摘要
理论研究表明,货币体系中高流动性货币与准货币可以相互转化,货币的合意结构能够使经济在即期和中长期保持最优产出。为此,本文利用中国1952～2010年数据,实证检验了货币结构与经济产出的关系。研究发现:我国货币体系中的高流动性货币与准货币之间往往难以达到合意比例,且总体上表现为货币流动性不足的态势,这对经济产出产生了负面效应。然而,经济转型以来,货币流动性比率下降趋势得到缓解,货币结构得到一定程度的优化,且对经济产出产生了正向作用。这意味着央行的数量型货币政策的制定和实施应该更多的考虑货币结构所带来的影响,并着重引导货币结构趋于合理化。
Theoretical research shows that： there is a mutual transformation between high liquidity money and quasi - money in the monetary system, the rate of high liquidity currency and quasi - money will affect the eco- nomic output both in short and long run. Therefore, this paper tests the relationship between the monetary struc- ture and economic output by using the Chinese data from 1952 -2010. The result shows that： high liquidity currency and quasi - money in our monetary system is often hard to achieve acceptable structure, and represent the trend of illiquidity in the mass which has a negative effect on the economic output. However, since the eco- nomic restructure, the downtrend of the monetary liquidity ratio was alleviated, the monetary structure was opti- mized in a certain extent, and has a positive effect on the economic output. It means that the amount monetary policy of the Central Bank should give more consideration to the impact by the monetary structure, and empha- size on guiding the monetary structure to be rationalization.
出处
《金融研究》
CSSCI
北大核心
2013年第2期101-113,共13页
Journal of Financial Research
基金
国家社科基金重大项目"完善宏观金融调控体系研究--基于针对性
灵活性和前瞻性的视角"(编号:12&ZD046)
教育部人文社会科学研究规划基金项目"住房价格波动
消费与中国最优货币政策选择:基于异质性预期视角"(编号:11YJA790169)的资助
关键词
货币层次
合意结构
经济产出
Strata of money
Acceptable structure
Economic output
