摘要
在超额准备金大量存在的条件下,提高法定准备金率并无紧缩货币的政策效应,但有着避免银根放松的政策效应;提高存贷款利率,缺乏紧缩信贷的政策功能,却有着刺激信贷增长的实践效应;2007年以后的物价、股价和房价上涨,并非主要由资金过剩所引致,相反,过剩资金的存在和增加起着抑制这些价格上涨的作用。
It cannot tighten the money supply to increase the required reserve ratio under the circumstances of immense excess reserve,but it can avoid loosening the money supply.Similarly,it cannot tighten the credit loan to raise the interest rates of deposits and loans,but it can stimulate the growth of credit loans.The soaring CPI,stock price and housing prices do not result from the excess liquidity.On the contrary,the excess liquidity and its growth restrain the rapid growth of them.
出处
《财贸经济》
CSSCI
北大核心
2008年第6期5-15,共11页
Finance & Trade Economics
