超额储蓄的再讨论及其政策含义  

Excess Savings and the Policy Implications

作　　者：李艳军 LI Yanjun(Gopher Asset Management Co.,Ltd.)

机构地区：[1]歌斐资产管理有限公司

出　　处：《金融市场研究》2023年第3期106-115,共10页Financial Market Research

摘　　要：市场近期对居民部门的超额储蓄讨论较多,但由于对储蓄和存款的概念界定不清,导致推演逻辑存在两点谬误:第一,错把储蓄等同于存款,进而也错将超额存款视作超额储蓄;第二,误认为消费复苏潜力与存款和储蓄规模相关。本文从储蓄和存款的基本概念出发,重新对超额储蓄及其政策含义进行探讨。Excess savings have become a focus of market attention of late. However, existing research does not distinguish residents’ deposits and savings, leading to two fallacies. Firstly, residents’ excess deposits are often confused with residents’ excess savings. Secondly, a revival of consumption is often mistakenly linked to deposits or savings. This paper discusses the definition of deposits and savings and reassesses assumptions about residents’ excess savings as well as related policy implications.

关 键 词：超额储蓄 居民存款 消费 居民资产负债表 

分 类 号：F832[经济管理—金融学]