流动性、合理流动水平与宏观管理的现实情境

Liquidity, Reasonable Liquidity level and Reality of Macroscopic Management

在宏观调控层面判断流动性是否合理的标准,主要取决于流动性是否能保证通货膨胀维系在合理水平,并以此促进经济增长。由于经济发展的阶段不同,发达国家与发展中国家实际通胀率以及可容忍的通胀率可能都存在差异。流动性的波动较大,甚至受心理预期、投机等多种因素影响,往往难以预测。从近年来的现实来看,我国的流动性管理和宏观调控具有鲜明的中国特色,其调控思路与我国的现实国情基本相符。我国逐步"试错"的渐进性宏观调控方法具有较强的现实科学性和中国式哲学的逻辑性,甚至在传统货币政策理论方面,也作出了创新性的贡献。

To judge whether liquidity is reasonable, the criterion is whether it could make inflation keep at areasonable level and promote economic growth.On account of the different developing stages, the practical inflation rate and their sufferable inflation rate in developed countries are greatly different from that of developing countries. Liquidity is hard to forecast for its enormous fluctuation and many influence factors such as mental expectation,speculation and so on.Going back on China＇s pratice, the management and macro-control is obviously of Chinese characteristics,and consists with China＇s situation. Chinese government has made great contribution to liquidity management which is scientific and with Chinese philosophical logic by the way of gradual experiment, even to traditional theory of monetary policy. Chinese gradual experiment is suentific and logic, which has made great contribution to liquidity management, an even traditional theory of monetary policy.