CAJ | 학술논문

在巨量广义货币供给的背景下，中国金融业发生“钱荒”看似一个令人费解的现象。在对2013—2014年初所发生的两次“钱荒”进行了综述后，同吐基于相关理论和实证的分析，本文认为，2013年所发生的“钱荒”，直接原因看似为季节因素、监管压力、补缴法定准备金、资金外流、资产负债期限错配等等，而其深层次原因在于，中国粗放型经济增长模式和资产价格预期下降的情况下，金融资本过度进入非生产性投机领域，中国央行为预防由此带来的国家创新能力不足、剧烈通货膨胀、贫富差距扩大等一系列严重的经济社会问题，适时执行去杠杆化紧缩货币政策，导致银行等金融机构难以“借新还旧”。最后本文提出中国加强流动性管理的相关政策建议。
재거량엄의화폐공급적배경하，중국금융업발생“전황”간사일개령인비해적현상。재대2013—2014년초소발생적량차“전황”진행료종술후，동토기우상관이론화실증적분석，본문인위，2013년소발생적“전황”，직접원인간사위계절인소、감관압력、보격법정준비금、자금외류、자산부채기한착배등등，이기심층차원인재우，중국조방형경제증장모식화자산개격예기하강적정황하，금융자본과도진입비생산성투궤영역，중국앙행위예방유차대래적국가창신능력불족、극렬통화팽창、빈부차거확대등일계렬엄중적경제사회문제，괄시집행거강간화긴축화폐정책，도치은행등금융궤구난이“차신환구”。최후본문제출중국가강류동성관리적상관정책건의。
In a large number of broad money supply under the background of financial industry, Chinese ＂money shortage＂ is a puzz ling phenomenon. This paper reviewed the two ＂money shortage＂ that took place in the 2013 to early 2014, and the relevant theoreti- cal and empirical analysis, based on this thought, which happened in 2013 of the ＂money shortage＂, the direct reason for seasonal fac- tom, seemingly is regulatory pressure, pay the reserve, the outflow of funds, asset liability maturity mismatches, and its deep- seated reason is that extensive mode of economic growth and asset prices are expected to decline, financial capital over into unproductive specula- tion in the field, the national innovation ability Chinese central behavior prevention resulting insufficiency, severe inflation, widening gap between rich and poor, a series of serious economic and social problems, timely execution to leverage of tight monetary policy, led to banks and other financial institutions to ＂borrow new also old＂. At last this paper put forward relevant policy recommendations about Chi- nese strengthen liquidity management.