资本流动、货币供给与价格总水平——一个理论分析框架

Capital Flow,Money Supply and Price Level:A Theoretical Frame

在国际收支的货币主义理论背景下,资本流动与货币供应量之间是一个循环反复的作用过程,二者的相互作用在内部经济与外部经济取得新的均衡时结束。借助IS-LM-BP模型可以将这种复杂的循环作用过程以及作用结果通过图形进行演绎。固定汇率制度下资本不完全流动时的IS-LM-BP模型与开放经济下的AS-AD模型分析表明,在固定汇率制度下,资本流出对国内货币供应量有紧缩效应,并使价格总水平下降;相反,资本流入对国内货币供应量有扩张效应,使价格总水平上升。

According to the monetary theory of BOP, there is a repeated reactive circulation between capital flow and money supply, and the interaction ends as internal and external economy resumes a balance at a new level. IS- LM - BP model can illustrate such complicated circulation mechanism and its result. Under fixed exchange rate system, when capital can not flow freely, IS- LM - BP model and AS - AD model analysis shows that out - flow of capital has a tightening effect on the domestic money supply, which depresses the price level. On the contrary, the capital flow has an expanding effect on the domestic money supply, which increase the price level.