货币供给、货币流通速度与通货膨胀的关系研究——基于美国、日本、英国与中国的比较

通货膨胀最终是一种货币现象的观点,已经被越来越多的人所接受,但通货膨胀是否完全由货币供给所决定却很值得研究.近期国内对央行超发货币引起通货膨胀的讨论开始甚嚣尘上,其潜台词就是过量货币供给必然引发通货膨胀,而不论该国的经济状态如何.本文通过引入货币流通速度并比较美国、日本、英国与中国的情况,发现中国目前并不存在货币超发,货币供给对通货膨胀的影响也不像想象中的那样大,在国内经济进一步增长以及货币流通速度不断下降的背景下,央行保持充分的货币供给是维护物价稳定的重要条件.

Study on the Relationship between Monetary Supply,Velocity and Inflation:Based on the Comparison among US,Japan,UK and China

Inflation is monetary phenomenon per se.This argument has been accepted by more and more people.Whether inflation is only determined by the monetary supply is still to be studied and the debate on the relationship between monetary over-supply and inflation is prevailing.Some argue that monetary over-supply definitely caused inflation,irrespective of economic condition of that country.The study finds that monetary over-supply doesn't exist in China and the effectiveness of monetary supply is limited,consider...