CAJ | 학술논문

中国的高货币化现象一直是国内各界争论不休的热点问题之一，但现有研究从理论和经验上都无法给出令人满意的解释。本文尝试从微观货币需求角度，对我国的高货币化之谜给出新的解释。研究结果表明：（1）我国微观货币需求表现出明显的规模不经济，相比于其他国家，我国货币需求规模弹性明显偏高，且规模越小的企业受到的融资约束越严重，导致其货币需求规模弹性也越大；（2）我国货币需求存在显著的非对称性卡甘效应，且通货膨胀率越高，卡甘效应越显著。上述实证结果意味着，金融市场与制度的不成熟，加之近年来，特别是亚洲金融危机之后相对大多数发展中国家较低的通胀率，使得信贷驱动的经济增长并没有引起超高的通货膨胀，是造成我国高货币化的重要原因。
중국적고화폐화현상일직시국내각계쟁론불휴적열점문제지일，단현유연구종이론화경험상도무법급출령인만의적해석。본문상시종미관화폐수구각도，대아국적고화폐화지미급출신적해석。연구결과표명：（1）아국미관화폐수구표현출명현적규모불경제，상비우기타국가，아국화폐수구규모탄성명현편고，차규모월소적기업수도적융자약속월엄중，도치기화폐수구규모탄성야월대；（2）아국화폐수구존재현저적비대칭성잡감효응，차통화팽창솔월고，잡감효응월현저。상술실증결과의미착，금융시장여제도적불성숙，가지근년래，특별시아주금융위궤지후상대대다수발전중국가교저적통창솔，사득신대구동적경제증장병몰유인기초고적통화팽창，시조성아국고화폐화적중요원인。
It is still a puzzle on the issue of the high level of China＇ s monetarization. In this paper,we have,from the perspective of micro demand for money, tried a reconsideration for the China＇ s Riddle. The results of our study demonstrate that economies of scale in money demand do not exist, that scale elasticity is significant greater than other countries, and that small firms exhibit larger scale elasticity than big firms. Cagan effect in money demand exists and demonstrates obvious asymmetry in that the stronger is Cagan effect, the higher the inflation rate is. We could conclude from above results that faultiness of financial market, system and relative low stable inflation, are the main sources of the China＇ s Riddle.