CAJ | 학술논문

在我国巨额货币供给背景下,“钱荒”的发生看似是一个悖论,实质是银行体系内在结构性失衡和外部随机冲击共同作用的必然结果.究其原因,在非均衡经济和金融抑制条件下,很多银行将短期负债大量投入低流动性的房地产和地方融资平台,造成严重的资产负债期限错配,一旦出现某种或一组外在力量的冲击,银行就会出现暂时性甚至周期性“钱荒”,在严重时则演变为一场金融危机.对此,制度设计者既要改革金融监管体制, 鼓励金融创新,又要调整经济结构,加快产业升级,从而为根治周期性“钱荒”打下制度基础和经济基础.
재아국거액화폐공급배경하,“전황”적발생간사시일개패론,실질시은행체계내재결구성실형화외부수궤충격공동작용적필연결과.구기원인,재비균형경제화금융억제조건하,흔다은행장단기부채대량투입저류동성적방지산화지방융자평태,조성엄중적자산부채기한착배,일단출현모충혹일조외재역량적충격,은행취회출현잠시성심지주기성“전황”,재엄중시칙연변위일장금융위궤.대차,제도설계자기요개혁금융감관체제, 고려금융창신,우요조정경제결구,가쾌산업승급,종이위근치주기성“전황”타하제도기출화경제기출.
In the context of the huge money supply of China, ＂Money Shortage＂ appears to be a paradox, but it is the inevitable result of the inherent structural imbalances and external shocks random interaction of the banking system. The reasons are under non-equilibrium conditions of economic and financial repression, many banks would put a lot of short-term liabilities illiquid on real estate and local financing platform,and it makes serious balance maturity mismatch. Once a shock or a set of external forces appear, banks will have temporary, or periodic ＂Money Shortage＂, and may be evolved into a financial crisis in severe cases. Then, the system designers have to reform the financial regulatory system, encourage financial innovation, take economic restructuring and speed up industrial upgrading, so as to lay the economic foundation for curing periodic ＂Money Shortage＂ system.