中国通货紧缩：定义与成因分析

An Analysis of China's Deflation: Definition and Causes

通货紧缩就是由于货币供应量过少，远远不不能满足市场商品流通的正常需要，从而引起货币升值、市场物价水平持续下跌的一种现象。目前我国发生的通货紧缩是由多种因素造成的。“过剩经济”是其产生的客观经济基础；货币代价 应量过少，有效需求不足是其发生的直接原因，传统计划经济体制及其相应的粗放经济增长方式与市场经济体制及其相应的集约经济增长方式的矛盾冲突是通佛紧缩发生的深层体制原因；财政货币政策从紧过度。

Deflation is caused by shortage in currency supplying far less to meet the need of circulation of commodities, which caused currency revaluation and market prices keeping going down accordingly. China's current deflation has quite a few causes: the surplus economy is its objective economic basis; the shortages of currency supplying and the effective needs are its direct causes; its deep level cause lies in the systematic aspects; the over tightening of financial and monetary policy is its policy basis; and the external influences of the Southeastern Asian financial crisis also played a role in the causing of deflation.