现行国际货币体系与我国货币供给内生性  

Study of the Endogencity of China's Money Supply in the Current International Monetary System

作　　者：黄宪[1] 余丹[1] 

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《中南财经政法大学学报》2009年第4期53-57,63,共6页Journal of Zhongnan University of Economics and Law

基　　金：武汉大学"985"项目"开放条件下中国经济与金融发展"

摘　　要：基于后凯恩斯主义的内生货币供给理论,本文重点从基础货币的角度分析了我国货币供给的内生性,主要结论是:1994年以前,"对金融机构债权"项目的变动是导致我国基础货币投放具有内生性的主要原因,而从1994年开始特别是在2002年以后,则由"国外资产净额"项目即外汇占款的增加主导了我国基础货币的被动投放,进而影响了中央银行对货币供应量的控制能力,使我国货币政策的传导在起点上就缺乏有效性。在现行的国际货币体系下,为减轻货币内生性带来的影响、提高货币政策的有效性,我国应加速人民币国际化进程和建立更具弹性的汇率制度。Based on the endogenous money supply theory of PostKeynesian Economics,this paper studies the endogencity of China's money supply from the perspective of base monetary.Our results show that before the year 1994,'Claim to Financial Institutions' was the main source of endogenous base monetary,while beginning from 1994 especially after the year 2002,the increase of 'Net Foreign Assets' directs the passive supply of base monetary in China,which affects the effectiveness of the transmission of monetary policy from the starting point.We hold that in the current international monetary system,in order to reduce the negative effects brought by endogenous money supply and improve the effectiveness of monetary policy,we should increase the process of internationalization of RMB and establish a more flexible exchange rate system.

关 键 词：内生性 基础货币 国际货币体系 

分 类 号：F821.6[经济管理—财政学]