中国M_2与GDP不匹配增长原因分析

Analysis on the Cause of Un-matched Growth of China's M_2 and GDP

改革开放以来,中国经济的货币化程度有了很大提高。但是,我国M2的增长速度明显快于名义GDP(实际GDP和通货膨胀率之和)和增长速度,出现了M2与GDP的不匹配增长现象。在文中分析了这一现象,认为是货币需求的收入弹性、存量资产的货币化、金融创新不足、地下经济和灰、黑色金融这4方面的因素造成了M2与GDP的不匹配增长。

Since the economic reforms and open-door policies began in the late 1970's, China's economy has improved its monetization level greatly. But China's M2 grows faster than nominal GDP (summary of real GDP and inflation rate), which caused the unmatched growth of M2 and GDP. This paper tries to explain this phenomenon and believes that the causes lie in the flexibility of money demand, the monetization of stock assets, the inadequacy of finance innovation and the underground economy and gray finance.