我国货币市场的非均衡性检验

The Disequilibrium Test of Money Market in China

识别和检验货币市场的非均衡性是重要的,尤其是透过货币乘数、货币流通速度识别和检验货币市场运行态势。检验的结果支持我国货币市场存在需求高于供给的非均衡判断。同时,由于近年来货币增长率一直高于产出增长率,GDP与货币量的比值偏低,市场的货币沉积现象比较严重,在一定程度上存在通货膨胀隐患。因此,货币供给的控制不宜适应需求,应当从降低货币沉积和增强流动性上缓解货币供求的非均衡问题。

In this paper, we identify the disequilibrium of money market in China. We work for the disequilibrium test by aggregation＇estimate. The results of test abet the disequilibrium judgment that the demand excesses the supply. At the same time, because that the money increase rate is head and shoulders above the production increase rate and the ratio of GDP and basic money is on the low side, we think that the money sediment is relatively severity and the inflation trouble exists. So the money supply shouldn＇t adapt the demand, but lessen the money sediment and increase the fluidness.