中国货币供给的内生性与货币政策分析

The Endogenous Money Supply and the Monetary Policy in China

从我国经济的短缺、过剩或转轨形态来看 ,我国的货币供给呈现很强的内生性 ,因此 ,货币政策应采取需求性的货币调控模式。相应地 ,货币政策的中介指标应选择利率而不是单纯的货币供应量。同时 ,利率改革的方向也不能单纯地瞄准完全的市场化利率体系 。

Whether Chinese economy was in the stage of shortage, of oversupply or of liberalization, the money supply was highly endogenous, which means that the total money supply was determined by market needs. So, the monetary policy should take the need oriented money regulation model, and correspondingly choose the interest rate as the intermediate viable instead of the amount of money supply. Meanwhile, the interest rate reform should be targeted at an indirectly controllable system of various rates, rather than purely at a market interest rate system.