货币超额供给下的价格上涨

On Currency Exceeding the Quota Supplies and the Price Rise

通过对我国货币的超额供给与价格水平上涨之间的关系的分析,可以看到在本轮通货膨胀过程中,资产市场价格早于商品市场价格的上涨,这是由于资本市场的储水池效应,减缓了货币供应量变化对商品价格变动的影响;在商品市场上,原材料能源价格由于需求拉动和国际能源价格的冲击而率先上涨,但由于货币超额供给所造成的低利率使得上游商品价格的上涨对下游商品价格的传递出现了障碍。

This article analyzes between currency exceeding the quota supplies and the price rise in our country. It holds the view that the price of assets market rises earlier than that of the commodity market＇ s in the epicycle inflation process. The capital market water storage effect has slowed down the impact of currency supply change to the commodity price change, In commodity market, raw material energy price takes the leading rise as a result of demand drawing and the international energy price impact. However,the low interest rate which currency exceeding the quota supplies created causes the transmission barrier between upstream commodity price rise to that of the downstream commodity.