我国高货币存量及其错配的经济解释  

Economic Explanation on China's High Level of Money Stock and Its Mismatch

作　　者：许坤[1] 黄璟宜[2] 

机构地区：[1]西南财经大学中国金融研究中心 [2]西南财经大学金融学院

出　　处：《财经科学》2014年第10期9-18,共10页Finance & Economics

基　　金：中央高校基本科研业务费专项资金资助"后危机时代金融创新‘悖论’研究(JBK1207077)"阶段性成果

摘　　要：自2008年"四万亿"财政计划实施以来,我国货币供给量年增长率均突破10%,货币存量已突破100万元。在财政主导模式下,如此巨大的政府支出需要通过铸币税来平衡,货币发行增加。在大财政、金融管制和金融抑制情况下,我国必然会产生货币错配问题。因此,本文认为,应在转换财政政策思路、优化财政收支结构的基础上,逐步放开金融业市场,通过利率市场化实现资源的优化配置。Since the implementation of the ＂Four Trllion＂ financial plan in 2008, the annual growth rate of the amount of money supply in China exceeded 10%. And the money stock has exceeded 1 million yuan. In the mode of fiscal dominance, such a huge amount of government spending needs to be balanced through seignior- age which may increase the issuance of currency. Under the conditions of fiscal, financial regulation and finan- cial restraint, there must be mismatch problem in China. Therefore, the present paper holds that opening up of the financial market and the optimal allocation of resources through interest rate market shall be based on the change of the thought of fiscal policy idea and the optimization of financial structure of revenue and expenditure.

关 键 词：高货币存量 货币错配 财政支出 

分 类 号：F822[经济管理—财政学]