中国存在金融资产短缺吗?——基于金融资产供求的初步判断  

Dose Financial Assets Shortage Exist in China? :Based on the Judgment of Supply and Demand of Financial Assets

作　　者：张淦[1] 范从来[1] 郭传辉[1] 

机构地区：[1]南京大学商学院

出　　处：《南京社会科学》2015年第10期9-16,25,共9页Nanjing Journal of Social Sciences

摘　　要：基于资产短缺假说的视角可以解释当前中国经济存在的很多问题,因此判断中国是否存在金融资产短缺十分重要。与传统上衡量资产短缺的C-I指数不同,本文在理论模型的基础上,依据当前利率与均衡利率的差距,认为当前我国的确存在金融资产短缺。在此基础上,提出了解决金融资产短缺的政策建议:(1)进一步推进利率市场化,使得利率自由浮动以反映金融资产供求;(2)提高居民的消费水平,降低金融资产的需求,关键在于建立健全社会保障体系,降低收入不确定性;(3)大力发展金融市场是解决金融资产短缺的根本路径。Based on the perspective of financial assets shortage hypothesis can explain a lot of problems in the current economics of China. To judge whether there is shortage of financial assets in China is very important. Different from the traditional measures of asset shortage named C - I index, We use another method according to the gap between current interest rate and the equilibrium inter- est rate based on the theoretical model. We conclude that financial assets shortage do exist in China. We put forward three specific policy recommendations to solve the shortage of financial assets. （ 1 ） To promote the marketization of interest rate, making the interest rate free floating in response to supply and demand of financial assets. （2） Improve residents＇ consumption level, reduce the de- mand of financial assets, the key lies in the establishment of a sound social security system to reduce the income uncertainty. （3） Vigorously develop the financial market is the basic path to solve finan- cial assets shortage.

关 键 词：金融资产短缺 均衡利率 金融市场 居民消费 资产供求 

分 类 号：F832.1[经济管理—金融学]