超额货币

超额货币成因及影响研究

A Study on the Origin and Impact of Excess Money

超额货币一直是理论界有争议的话题。

Excess money has been a controversial issue among the academic circle .

超额货币；货币流动性过剩；资产价格；

Missing Money ; Excess Monetary Liquidity ; Asset Prices ;

中国超额货币成因的进一步检验

An Empirical Study of the Cause of Ch in a 's Excess Money

在此基础上，作者建立了一个综合模型，试图对超额货币成因作出精确的解释。

Based on the discussion , the author builds a comprehensive model for explaining the origin of excess money .

20世纪90年代中后期以来，中国的超额货币供给与宏观经济运行表现出了新的特点。

Since latter half of the 1990 's , the phenomenon of overplus money supply and macroeconomic situation have occurred some new characteristics in China .

其预定的政策印刷什么样的经济的要求在提高实际长期利率，导致他们不降低超额货币。

Its intended policy of printing money in excess of what the economy demands has resulted in raising real long-term interest rates , not lowering them .

本文首先介绍了关于超额货币成因的几种理论假说，然后从理论及实证的角度对货币化假说提出了置疑。

At first , this paper introduces some hypotheses about the origin of excess money , and then brings into question the monetization hypothesis from theoretical and positive point .

本文发现中国经济转轨过程中释放出的超额货币需求可以更好地解释这一现象，证明我国经济中确实存在超额的货币需求。

This paper has found out that the excess money demand released from economic transition of China may well explain the phenomenon , which proves the actual existence of excess money demand in our economy .

并且从货币流通速度来看，我们发现存在超额货币现象，本文对这一现象从制度转型的角度作了简要解释。

Besides , from the speed of money flow in the transition of China , we find that there is a phenomenon of " excess currency ", which was explained from the angle of transition system .

另外，基于政府政策行为对通货膨胀的影响，本文还研究了贸易开放度与超额货币的数量关系，研究表明贸易开放度对超额货币有显著的负向影响。

In addition , based on the acts of government policies impact on inflation , the paper also studied the relationship between the number of trade openness and excess money , research shows that trade openness has a significant negative impact on the excess money .

第二章为相关文献综述，包括对超额货币之谜和畸高的M2/GDP的研究进行理论综述，旨在进一步表明本文的研究视角、研究思路和研究方法。

In addition to the first chapter , Chapter Two is literature review , mainly including the literature review of " Mystery of Excess Money " and the abnormal high M2 / GDP research which designed to show the perspectives , research ideas and research methodologies of this dissertation .

本文最后对超额的货币需求成因进行了经济解释。

Furthermore , this thesis provides an economic explanation to the formation causes of excess money demand .

传统货币政策已尽其所能：短期利率接近于零，商业银行坐拥1万亿美元超额准备金，货币供应增长速度超过名义国内生产总值（GDP）。

Traditional monetary policy has already done what it can : short-term interest rates are close to zero , commercial banks hold a trillion dollars of excess reserves , and the money supply is growing more rapidly than nominal gross domestic product .

但当经济开始复苏之际，美联储将不得不减少过多的货币存量，且更关键的是，需要避免银行的巨额超额准备金引发货币和信贷的爆炸式增长。

But when the economy begins to recover , the Fed will have to reduce the excessive stock of money and , more critically , prevent the large volume of excess reserves in the banks from causing an inflationary explosion of money and credit .

尤其是在利率市场化条件下，超额准备金利率成为货币市场利率的底线，对于防止利率过度低调具有其它工具所不可替代的作用。

Under the circumstances of interest rate liberalization , interest rate on excess reserve as the lower limit of market interest rates plays an important role in preventing interest rates from cutting down inordinately .