摘要
本文研究表明,在开放条件下,我国的货币供给具有内生性。我国货币供给的内生性归结为基础货币和货币乘数的内生性。此外,外资机构的准入、资本与金融账户的开放、资本流动以及汇率制度等因素也都影响货币供给。我国中央银行不能自主地决定货币供给量,不能过分夸大货币政策的作用。中央银行货币政策的战略重点应从货币供给管理转向货币需求管理,货币政策操作目标应从货币供应量转向其它目标,如利率或汇率。
This paper showed that China＇s money supply was endogenous under the liberalization. This was contributed to the endogenous monetary base and monetary muhiplier. In addition, access of foreign institutions to China, capital and financial account openness, capital flows and exchange rate regime also affected the money supply. China＇s central bank should not independently decide the volume of money supply, but also should not over-exaggerate the role of monetary policy. The central bank＇ s strategic focus of the money supply should change from money supply management to money demand management. The target of monetary policy should change from the money supply to other goals, such as interest rate or the exchange rate.
出处
《南方金融》
北大核心
2010年第4期25-29,共5页
South China Finance
关键词
货币供给
内生性
金融开放
Money supply
Endogenous
Financial Liberalization
