我国流动性过剩的货币经济学分析

从货币经济学的角度考察流动性过剩问题,可将流动性过剩定义为存量货币供给相对于存量货币需求的过剩。全球经济发展的不平衡以及各国货币政策的不协调导致全球流动性过剩,国际资本通过外汇占款和其他途径进入我国成为我国货币供给过多的外部原因。从内部来看,1998年以来长期积累的巨大货币存量是理解当前流动性过剩的关键。当居民资产发生结构性调整,减少持有货币资产而增加非货币资产,又会导致有效货币需求的不足。流动性过剩不仅会产生资产价格泡沫并给金融体系带来潜在风险,还造成经济结构的扭曲,对实体经济产生深层次影响。

On China' s Liquidity Surplus from the Money Economic Perspective

Liquidity surplus could be defined as the situation which money supply stock exceeds effective money demand stock from the view of money economics.Global economic disequilibrium and some countries' active money policies have brought about global excess liquidity,which aggravates China' s liquidity surplus.It is the key factor to grasp China's liquidity surplus because of the big money supply gathering since 1998.Effective money demand has been decreasing because people run for non-monetary assets while giving up monetary assets.Liquidity surplus will bring about both assets bubbles and practical economic distortions.