对中国M_2/GDP影响因素的实证分析

The Empirical Analysis of the Ratio of M2 to GDP

我国M_2/GDP畸高的原因十分复杂。本文从M_2的构成入手,深入探讨了M_2/GDP不断攀升的理论成因,最后建立误差修正模型,得出M_2/GDP畸高的主要原因:经济的货币化,货币流通速度的下降,储蓄率居高不下以及国家的债务状况。

The ratio of M2 to GDP has been relatively high in our economy compared to other countries . The reasons are complicated. This article begins with the construction of M2 and error correction mechanism is built. The reasons are followed. The high saving ratio and low velocity of money circulation come up with a high share of demand of money; monetization also cause extra demand of money; and the debt of our country also affect the ratio of M2 to GDP.