当前我国货币供给内外生性辨析及政策启示

A Research into the Exogeny and Endogeny of Chinese Present Money Supply and Some Policy Advices

清晰认识当前货币供给的内生性与外生性有利于货币当局把脉货币政策的有效性和可控性,有助于制定正确的货币政策,确定金融体制改革的取向。作者结合我国银行业现实的货币供给状况,构造符合转轨时期现实国情的理论模型,找出影响货币供给的诸因素,然后分析它们为央行所控制的程度,得出我国货币供给目前内生性较明显的结论,并且就内生性下如何提高央行货币调控能力提出了建设性建议。

Fully understanding the endogeny and exogeny of current money supply is beneficial to the central bank＇s adjusting the monetary policy effectively and helpful for it to make appropriate monetary policies and financial reforms. Building theoretical model in line with nowadays Chinese banking, the article tries to specify the various factors that affect the money supply. Next, it is discussed to what extent they are mastered by the central bank, and the author concludes that our country＇s monetary supply is much endogenous. At last some constructive suggestions are given to improve the money controllability of the central bank.