市场机制视野的通货膨胀治理方略

Strategy on Inflation Control from Market System Perspective

我国近期通货膨胀是由外部经济不平衡引起的,现阶段实行紧缩性货币政策对治理通货膨胀收效不明显。利率提高导致国外投机性短期资本大量流入我国,并致使股市、房市低迷,物价持续上升;而金融紧缩又使我国主导产业发展困难,中小企业举步维艰,经济增长受到极大的挑战。在外部经济不平衡条件下治理通货膨胀,应充分利用市场手段,促进股市、房市稳健运行,推进国际资本自由流动,用市场机制来解决通货膨胀问题。

By using a large number of macroeconomic data, the paper points out that recent China＇s inflation is caused by external economic imbalance rather than by an overheated economy, and thus tightening of monetary policy on inflation control does not work effectively. The raise of interest rates has led to a large number of foreign hot money flowing into China, to the stock market and the housing market downturn, to a large amount of liquidity into the economy in kind, thus weakening the tightening of monetary policy effect and resulting in price rises. The financial reduction has also caused difficulties in the development of China＇s leading industries. Small and medium enterprises meet great difficulties, economic growth under severe challenge. In the external economic imbalance, to control inflation, we should make full use of market-oriented economy to promote the healthy operation of the stock market and the housing market, and to promote the free flow of international capital, with the market mechanism to solve the problems of inflation.