摘要
目前关于流动性过剩的认识很混乱,多数文献只看到流动性过剩所表现出来的现象,而没有找到这些现象背后的根源。流动性是经济主体所持有的用于抵御风险的那部分物质财富;如果这部分财富超过了抵御风险所必要的数量,就会出现流动性过剩。如果微观经济主体所持有的流动性超过了用于防范其个体风险所必要的数量,就出现了微观流动性过剩;如果整个国家所持有的流动性超过了用于防范社会整体风险所必要的数量,就出现了宏观流动性过剩。这样定义流动性和流动性过剩,使得微观流动性过剩和宏观流动性过剩是统一和协调的。但是,宏观流动性过剩并不等于微观流动性过剩的简单加总。一般而言,经济主体组合成一个社会所需要的宏观流动性,要少于经济主体各自为政情况下各经济主体所需要的流动性之和。
Nowadays, the understanding about the surplus liquidity is confused. Most literatures only show the phenomenon of surplus liquidity, not being able to fmd out the root causes behind these phenomena. Liquidity is the part of the material wealth held by economic bodies to resist risks; if this part of wealth is more than the amount necessary to resist risks, there will be surplus liquidity. If the liquidity held by micro-economic bodies exceeds the amount necessary to prevent their individual risks, there will be micro surplus liquidity; if the liquidity held by the entire country exceeds the amount necessary to prevent the entire social risks, there will be macro surplus liquidity. These definitions of liquidity and excessive liquidity can unify and coordinate the micro surplus liquidity and the macro surplus liquidity. However, the macro surplus liquidity does not equal to the simple addition of the numbers of micro surplus liquidity. In general, economic bodies are combined to form a macro liquidity required by a society, which is less than the sum total of liquidity required by the individual economic bodies under the conditions of the self-dependent economic bodies.
出处
《当代财经》
CSSCI
北大核心
2010年第9期34-43,共10页
Contemporary Finance and Economics
基金
电子科技大学中山学院科研启动基金资助项目(2007YKQ21)
关键词
流动性过剩
本质
现象
假设
surplus liquidity
nature
phenomenon
hypothesis
