CAJ | 학술논문

在巨量广义货币供给的背景下，中国金融业发生“钱荒”看似一个令人费解的现象。在对2013～2014年初所发生的两次“钱荒”进行了综述后，同时基于相关理论和实证的分析，本文认为，2013年所发生的“钱荒”，直接原因看似为季节因素、监管压力、补缴法定准备金、资金外流、资产负债期限错配等等，而其深层次原因在于，中国粗放型经济增长模式和资产价格预期下降的情况下，金融资本过度进入非生产性投机领域，中国央行为预防由此带来的国家创新能力不足、剧烈通货膨胀、贫富差距扩大等一系列严重的经济社会问题，适时执行去杠杆化紧缩货币政策，导致银行等金融机构难以“借新还旧”。最后本文提出中国加强流动性管理的相关政策建议。
재거량엄의화폐공급적배경하，중국금융업발생“전황”간사일개령인비해적현상。재대2013～2014년초소발생적량차“전황”진행료종술후，동시기우상관이론화실증적분석，본문인위，2013년소발생적“전황”，직접원인간사위계절인소、감관압력、보격법정준비금、자금외류、자산부채기한착배등등，이기심층차원인재우，중국조방형경제증장모식화자산개격예기하강적정황하，금융자본과도진입비생산성투궤영역，중국앙행위예방유차대래적국가창신능력불족、극렬통화팽창、빈부차거확대등일계렬엄중적경제사회문제，괄시집행거강간화긴축화폐정책，도치은행등금융궤구난이“차신환구”。최후본문제출중국가강류동성관리적상관정책건의。
In a large number of broad money supply under the background of financial industry , Chinese “money shortage” is a puzzling phenomenon . This paper reviewed the two “money shortage” that took place in the 2013 to early 2014 , and the relevant theoreti-cal and empirical analysis , based on this thought , which happened in 2013 of the “money shortage” , the direct reason for seasonal fac-tors , seemingly is regulatory pressure , pay the reserve , the outflow of funds , asset liability maturity mismatches , and its deep-seated reason is that extensive mode of economic growth and asset prices are expected to decline , financial capital over into unproductive specula-tion in the field , the national innovation ability Chinese central behavior prevention resulting insufficiency , severe inflation , widening gap between rich and poor , a series of serious economic and social problems , timely execution to leverage of tight monetary policy , led to banks and other financial institutions to “borrow new also old” . At last this paper put forward relevant policy recommendations about Chi-nese strengthen liquidity management .