流动性过剩：基于货币供给决定机制的解析

货币政策的多任务性影响着我国货币供给形成过程,基础货币调整与货币乘数变动同时出现失衡,从而导致资金流动性过剩。采用发行融资债券调节基础货币的非常规策略不能持久,抑止对外净资产过快上升的成本越来越高。现金存款比率和准备金存款比率持续下降而准货币存款比率却变化不大,从而导致我国货币乘数持续上升。货币当局的资产结构和公众的资产偏好分别影响着基础货币和货币乘数,是导致资金流动性过剩的根源,而消除流动性过剩也须借助转变货币当局资产结构和公众资产偏好来实现。

Excessive Liquidity: Analysis Based on Money Supply Determination

Multi-tasks of monetary policy affect Chi- nese money supply mechanism and lead to the dis-equilibrium of money base and money multiplier.And the dis-equilibrium determines Chinese excessive liquidity.Issuing financing pa- pers can adjust money base but its cost is increasing.The de- creasing currency ratio and the reserve ratio lead to money multiplier decreasing continuously.Central bank's asset structure and public preference influence base money and money multiplier and lead to excessive liquidity fundamentally.