近年来中国国内货币供给源于国际资本流动吗?

中国央行对货币的控制能力一直是人们关注的焦点之一。普遍的观点是,近年来国际资本流动严重削弱了中国央行控制货币的能力。利用两阶段最小二乘法和递归法,本文的检验结果表明:尽管国际资本对央行净国内资产的抵消系数高达-1.014,但央行的冲销系数也达到了-0.985,这意味着货币供给受到国际资本流动的影响甚微。对广义货币的检验证明了这一点。因此,中国货币供给主要源于央行的国内信贷而非国际资本。

Does China′s Monetary Supply Comes From International Capital Flow in Recent Years?

The control ability of Chinese Central Bank to the currency is always one of focal points.A universal viewpoint is that international capital flows have weakened the ability of currency control by the Chinese Central Bank seriously in recent years.With two stage least squares method and recursion method,the result of this article is that although the offset coefficient of international capital to the net domestic assets of Central Bank reaches to-1.014,the sterilized coefficient of the Central Bank also achieves-0.985,this indicates that monetary supply has been affected by international capital slightly.It has been further proven by the test to broad money supply.Therefor,Chinese monetary supply mainly comes from domestic credit,but not from international capital.