论我国M_2对GDP的比例

The Study on the Ratio of M_2 to GDP

我国形成相对高的M2 对GDP比例的原因是 :我国储蓄率高 ,居民储蓄存款增长快 ;证券市场不发育 ,储蓄向投资转化的机制单一 ;我国货币流通速度慢 ,对M1 的需求也相对多。我国商业银行对贷款风险变得高度警惕 ,中央银行的宏观调控有了很大的改进 ,准货币通过银行贷款引发通货膨胀的可能性不大。在结束短缺经济时代以后 ,居民提取存款引发通货膨胀更没有可能性。银行体系的存款利息支付负担要求银行扩大和改善资产经营。

The fact that a relatively high ratio of M 2 to GDP has beenn existing in our economy can be explained as the following.the high saving ratio,the rapid-inereased residential saving,the underdeveloped scceurities market and the single mechanism of transforring from saving to investment;low velocity of money circulation also comes up with a relatively higher share of demand for M 1.The commcreial banks maintain sharp vigilance to loan risk,while the Central Bank has gained grcat improvements in regulating and controlling macro-economy,which makes it less possible of inflation resulted from quasi-moncy through banking credit.Furthermore,after the period of Shortage Economy,there is lest likelihood that gives rise to inflation by withdrawing deposits.The last,the burden of interest expenes on banking system forccs commercial banks to expand and improve their asscts operation.