摘要
在经济循环畅通的条件下,纸币体系的物价总水平决定于商品价值和纸币代表的价值,后者决定于流通中的纸币数量。在现代信用制度中,流通中断的环节以存贷对立统一的方式连接起来,流通中断的次数增加,货币流通速度下降,货币创造乘数增加。产能过剩同时引起经济循环受阻从而货币流通速度下降与货币创造乘数增加,进而导致货币供应量增加,由于货币供应量和货币流通速度共同决定物价总水平,因此货币供应量增加并不必然带来物价总水平同步上涨。我国存在“货币消失之谜”,即M2增长率与通货膨胀率同实际GDP增长率之和存在偏离。在产能利用率处于低位或下降时期,M2增长率高于通货膨胀率同实际GDP增长率之和,反之则相反。
Under conditions of smooth economic circulation,the general price level in a paper currency system is determined by commodity value and the value represented by paper currency,with the latter being dictated by the quantity of paper currency in circulation.In modern credit systems,interrupted links in circulation are connected through the unity of opposites between deposits and loans.As circulation interruptions increase,the velocity of money circulation declines while the money creation multiplier rises.Overcapacity simultaneously causes economic circulation blockages,leading to reduced money circulation velocity and increased money multiplier,thereby expanding the money supply.Since the general price level is jointly determined by the money supply and money circulation velocity,an increase in money supply does not necessarily result in a proportional rise in the general price level.China experiences the"missing money puzzle",where the growth rate of M2 deviates from the sum of inflation and real GDP growth rates.During periods of low or declining capacity utilization,M2 growth exceeds the sum of inflation and real GDPgrowth rates,and vice versa.
作者
王智强
李伟业
Wang Zhiqiang;Li Weiye
出处
《当代经济研究》
北大核心
2025年第6期117-128,F0003,共13页
Contemporary Economic Research
基金
国家社会科学基金一般项目(24BJL018)。
关键词
经济循环
货币流通速度
货币创造乘数
产能利用率
物价总水平
economic circulation
money circulation velocity
money creation multiplier
capacity utilization rate
