“中国之谜”原因新解:金融资产膨胀假说

本文简要回顾了“中国之谜”的由来并通过实证分析进一步证实了“中国之谜”的存在 ,然后在前人研究基础上提出了“金融资产膨胀假说” ,试图解释“中国之谜”。实证分析结果表明 ,当考虑到金融资产这一新的变量对货币供应量的影响之后 ,传统的货币供应量与物价之间正相关的关系消失了。

This paper first makes a simple analysis concerning the origin of'Chinese riddle' and proves that there indeed is a'Chinese riddle' by taking a positive analysis; then puts forward a new financial assets inflation hypothesis based on the early studies of some economists. The empirical finding shows traditional positive relation between money supply and price disappeared after taking financial assets as a new variable into account.