政府资金运动与货币供给量的关系研究

Research on the Relationship Retween Government Funds Movement and Money Supply

政府资金运动与货币供给量之间是否相关,以及政府存款是否应该计入货币供给量成为国外货币金融理论界争论的一个焦点,特别是货币学派和奥地利学派的观点分歧较大。而我国很少就这方面进行过深入的探讨,对此,本文首先在理论分析方面,对政府资金的独特性进行了研究,以便在性质上与私人部门资金相区别。然后,从我国实际出发,结合政府存款余额不断上升的趋势和国库现金管理体制改革的逐步深入,对政府资金与货币供给量之间的关系进行了实证研究。最终认为,应该考虑把政府存款计入M的统计范围,以便货币供给量全面反映相关信息,给货币政策的制定提供一个参考。

Whether there is relation between the government funds and money supply and the government deposits should be included into the money supply are the hot topics in the financial circle. Especially, the Monetary and the Austria diverged greatly. However, there are few papers on the field in China. This paper assays the characteristic of the government funds in the theory side in first. And then the relationship between them is studied. Finally, the author points out that the government deposits should be included in the M range, so as to reflect the relate fund information wholly.