我国货币供给的致命缺陷:开放式循环

The Importance of Realizing Close Circle of Base Money

所有市场经济发育成熟的国家,其货币供给基本保持封闭式循环,这样社会货币供应量会基本保持不变,央行可以有效独立地实施宏观调控。而我国的货币供给是开放式的,虽然有其存在的必然性,但长此以往,央行将丧失调控的主动性和独立性。因此,我国的货币供给方式应从开放式循环向封闭式循环转变。

China＇s surplus of BOP would incur the increase of base money. This process is so-called open circle of base money, which is detrimental to China＇s economic growth and the stabilization of currency circulation. We must realize close circle of base money. To achieve the target, we should take into account the logical advantage of close circle, and also the adaptability of close circle to economic system. It would be a gradual process.