流动性过剩与货币调控被引量：88

Excess Liquidity and Monetary Policy in China

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摘要中国经济存在流动性过剩的矛盾,是当前和今后一段时期金融调控面临的重大问题,其主要表现为货币供应过快增长、货币结构短期化以及经济货币化程度的提高。产生流动性过剩的主要原因在于经济的过快增长、国际资本流入、宽松的货币政策以及市场投资诱因。然而,流动性过剩一旦形成,便可能带来长期的通货膨胀、资产价格泡沫并可能隐含局部性金融危机。解决流动性过剩的问题,从货币调控来看,应保持可持续的经济增长水平,制定适当的货币政策目标,实行适度从紧的货币政策,通过有效调控货币中介目标,有效运用利率政策等工具,保持金融体系的稳健运行。 Excess liquidity is related to high monetary growth rate, large amount of short-term money and monetization of the economy. The basic characteristics of excess liquidity in China are high money growth, changes of money structure, competitive export sector, loose monetary policy and market influences. To solve all these problems of excess liquidity in China, the People＇s Bank of China should adopt tight monetary policy by using interest rate instrument for maintaining sustainable economic growth and sound financial system.

作者钱小安

机构地区中国人寿资产管理有限公司

出处《金融研究》 CSSCI 北大核心 2007年第08A期15-30,共16页 Journal of Financial Research

关键词流动性过剩资产价格泡沫金融危机货币调控 excess liquidity, asset bubble, financial crisis, monetary policy

分类号 F822 [经济管理—财政学]

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