中国通货膨胀的性质特征与货币政策的选择

Characteristics of Inflation in China and Its Monetary Policy Selection

2007年以来,我国通货膨胀问题日趋严重,紧缩性货币政策的实施效果却不明显。本轮通货膨胀不同于以往历次的通货膨胀,它是在经济全球化不断加深、我国对外开放不断扩大、综合国力不断增强、经济金融化程度不断提高的背景下,由多种原因形成的一种"综合型"通货膨胀。因此,采取单一的"紧缩性货币政策"是难以奏效的,必须运用多种调控政策,协调配合,共同防治。

Since 2007, inflation in China has been an increasingly serious problem, however, the implementing effect of tight monetary policy is not evident. This paper argues that the inflation, different from those in history , is an ＂integrated＂ one which results from comprehensive factors and arises from such backgrounds as the progressive economic globalization, the increasing opening-up degree , the enhancement of comprehensive national strength and the continuous improvement in economic financialization. Consequently, it is hard to eliminate the inflation by a single tight monetary policy, whereas various regulation policies should be applied to make a coordinated, preventive and regulatory method.