外汇储备、外汇占款与流动性过剩:基于“三元悖论”的实证分析

流动性过剩是近年来我国经济发展中凸现出来的经济现象.文章从理论与实证两方面分析外汇储备对我国基础货币投放的影响,得出我国流动性过剩与现行汇率制度和外汇管理体制下国际收支双顺差所带来的外汇占款之间存在着密切的相关性,是造成流动性过剩的主要原因.因此,我国要彻底解决流动性过剩问题必须要深化汇率形成机制和外汇管理体制改革.

Foreign Exchange Reserve and Excessive Liquidity:A Positive Studies based on the Theory of Trilemma

Excessive liquidity is a severe problem in China in recent years.In this paper,with both theoretical and positive studies about the foreign exchange reserve and the basic money,it is revealed that the ever expanding foreign exchange reserve contributes directly to the excessive liquidity under the prevailing exchange system and the foreign exchange reserve management system.It is proposed that to solve excessive liquidity,we should improve the market mechanism Of exchange rate formation,deepen the reform of...