CAJ | 학술논문

金融资产在金融体系中发挥着越来越重要的作用，货币与产出、物价的相关性下降，货币政策的有效性逐步降低。因此，本文提出宏观流动性理论，将货币与金融资产纳入到统一的分析框架中，并为其管理政策提供理论基础。本文认为，由于融资过程中形成的资金流量与产出存在严格的对应关系，宏观流动性的内涵在于信用扩张水平，并以此为基础进一步界定了宏观流动性。之后，本文通过对比宏观流动性分析和货币分析框架指出，货币分析是特殊的宏观流动性分析。对中国的实证研究表明，宏观流动性分析更具优势。
금융자산재금융체계중발휘착월래월중요적작용，화폐여산출、물개적상관성하강，화폐정책적유효성축보강저。인차，본문제출굉관류동성이론，장화폐여금융자산납입도통일적분석광가중，병위기관리정책제공이론기출。본문인위，유우융자과정중형성적자금류량여산출존재엄격적대응관계，굉관류동성적내함재우신용확장수평，병이차위기출진일보계정료굉관류동성。지후，본문통과대비굉관류동성분석화화폐분석광가지출，화폐분석시특수적굉관류동성분석。대중국적실증연구표명，굉관류동성분석경구우세。
For financial assets playing more important role in financial system and the declining relationship between monetary assets and output, inflation, monetary policy is not as effective as before. In order to bring monetary assets and financial assets into a uniform analysis system, this paper puts forward macro-liquidity theory as the basis for macro-liquidity management. Firstly, this paper points out that the funds flow in financing process correspond with output, so macroliquidity has the connotation of the level of credit expansion. , on the basis of which, this paper defines macro-liquidity as well as its calculation method. The paper also demonstrates that macroliquidity analysis is better than money analysis through theoretical and normative analysis.