货币需求、中央银行冲销操作与国际收支顺差  

Money Demand,Sterilization Policy of Central Bank and Surplus of Balance of Payments in China

作　　者：王文平[1] 范跃进[2] 

机构地区：[1]北京大学经济学院,北京100871 [2]济南大学经济学院,山东济南250022

出　　处：《山西财经大学学报》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

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.

关 键 词：货币需求 冲销操作 国际收支 

分 类 号：F830[经济管理—金融学]