摘要
在国际大写的流入的巨浪和在在 1997 和 2007 之间的中国的显著过量流畅在现在的论文被检验。中国以外汇购买改进了位置,这被显示出,由巨大的外国大写的流入点火了,有效地在中国导致了过量流畅。由为通货膨胀和过量流畅开发一个 econometric 模型,更重要地,现在的学习证明过量流畅在过去的 10 年在中国在通货膨胀上强加了重要压力。这发现建议在中国的过量流畅让贡献不仅在股票价格和房地产市场繁荣的上升,而且影响了消费者商品市场。流畅驱动的通货膨胀的潜在的传播机制和这研究的调查结果的政策含意被讨论。
The surge in international capital inflows and the remarkable excess liquidity in China between 1997and 2007are examined in the present paper. It is shown that China's improved position in terms of foreign exchange purchases, ignited by huge foreign capital inflows, has effectively induced excess liquidity in China. More importantly, by developing an econometric madel for inflation and excess liquidity, the present study demonstrates that excess liquidity has imposed significant pressure on inflation in China over the past 10 years. This finding suggests that excess liquidity in China has not only contributed to the rise in stock prices and the real estate market boom, but also affected the consumer goods market. The potential transmission mechanism of liquidity-driven inflation and policy implications of the findings of this study are discussed.
基金
National Social Science Fund (No.08CJY048)
the research funding from the"985 Project"of Renmin University of China with Grant No.21353232