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金融资产结构与宏观经济波动是关联的,金融资产结构的变化会冲击实体经济,从而形成经济周期波动。基于中国时序数据的脉冲响应函数检验和方差分解结果显示,金融资产结构的变化不仅会冲击宏观经济,而且这种冲击作用将会持续7～10年的时间。短期和长期的冲击作用有可能是截然相反的。
The structure of financial assets is linked to macroeconomic fluctuations. The changes in the structure of financial assets will impact the real economy, resulting in the volatility of the economic cycle. The impulse response function test and variance decomposition based on China’s time series data show that the change of financial asset structure will not only impact the macro economy, but also the impact will last from 7 to 10 years. Short-term and long-term impact may be the opposite.