我国超额货币供应研究的传统视角与新视角

本文首先从超额货币出现的原因、货币流通速度下降、金融深化三个角度对我国超额货币供应问题的研究做了一个综述。然后提出在全球流动性过剩背景下,我国作为一个资本管制的国家,国内货币流动性过剩和国内资产价格的关系可以成为我国超额货币供应的进一步研究方向,并且可以为我国宏观经济调控提供更加可靠的理论和实证依据。

This paper first summarizes the research of China’s excess monetary supply into three categories, the reason of excess money, decline of income velocity, and financial deepening. It then points out that for China, as it is a capital -flow constrained country, the relationship between its excess domestic monetary liquidity and asset prices could be a further research direction. This angle of analysis could provide more reliable inspiration for macroeconomic management, both from theoretic and empirical channel.