摘要
本文从货币供给与货币需求两方面来进行考察 ,分析决定货币供求均衡的关键因素 ,重点探求货币乘数和货币流通速度的变动趋势及其规律性。研究发现 ,我国物价变动与货币供应量变动并没有必然的一致性联系 ,它还取决于其他变量的变动。总体上说 ,我国的货币乘数M1 相对平稳 ,而货币乘数M2 则呈略为上升的趋势。从我国近 2 2年的货币供应量的平均增长变动来看 ,其主要取决于基础货币的增长 ,而货币乘数变动的影响则非常小 ,几乎可以忽略不计。我国货币流通速度变化的基本态势是逐年趋缓。当前我国货币流通速度的变化特征意味着我国的货币化进程还在继续深入 ,尚未发生根本性转折 ,而金融创新以及经济与市场的稳定化程度的提高则还有待时日。
This paper studies the money stock from both sides of supply and demand,analyzing the key factors upon the determination of equilibrium of money supply and money demand,mainly focusing on money multiplier and the velocity of money and its trends.By the research,it is found that there is no necessary coherence relationship between price movement and money supply movement,and the movements are also determined by other variables.In general,the money multiplier M\-1 in China is quite stable,and the money multiplier M\-2 is leaning up a little.In the average increase of money supply within 22 years recently,it was mainly depending on the increase of monetary base,and the influence of money multiplier was very little.The basic tendency of changes of velocity of money graduated getting smaller year by year.
出处
《金融研究》
CSSCI
北大核心
2000年第9期22-30,共9页
Journal of Financial Research
关键词
货币乘数
货币流通速度
货币供应量
中国
Money Multiplier,Income Velocity of Money,Money Supply,Monetary Base.
