摘要
为分析我国国际收支顺差长期存在的原因,本文基于货币主义的分析框架和中国的经济现实,从货币需求和中央银行冲销操作的角度进行了研究。实证研究结果表明,自动调整机制无法纠正国际收支的失衡。两个可能的原因是,较高的货币需求收入弹性与中央银行对增加的大部分国外资产的有效冲销。
Based on the quantitative monetary theory and reality, this paper intends to discover the source of surplus of balance of payments of China in the long term from the angle of money demand and sterilization policy of central bank of China. The empirical testing shows the self- adjustment mechanism can not rectify the disequilibrium of balance of payments of China. The possible reasons are high income elasticity of money demand and effective monetary sterilization of central bank of China. Finally, some implications are drawn from the test result.
出处
《山西财经大学学报》
CSSCI
北大核心
2009年第2期89-94,共6页
Journal of Shanxi University of Finance and Economics
基金
教育部人文社科规划项目"开放经济条件下的利率规则
货币政策目标与内生经济增长"的阶段性成果
关键词
货币需求
冲销操作
国际收支
money demand
sterilization policy
balance of payments
