中国超额货币问题的制度分析

The Institutional Analysis of Excess Money in China

中国的超额货币是现行产权制度长期运行所造成的宏观经济难题,因此,如果不进行产权改革,中国的超额货币问题将会越来越严重。为保证中国经济的长期稳定增长,中国应在控制货币供应增长率的同时,全面进行产权改革。或者说,在一个相当长的时期内,中国货币政策的目标应该是为中国的产权改革提供稳定的货币环境。

Excess money in China is a macroeconomic problem resulting from the long-standing operation of the existing property right system. Therefore, the problem would be aggravated without reforms in the property right system. To ensure the long-term stable growth of the Chinese economy, China should carry out comprehensive property right reforms while controlling growth rate of money supply. In other words, within a rather long period of time, the objective of China's monetary policy should be to provide a stable monetary environment for its property right reforms.