货币定义、金融创新与我国货币统计制度改革

Money Definition,Finance Innovation and the Development of Chinese Monetary Statistics

金融创新影响了货币供应量与经济变量间的固定联系,使货币供应量作为货币政策中介目标变得不可控、不可测,为此一些学者建议调整货币政策中介目标,也有些学者建议修改货币供应量口径。针对以上两种建议,结合近几年我国快速发展的金融创新,首先从理论角度讨论了货币定义,随后分析了我国金融创新对货币供应量及其统计的影响,进一步比较总结了美国、日本货币统计经验及我国近20年的货币统计实践,在此基础上认为我国货币统计需要做适度的调整,但不应偏离货币的理论定义,同时也应该尽早建立利率统计体系,弥补货币统计不足,以此解决货币政策中介目标效率不断下降的缺陷。

Financial Innovation affects the relationship between the monetary supply and economics .which im-pair the effectiveness of money supply as money policy intermediate index.In order to deal with the problem.some scholars suggest modifying the intermediate index.and others stand for adjustment of money supply statistics.Ac-cording to the above suggestion.accounting for the quickly financial innovation in China ,the chapter discusses the definition of money.Then analyses the affection of financial innovation on money supply statistics.Next the chapter studies the monetary supply statistics history of the United States ,Japan and China.Last the chapter regard s that the modification of monetary supply shouldn ’ t surpass the definition of money and we should build up interest rate statistics as early as possible.Through this way ,we can improve the monetary policy intermediate index.