我国外汇储备对输入型通货膨胀影响的实证分析

Foreign Exchange Reserves and China Inflation

我国巨额外汇储备加大输入型通货膨胀的风险,外汇储备的增加导致外汇占款的增加,既增加了基础货币的投放,同时也提高了货币乘数,从而使得货币供应量增加,而随着货币供应量的增加,必然会加大通货膨胀的压力。本文利用2000年到2011年的月度时间序列数据,探索外汇储备对我国输入型通货膨胀的影响,并提出应对通货膨胀的对策建议。

China＇s huge foreign exchange reserves have obvious inflation effect, because the foreign reserves increase base money, and also improve the money multiplier, making money supply increasing quickly. In this paper, we analyze the inflation effect caused by foreign exchange reserves by using the monthly time data from 2000 to 2011, and put forward the countermeasures to deal with the inflation.