金融窖藏与“中国货币之谜”

Financial Hoarding and China's Currency Mystery

中国超额货币供给与低通胀共存的状态被国际经济学界称之为"中国货币之谜"。部分学者认为,这是由中国在经济转型过程中经济迅速货币化产生的巨大货币需求吸纳了超额货币供给,使之没有完全表现在产出增加和物价水平提高上。事实上,中国对货币的需求一直都在,只是近些年已经从实体经济转向了虚拟经济,成为金融资产被窖藏了起来,从而使货币独立于实体经济部门。研究发现,我国股票市场近几年在扩容过程中吸纳了大量的货币供给量,成为我国货币之谜的重要原因。

The coexistence of China＇s excess money supply and low inflation rate is called ＂the mystery of China＇s currency＂ by international economic field.Some scholars think the excess money supply is absorb by the rapid economic monetization created in the process of transition in China which the excess money not fully shown in the output growth and the increase of the price level.In fact,there is a stable extra money demand in China.Recent years,the extra money demand has shifted from the real economy to the virtual economy.The study found that,the stock market played an important role in absorbing extra currency supply.