我国流动性过剩的实证研究

当前，中国流动性过剩问题日益严重化，受到各方的广泛关注。所谓流动性过剩实质上就是货币超量供应。在导致流动性过剩的诸多原因之中，超额外汇储备导致外汇占款过多，从而导致货币发行量增大，无疑是最重要的原因。文章通过采集近年数据，建立回归分析模型，分析外汇储备对广义货币供应量坞的影响程度，并提出进一步培育健全外汇市场、放宽外汇管制、外汇储备证券化等解决流动性过剩问题的政策建议。

An Empirical Study of the Fluid Surplus in China

At present, fluid surplus in China is getting more grave, which draws wide attention. The fluid surplus means over-supply of currency, of the many factors that lead to fluid surplus, the most important is the over-quota foreign exchange reserve that results ha the increase of currency issuance. This paper proposes that efforts must be made to cultivate foreign exchange market, loosen for- eign exchange control, and foreign exchange stoek market.