monetary policy regime and the coordinated development between real economy and fictitious economy.This paper mainly uses the method that combining qualitative analysis and quantitative research.Firstly,this paper uses the normative analysis to scope real economy and fictitious economy,then analyses the coordination degree and imbalance causes between real economy and fictitious economy using China's data.Secondly,this paper innovatively introduces fictitious economy to the traditional function of the quantity of money,and explores the relationship and conduction path among monetary policy,real economy and fictitious economy,so as to explore the coordinated development mechanism between real economy and fictitious economy.Finally,this paper uses the time series to construct two VECM models to make quantitative analysis on the effects of different monetary policy tools on real economy and fictitious economy.This paper argues that due to the asymmetry of money' velocity and the occasional chance on the equivalence of return on assets,the coordinated development of real economy and fictitious economy is not the pursuit of their complete balance,it's more important that controlling the ratio of real economy and fictitious economy within a reasonable range through policy guidance and policy control.The central bank should integrate long-term tools and short-term tools according to the condition of real economy and fictitious economy,and flexibly combine price-based monetary policy tools and quantity-oriented monetary policy tools,accurately control the tools 'amount,force direction and rhythm.What's more,revitalizing the stock and increment of financial institutions,and enhancing credit support to real economy adhere to the idea of targeted regulation.The empirical results show that money supply and interest rates have a significant impact on real economy and fictitious economy,while the impact of loans on real economy and fictitious economy is not significant.On the whole,the price-based monetary policy tools have a better regulatory effect than the quantity-oriented monetary policy tools.Under the same condition,the impact of money supply on fictitious economy is greater than interest rates,and the impact of interest rates on real economy is greater than money supply.