中国货币流通速度问题研究

The Research of the Velocity of Money Circulation in China

地区发展差距过大对中国货币流通速度有显著的影响,导致了中国货币流通速度下降。金融发展指数与通货膨胀率对货币流通速度具有正向的效应。因此,要充分关注国内不断扩大的地区发展差异对货币流通速度的影响,在保持货币供应量稳定增长的同时,通过外生变量调整货币流通速度。

This paper studies the relationship between the velocity of money circulation and district difference by co-integration, granger causality test and ECM model. We find that the regional development difference plays an important role in the velocity of money circulation and the enlarging development difference is an important factor influencing the velocity of money circulation. Financial development index and inflation rate also have positive effect on the velocity of money circulation. Maintaining the stable increasing of money supply, we can adjust the velocity of money circulation by regulating the exogenous variables.