货币空转:中国银行业“钱荒”的起点及其防范

Currency Inefficiency:Outset of Money Shortage of China's Bank Sector and Precausions

货币空转不但包括不经过产业过程、始终以货币资本的形态在金融体系内部自我循环的第一种形式,而且也包括货币资本在转化为生产资本或商品资本过程中的阻滞和缓流,这是货币空转的第二种形式。流动性的泛滥提供了货币空转赖以存在的土壤,制度性利差、汇差导致的套利空间催生了票据融资、进出口贸易途径的第一种形式货币空转,而传统银行和影子银行监管差异导致的监管套利诱发了影子银行途径的第二种形式货币空转。防范货币空转需要坚持稳健的货币政策,推进利率、汇率的市场化以及全面强化对影子银行的监管。

Not only the circulating of funds in the financial system, but also the block of funds flowing from fi- nancial system to real economy is the empty operation of the funds. The arbitrage induce the empty operation of the funds by bill fmancing, inveracious trade and shadow banking. Insisting steady monetary policy and boost- ing the marketization of interest rates and exchange rates can prevent the empty operation of the funds.