我国流动性过剩问题的根源及治理对策评价

当前我国解决货币流动性过剩的主要手段是存款准备金政策及央行票据的对冲交易。现代西方货币理论及我国政策实践均表明,流动性过剩的根本原因在于货币供应量的发行失控,解决流动性过剩必须从源头上遏制货币供给泛滥的局面。汇率制度改革是应对货币流动性过剩的根本途径,并同时辅之以金融体系改革,发展直接金融市场等改革措施。

An Appraisal of the Root of the Liquidity Surplus Problem in China and the Solutions

Now the major solutions to the problem of liquidity surplus in China are the deposit reserve policy and the central banks ’bills hedging.However,the modern monetary theory and Chinas’ policy practice indicate that the root of liquidity surplus is uncontrolled money supply.A reform in the exchange rate should be an essential fundamental solution to the problem of monetary overflow.The financial system reform and the development of direct financial markets can be some supplementary solutions.