货币超发是央行惹的祸吗?——对国内近年文献若干问题的回应  

Should the Central Bank Be Blamed for Money Over-issuing?——A Response to Issues Aroused by Recent Domestic Literature

作　　者：潘功君 吴诗锋[2] 周铭山[3] 

机构地区：[1]西南财经大学中国金融研究中心 [2]北京工业大学经济管理学院 [3]西南财经大学金融学院

出　　处：《国际金融研究》2015年第9期26-34,共9页Studies of International Finance

摘　　要：本文以货币超发的定义、形成机理、与通胀的关系及其对策等问题为主线,评述了国内近年的相关文献,指出对货币超发的存在性争议很大程度源自不同文献在这些问题界定上的不一致。本文认为,资产价格泡沫和通胀应该成为判定货币超发与否的重要依据。本文提出"隐性通胀"这一概念以判定货币超发的存在性。我国的货币超发,是由特定背景下形成的出口驱动和投资驱动这两种增长模式造成的,与通胀和资产泡沫存在紧密而必然的联系。为此,应适时调整对外和对内两种增长模式及相关制度因素,进而实现国民经济的综合平衡和可持续发展。This paper reviewed the recent domestic literature on money over-issuing, including definition, formation mechanism of Chinese money over-issuing and the relationship between over-issuing and inflation. It pointed out that the controversy over the existence of money over-issuing depends on the different definition, while the asset price bubbles and inflation phenomenon （including implicit inflation especially） should be an important basis for the judgment. The money over-issuing in China was caused by the growth patterns including the export-driven mode and the investment-driven mode, which were associated with the inflation and asset bubbles closely. So, the external and internal economic growth mode and some other related institutional factors should be adjusted timely, to bring about the overall balance and sustainable development of national economy.

关 键 词：货币超发 增长模式 隐性通胀 货币蓄水池 货币化进程 

分 类 号：F831[经济管理—金融学]