摘要
该文比较研究了中国、美国和欧元区不同时期货币流通速度的变动特征。研究发现:货币流通速度在经济和金融危机期间急剧下降,使得巨量的货币供给在短期内并不会带来严重通货膨胀;货币流通速度通常会受到资产价格上升的抑制,在一定条件下,资产价格上升与通货膨胀之间存在替代关系;货币流通速度在长期(10年以上)呈U型,中国可能已经进入货币流通速度的上升期,等量的货币供应可能对应更高的通胀水平。
This paper compares the features of money velocity changes in China,the United States and Euro zone in different periods.According to the study,the velocity of money slows sharply during economic and financial crisis,so that the massive money supply won＇t cause serious inflation.Secondly,the velocity of money is usually suppressed by increased asset prices,and under certain conditions,there is a reverse relationship between the asset price boom and inflation.Thirdly,the velocity of money shows a U-shaped trend over a long period（more than 10 years）,and China may have entered a rising period of money velocity,so the same amount of money supply may match a higher level of inflation.
出处
《中国货币市场》
2010年第8期24-27,共4页
China Money
