摘要
1994年以来,基础货币投放中外汇占款所占比例越来越高,我国货币供给表现出很强的内生性。本文把货币内生性放在开放经济的框架下进行研究,在对货币内生性基本原理进行阐述的基础上,对强制结售汇与盯住汇率制度组合下我国货币供给的内生性问题进行探讨,分析了货币内生性对我国货币政策的影响,在此基础上就如何应对挑战、提高货币政策有效性提出了政策建议。
The proportion of RMB counterpart of foreign exchange assets in the injection of monetary base has been increasingly higher since 1994 and the endogenous nature of money （ENM）, especially that of money supply has become remarkable in China. This paper studies ENM under the framework of open economy. It illuminates the basic principles of ENM, analyzes ENM in China under the combination of the compulsory foreign exchange surrender and sales and the pegging exchange rate regime, and investigates the effects of ENM on monetary policy. Accordingly this paper probes into some policy measures to cope with the challenges and to improve the effectiveness of monetary policy.
出处
《南方金融》
北大核心
2008年第1期21-25,共5页
South China Finance
关键词
开放经济
货币内生性
外汇政策
货币政策
Open Economy
Endogenous Nature of Money
Foreign Exchange Policy
Monetary Policy
