开放经济条件下货币反替代与货币政策关系研究

近年来，我国经济出现了明显的过热现象，在人民币升值预期的作用下，出现了居民增行本币资产和减持外币资产，导致基础货币过度投放进而造成货币过量供给这一“货币反替代”问题。货币反替代现象是一国居民对本外币的相对需求发生了变化，导致国内流通领域中外币通过各种渠道转化为本币，扰乱了正常的金融秩序，削弱该国货币当局对金融体系的控制权，妨碍货币政策的独立性并影响货币政策对宏观经济的效用。同时我们可以看到有效的货币政策是抑制货币反替代的一个重要手段。要防止经济大起大落，就必须运用各种制度和政策资源抑制货币反替代。．

Open economy condition currency Anti-substitution and monetary policy studies

In recent years,our country economy presented the obvious overheated phenomenon,under the RMB revaluation anticipated function,presented the resident to increase holds the standard currency property and the reducing foreign currency property,caused the foundation currency to put in excessively then creates the currency excessive supplies this the currency counter-substitution the question.The currency anti-substitution phenomenon was a country resident has had the change to this foreign currency relative de...