| 外汇占款冲销对货币供应不平衡的影响研究 |
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| 引用本文： | 李健.外汇占款冲销对货币供应不平衡的影响研究[J].未来与发展,2012(4):71-76. |
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| 作者姓名： | 李健 |
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| 作者单位： | 南开大学经济学院,天津30071 |
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| 摘 要： | 中国区域经济发展有明显的差异性和不平衡性,一刀切式的统一的货币政策难以满足一些地区的实际情况。本文从被动的基础货币供应和冲销政策的角度,研究中国货币供应在部门间和区域间存在的不平衡问题。通过模型和数据进行实证分析得出的结论是,统一的总量性冲销政策导致了中国货币供应的不平衡,使得中国东部沿海地区流动性过剩,中西部流动性不足。通过外汇储备投放基础货币,又以国内信贷回笼货币的总量性货币政策,造成了区域货币供应的不平衡,东部地区投放过多,流动性明显过剩,经济过热;中西部地区货币需求一直得不到满足,经济增长缓慢,人民收入较低。因此,东中西部地区分区域的外汇占款冲销政策的制定,应由中央银行下放权力到地区分行,依据各地区具体的金融形势具体制定相应的调控政策。
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| 关 键 词： | 外汇占款 冲销 基础货币 流动性 |
The Impact of Offsetting Foreign Exchange Reserves on the Imbalance of Money Supply in China |
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| LI Jian.The Impact of Offsetting Foreign Exchange Reserves on the Imbalance of Money Supply in China[J].Future and Development,2012(4):71-76. |
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| Authors: | LI Jian |
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| Institution: | LI Jian(The School of Economics Nankai University,Tianjin,300071,China) |
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| Abstract: | There are significant differentiation and imbalances in China’s regional economic development.The uniform one-size-fits-all monetary policy can not meet the actual situation in some areas.Basing on passive base money supply and sterilization policy,the paper focuses on the study of the inter-sectoral and inter-regional imbalances in Chinese money supply.The model and empirical analysis shows that the unified overall monetary policy on offsetting foreign exchange reserves in China led to the imbalance in China’s money supply.There exists the excess liquidity in China’s east coast and the lack of liquidity in Midwest of china.Therefore,according to the specific financial situation among the east、the midland and the west,the central bank should develop Regional monetary policy on offsetting foreign exchange reserves. |
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| Keywords: | foreign exchange reserves sterilization base money liquidity |
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