我国的货币需求、中央银行冲销操作与国际收支顺差

为分析我国国际收支顺差长期存在的原因,本文基于货币主义的分析框架和中国的经济现实,从货币需求和中央银行冲销操作的角度进行了研究.实证研究结果表明,自动调整机制无法纠正国际收支的失衡.两个可能的原因是较高的货币需求收入弹性与中央银行对增加的大部分国外资产的有效冲销.在此基础上本文提出了相应的政策建议.

Money Demand, Sterilization Policy of Central bank and Balance of Payments surplus in China

Based on monetary theories and the reality of China,this paper analyzes the source of balance of payments surplus of China in the long term from the perspective of money demand and sterilization policy operated by central bank of China.The empirical results show that the selfadjustment mechanism can not rectify the disequilibrium of balance of payments of China.The possible reasons are high income elasticity of money demand and effective monetary sterilization of central bank of China.Finally,we make some p...