Abstract
Chinese excessive liquidity problems are more serious than other main countries. The upgrading industrial structure and the increasing opening degree lead to the excessive money demand and higher money demand elasticity. Bad credits weaken money supply effectiveness and lead to illusive increasing money. We set up the money market disequilibrium model under the condition of the excessive liquidity. The imbalance between money demand and money supply is the key of Chinese excessive liquidity problems.
摘要
中国的流动性过剩相对于其他主要经济国家更为严重, 原因不但在于产业结构升级和对外开放度上升而导致的过度货币需求, 而且在于不良贷款引发的货币供给有效性减弱。 通过建立流动性过剩情形下的货币市场非均衡模型, 采用 1994–2006 年季度数据, 实证分析中国货币供给动态调整方程并间接推出货币需求函数。 缓解流动性过剩必须从经济转型时期的货币需求弹性、 有效货币供给以及货币市场非均衡等多个方面寻找对策、
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Translated from Jingji lilun yu jingji guanli 经济理论与经济管理(Economic Theory and Business Management), 2007, (11): 38–44
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Li, Z. Money demand elasticity, effective money supply and money market disequilibrium: “China’s Puzzle” and long-term excessive liquidity. Front. Econ. China 3, 209–222 (2008). https://doi.org/10.1007/s11459-008-0009-5
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DOI: https://doi.org/10.1007/s11459-008-0009-5