从减息效果看我国通货紧缩的成因

Causes for China's Deflation in Light of the Effects of Interest Reduction

我国经济走入通货紧缩当中不是因为我国经济进入了广义的流动性陷阱当中 ,也不是因为我国在利率下调过程中没有改变真实利率依然偏高所导致。通货紧缩的成因有其制度、政策及其操作失误等多方面的原因。而且 ,通货紧缩这一经济现象将成为我国经济发展过程当中的一种常态。

The fact that China's economy has come into the shadow of deflation does not mean that its national economy has fallen into liquidity trap in a broad sense,or that no significant changes have ever been made in the high level of real interest rate.The causes for the deflation,which will be a constant state in China's economic development,should be examined in terms of system,policy,and operation.