中国"超额货币"成因的进一步检验

中国的超额货币一直是理论界颇有争议的话题,因而关于超额货币成因的理论假说有很多种。基于对以往的理论假说进行总结与质疑的基础上,利用货币需求的收入弹性与价格弹性对交易方程式进行调整,并利用中国1991-2003年的数据对调整后的模型进行检验,结果发现:货币需求的收入弹性与价格弹性的变化是导致中国超额货币存在的主要原因。

An Empirical Study of the Cause of China''''s Excess Money

Excess money in China has always been a most disputable issue among the academic circle, and there are many theoretical hypotheses about the cause of it. After introducing and challenging those existing theoretical hypotheses, this article conducts an adjustment of the transaction equation with the income elasticity and price elasticity of monetary demand in China. The author then carries out an empirical study with the statistics from 1991 to 2003. The result indicates that the change of the income elasticity and price elasticity of monetary demand is the major cause of China's excess money.