摘要
中国银行体系的流动性过剩已经成为影响当前货币政策的重要冲击因素。造成流动性过剩的原因在于短期的银行上市筹资因素、中期的人民币升值因素和长期的高储蓄率因素。流动性过剩导致了低利率和信贷投放高涨,价格指数间的传递关系被屏蔽,将可能造成中国经济面临“投资膨胀-通货紧缩”压力。文章提出,有必要在承认高储蓄率和国际收支失衡的前提下,通过综合性的货币政策组合全面治理流动性过剩问题。
This paper studies the liquidity surplus in China＇ s banking sector. The banks＇ capital raising, local currency appreciation expectation, and over - saving propensity are three causes for liquidity surplus in short - term, medium - term and long - term, respectively. Liquidity surplus leads to low interest rate, over lending, price indexes distortion, and the cycle of investment booming and deflation. This paper also shows a policy combination to control liquidity surplus, given the over - saving and payment imbalance.
出处
《金融研究》
CSSCI
北大核心
2007年第01A期1-11,共11页
Journal of Financial Research
关键词
流动性过剩
冲击
货币政策
liquidity surplus, shocks, monetary policy
