从金融存量表看中国货币供给与货币创造的新变化  

New Changes of China's Money Supply and Money Creation Mechanism Seen from the Balance Sheet of the Financial Sector

作　　者：常欣[1] 

机构地区：[1]中国社会科学院经济研究所,北京100836

出　　处：《学术界》2017年第12期40-55,共16页Academics

摘　　要：近年来,中国的货币供给与货币创造机制都发生了重大改变。从货币供给机制看,随着中国国际收支状况的变化,特别是资本项目的流动方向发生逆转,中央银行资产负债表中的对外占款规模显著收缩;相应地,对其他存款性公司债权规模快速扩张。未来或需利用基于国家信用的货币发行机制来改造央行资产负债表。而从货币创造机制看,在金融创新和金融脱媒的大背景下,同业存单——同业理财——委外投资的同业链条快速发展,对其他存款性公司资产负债表和金融机构信贷收支表带来显著影响,使得基于证券净投资的货币创造渠道的作用凸显。未来随着金融降杠杆进程的推进,这一渠道或将受到一定抑制,但在实体部门投资回报率等实质性约束条件未发生根本改变的情况下,该渠道仍可能有一定的作用空间。Both China's money supply and money creation mechanism have experienced radicalchanges for the past few years. For the money supply mechanism,with the changes of China's balance of payment conditions especially the change of capital flow direction,the scale of foreign exchange on the balance sheet of monetary authority shrank remarkably. At the same time,the scale of claims on other depository corporations expanded at a quick pace. In the future, some modification of the balance sheet of monetary authority may be made utilizing the money supply mechanism based on national credit. For the money creation mechanism,against the background of financial innovation and financial disintermediation,the inter-financial-institution-transaction chain composed of inter-bank deposits, interbank financing and entrusted investment developed very rapidly,which had a marked impact on the balance sheet of other depository corporations and sources and uses of credit funds of financial institutions. This makes the function of the money creation channel based on net portfolio investment prominent. With the process of financial deleveraging being pushed forward,this channel may be restrained to some extent. But,with no radical changes in the decisive constraint condition including the rate of return on investment in the real economy in the future,this channel may still have functioning space to a certain degree.

关 键 词：金融存量表 货币供给 货币创造 同业链条 

分 类 号：F822.2[经济管理—财政学]