从财政政策角度看我国金融深化指标M2/GDP偏高原因

本文从两方面分析了中国金融深化指标M2/GDP过高的原因,首先从GDP核算的角度,即根据我国的GDP值存在着低估的现象的观点,对GDP值进行了上调,上调后M2/GDP金融深化指标明显下降,但是相对还是偏高.于是本文又进一步研究这个指标偏高的原因,从发行国债的规模影响即积极的财政政策方面的角度,提出了在金融深化过程中的财政政策的影响问题,指出M2/GDP偏高并不代表我国金融发展水平达到了很高的程度,而是我国特定的制度安排的结果.

Discussion over Reasons of Financial Deepening Factors is on the High Side from Fiscal Policy Angle

The paper analyzes the phenomenon that the ratio of M2/GDP in China is so high in two points.First,it's the measure problem of GDP.Our GDP is underestimated.Then I make GDP bigger,and the ratio of M2/GDP becomes lower.Last,I give the reason why M2/GDP is still higher in finance policy view of issuing public debt.I propose that how our finance policy works with the process of financial development and the high ratio of M2/GDP doesn't represent the high level of financial development,but is the result of our special finance policy.