中国之谜":理论及基于中国的经验分析

Enigma of China":Theory and Empirical Analysis Based on China

本文首先简要回顾了"中国之谜"的由来,并通过实证分析证实了"中国之谜"的存在,然后在前人研究的基础上提出了"金融资产囤积假说",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 reviews the origin of 'Enigma of China' and proves, through empirical analysis,that 'Enigma of China' does exist and then,based on the early research made by other economists,the paper puts forward a new 'hypothesis of financial assets hoarding',attempting to explain the 'Enigma of China'.The empirical findings show traditional positive relation between money supply and price disappears after taking into account of the effect of financial assets as a new variable on money supply.