流动性的变化特征及应对策略

20世纪80年代以来,资本市场迅猛发展、金融创新层出不穷,不同层面的流动性呈现出新的变化特征,并且相互影响共同作用于经济。近年来,全球经济出现的流动性过剩局面、次贷危机中流动性突然逆转,导致流动性紧缩,这些经济形势的变化都与流动性的变化密切相关,加强对流动性的研究和管理也成为各国宏观经济政策的主要任务。本文特别对流动性的变化特征,包括不同层面流动性的特征及其相互作用的特征进行了研究。

Characteristic of Liquidity Change and Policy Implication

The current research literature aboutliquidityfocuses on the definition of liquidity and excess liquidity,the measurement,the causes,related risks and solution,etc.The contribution of this paper is to explore the dynamic characters of liquidity change and its impacts on macro-economy and policy.It finds out due to the character of liquidity change,the aggregate liquidity of whole society becomes unstable,and the reversal of excess liquidity will bring about negative shock to the world economy.So the policy ...