经济货币化进程与内生性货币供给--关于中国高M2/GDP比率的货币分析  

Monetization and Endogenous Money Supply

作　　者：张文[1] 

机构地区：[1]中国人民银行货币政策司,北京100800

出　　处：《金融研究》2008年第2期13-32,共20页Journal of Financial Research

摘　　要：本文试图通过货币供求均衡分析探讨我国高M2/GDP比率的原因。从货币需求的角度看,由于中国处于经济转型深化阶段,随着经济货币化进程的逐步深入,产品的货币化基本结束,但企业资产、土地、房地产和其他一些生产要素的货币化仍在进行之中,导致货币需求不断增长,在长期内引起M2/GDP水平的持续上升。从货币供给的角度看,我国基础货币的供应具有较强的被动性质,基础货币投放快速增长,货币乘数也大幅提高,引起货币供给量的快速上升。货币供求相互作用,使得在货币存量快速增长的同时没有出现严重的通货膨胀。This paper tries to analyze the reason why M2/GDP ratio in China is higher than that in other countries. With China＇s transformation, the product monetization has almost finished, but the monetization of corporation asset, land and real estate has just begun. So the increase of money demand causes the growth of M2/ GDP ratio. The supply of monetary base is passive, so the increase of monetary base and the elevation of the money multiplier caused the growth of money supply. The interaction of money demand and supply induces the high level of M2/GDP without severe inflation.

关 键 词：货币化 货币需求 货币供给 基础货币 

分 类 号：F822.2[经济管理—财政学] F224