超额货币之谜：基于东亚地区的比较分析

The Conundrum of Excess Money:A Comparative Analysis on East Asia Perspective

文章分析并比较了东亚中日韩三国货币-产出比的特点及其发展变化的内在推动力,发现从指标水平值看,中日两国一致性较强,都具有较高的货币-产出比,而韩国则差异明显;从指标增长率和主要影响因子看,中日韩三国呈现出互有交叉的共同性。在此基础上,该文认为,中国超额货币现象是中国货币政策独立性缺失和国民收入分配格局变动在货币变量上的现实折射。

Our paper analyses the characteristics and inherent forces of money--output ratio in East Asia. We find that China and Japan have more common in perspective of level value, while there are mutual intercommunity among China, Japan and Korea in indexes growth and influential factors. Based on these analyses, we suggest that the excess money supply in China reflects the lack of monetary policy independence and the change of national income distribution in China.