Abstract: Excess liquidity should be divided into two layers:banking system and market,and these two layers of excess liquidity each has different determinative index.Although they have causality and interaction between each other,coexistence will not be necessary.While analyzing its cause of formation,students may have ignored three important factors as follows:change of operation style in postal savings,the income of public finance gathered from land mortgage,and development of new payment instruments as well.Executing the policy of"foreign exchange held by the people",enhancing the ratio of direct financing to indirect financing,and optimizing the structure of credit will all help to ease liquidity surplus of our economy.

Key words: liquidity surplus, layer classification, interaction mechanism, cause of formation

摘要： 流动性过剩应区分为银行体系和市场两个层面,而这两个层面的流动性过剩具有完全不同的判定指标。尽管二者具有因果关系并相互影响,但它们同时并存并不是一种必然。在分析流动性过剩的成因时,人们可能忽视了以下三个重要因素:邮政储蓄资金运用方式的转变,以土地为载体的财政收入信贷化,各类新支付工具的发展等。而实行"藏汇于民"政策,增加直接融资规模和比重,优化信贷结构等,将有助于缓解我国的流动性过剩。

关键词: 流动性过剩, 分层, 作用机制, 成因