银行体系流动性过剩与货币政策有效性研究

导致银行体系流动性过剩的直接原因是基础货币投放规模过大和基础货币投放结构变化。银行体系流动性过剩的实质是货币市场的超额供给,是引发经济过热的潜在因素;"流动性过剩"并不是"用不了"或"用不出"的微观概念,而是"不应动用"或"不宜动用"的宏观概念。因国际收支持续高额顺差导致外汇储备高速增长,基础货币投放的内生性明显增强,致使央行的货币政策越来越受制于外部均衡状况,其金融宏观调控的有效性进一步削弱。

The Excess Liquidity in Banking System and the Effectiveness of the Monetary Policy

The excessive input of base money and the changed structure of the input of base money are the direct cause of excess liquidity in the banking system.The economic essence of excess liquidity is the excessive money supply and constitutes a potential factor leading to an over-heating economy.Excess liquidity is not a micro-concept that there is too much money to be spent or there is nothing to spend on.On the contrary,it is a macro-concept that it is improper or wrong to spend money.The continuous high surplus in China's balance of payments has led to a rapid increase in the country's foreign reserves,and the input of base money has become notably more endogenous.As a result,the central bank's monetary policy is more and more subject to external equilibrium,and its macro-financial regulation has become less effective.