摘要
本文基于货币超经济发行视角对流动性过剩进行量化分析,主张流动性过剩源于金融系统不良资产的货币化和动员式的投资驱动型数量增长模式;认为流动性过剩以经济景气循环为前提条件,通过三条传导渠道对实体经济产生负向冲击;从而建议采取对冲性货币政策工具吸收流动性增量,财政冲抵和其它均衡措施消解流动性存量的有效政策组合从根本上消除流动性过剩对经济的不利冲击。
This paper researches the excess liquidity with quantitative method based on currency over-issuing,and suggests that excess liquidity stemmed from the monetization of non-performing assets in the financial system and the mobilization-type investment-driving quantity growth pattern.The excess liquidity is conditioned by economic boom cycle and negatively affects the economy via three aspects.We thus propose to use the hedging of monetary policy tools to absorb incremental liquidity,and to take fiscal offsets...
出处
《当代经济科学》
CSSCI
北大核心
2008年第1期47-54,125-126,共10页
Modern Economic Science
基金
西安交通大学“985”工程二期建设项目(07200701)
关键词
不良资产货币化
动员型投资
货币供给超经济增长
政策组合
Monetization of non-performing assets
Mobilization-type investment
Over monetary supply
Policy mix
