CAJ | 학술논문

理论研究表明，货币体系中高流动性货币与准货币可以相互转化，货币的合意结构能够使经济在即期和中长期保持最优产出。为此，本文利用中国1952～2010年数据，实证检验了货币结构与经济产出的关系。研究发现：我国货币体系中的高流动性货币与准货币之间往往难以达到合意比例，且总体上表现为货币流动性不足的态势，这对经济产出产生了负面效应。然而，经济转型以来，货币流动性比率下降趋势得到缓解，货币结构得到一定程度的优化，且对经济产出产生了正向作用。这意味着央行的数量型货币政策的制定和实施应该更多的考虑货币结构所带来的影响，并着重引导货币结构趋于合理化。
이론연구표명，화폐체계중고류동성화폐여준화폐가이상호전화，화폐적합의결구능구사경제재즉기화중장기보지최우산출。위차，본문이용중국1952～2010년수거，실증검험료화폐결구여경제산출적관계。연구발현：아국화폐체계중적고류동성화폐여준화폐지간왕왕난이체도합의비례，차총체상표현위화폐류동성불족적태세，저대경제산출산생료부면효응。연이，경제전형이래，화폐류동성비솔하강추세득도완해，화폐결구득도일정정도적우화，차대경제산출산생료정향작용。저의미착앙행적수량형화폐정책적제정화실시응해경다적고필화폐결구소대래적영향，병착중인도화폐결구추우합이화。
Theoretical research shows that： there is a mutual transformation between high liquidity money and quasi - money in the monetary system, the rate of high liquidity currency and quasi - money will affect the eco- nomic output both in short and long run. Therefore, this paper tests the relationship between the monetary struc- ture and economic output by using the Chinese data from 1952 -2010. The result shows that： high liquidity currency and quasi - money in our monetary system is often hard to achieve acceptable structure, and represent the trend of illiquidity in the mass which has a negative effect on the economic output. However, since the eco- nomic restructure, the downtrend of the monetary liquidity ratio was alleviated, the monetary structure was opti- mized in a certain extent, and has a positive effect on the economic output. It means that the amount monetary policy of the Central Bank should give more consideration to the impact by the monetary structure, and empha- size on guiding the monetary structure to be rationalization.