对我国货币层次划分及货币统计的重新认识

New Understanding on Monetary Aggregates and Monetary Statistics

鉴于货币层次划分及货币统计对中央银行货币政策实践具有重要影响,本文从适于计量货币角度对货币的定义方法及其演变进行了一定程度梳理,并说明进行货币总量简单加总的必要性。在此基础上,结合美国货币统计实践,提出我国货币层次划分不仅应坚持流动性标准,还应坚持将这一标准进一步明确细分,即应坚持将能否直接行使交易媒介功能作为划分狭义货币与准货币的唯一标准,将能否自由使用作为划分准货币与更广义货币的唯一标准。本文也对目前我国正在使用的货币层次划分及货币统计存在的不足进行深入剖析,并对国内一些学者提出的修改意见提出自己的不同看法及调整办法。最后,本文还就财政存款的存款机构变更及其数量增减对国内银行体系流动性状况及货币供应可能造成的影响展开分析。

Given to the importance of the monetary aggregates and the monetary statistics to the monetary policy practice of central banks, this paper reviews the methods of defining currency and their evolution from the perspective of feasible measurement of currency and elaborates on the necessity of simple-sum monetary aggregates. On this basis and taking the monetary statistics of the United States for reference, it proposes that China's monetary authority should not only adhere to the standard of liquidity but make further specialization of this standard. The sole criterion for classifying narrow money and quasi money is whether it functions directly as medium of exchange. The sole criterion for classifying quasi money and broad money is whether it can be used freely. This paper also points out the deficiencies of China's monetary aggregates and statistics and gives out the different views against some other domestic scholars with the elaboration of its own adjustment approaches. In conclusion, it analyzes the possible impacts of the changes in both the sum of fiscal money being deposited and the deposit-taking institutions on the liquidity in China's domestic banking system and its money supply.