本文介绍了一个考虑了资本流动时竞争效应与平衡表效应的新斯旺模型。
This paper proposed a new Swan model, which takes such effects as capital mobility and balance sheet channel into consideration.
通过分析我国的新斯旺模型，本研究发现具有竞争效应小于平衡表效应的特征。
It showed that when we apply this model to China, the competition effect is weaker than the balance sheet channel.
此外央行还提到准备金工具可能形成资产负债表效应且信号意义较强，所以降准受到的制约较多。
In addition, PBC also mentioned that the reserve tools may form a balance sheet effect and the signal sense is relatively strong, so there are more restrictions on RRR cuts.
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