南方金融
南方金融
남방금융
South China Finance
2010年
11期
47~49
,共null页
超额货币供给 基础货币 货币乘数
超額貨幣供給 基礎貨幣 貨幣乘數
초액화폐공급 기출화폐 화폐승수
Excess Money Supply; Base Money; Money Multiplier
我国超额货币供给现象源于基础货币快速增长和货币乘数不断攀升的综合作用,外汇占款增长引发基础货币被动投放和商业银行信贷持续扩张,进一步加剧了超额货币供给。缓解超额货币供给现象,需要稳步推进汇率形成机制改革,减轻外汇占款对基础货币投放的压力;大力发展资本市场,降低企业融资对银行信贷的依存度;积极推进跨境贸易人民币结算,支持企业加快＂走出去＂步伐。
我國超額貨幣供給現象源于基礎貨幣快速增長和貨幣乘數不斷攀升的綜閤作用,外彙佔款增長引髮基礎貨幣被動投放和商業銀行信貸持續擴張,進一步加劇瞭超額貨幣供給。緩解超額貨幣供給現象,需要穩步推進彙率形成機製改革,減輕外彙佔款對基礎貨幣投放的壓力;大力髮展資本市場,降低企業融資對銀行信貸的依存度;積極推進跨境貿易人民幣結算,支持企業加快＂走齣去＂步伐。
아국초액화폐공급현상원우기출화폐쾌속증장화화폐승수불단반승적종합작용,외회점관증장인발기출화폐피동투방화상업은행신대지속확장,진일보가극료초액화폐공급。완해초액화폐공급현상,수요은보추진회솔형성궤제개혁,감경외회점관대기출화폐투방적압력;대력발전자본시장,강저기업융자대은행신대적의존도;적겁추진과경무역인민폐결산,지지기업가쾌＂주출거＂보벌。
Excess money supply originates from rapid growth of base money and money multiplier.And it is exacerbated by the passive injection of base money and continuous credit expansion of commercial banks which was resulted from the RMB counterpart of foreign exchange reserves.More efforts should be made to mitigate excess money supply including steadily promoting reform of foreign exchange formation mechanism to ease pressures on base money form foreign exchange reserves growth,earnestly developing capital market to decrease enterprises’reliance on banks,positively enhancing the Going Global strategy and accelerating regionalization and internationalization of the RMB.
