CURRENCY OVERISSUING OF CHINA: CRITERIA, CAUSES AND TREATMENT

Economic Theory and Business Management ›› 2014, Vol. 34 ›› Issue (3): 5-13.

CURRENCY OVERISSUING OF CHINA: CRITERIA, CAUSES AND TREATMENT

FAN Cong-Lai, WANG Yong

School of Business, Nanjing University, Nanjing 210093, China

Received:2014-01-01 Online:2014-03-26 Published:2014-03-16

中国“货币超发”：
判断标准、成因及其治理

范从来,王勇

南京大学商学院，南京210093

作者简介:范从来（1962—），男，江苏南通人，南京大学商学院常务副院长，博士生导师，教育部长江学者特聘教授；王勇（1988—），男，江苏南通人，南京大学商学院博士研究生。
基金资助:
教育部长江学者和创新团队发展计划资助项目

Abstract

Abstract: By the end of October 2013, the broad money balances of China reached 107 trillion yuan, M2/GDP has been rising all the time in China, the ratio of monetization is nearly 200% now. The ratio of M2/GDP is also widely used to support the point of China now do exist currency overissuing. But simply corresponding M2 to GDP, demonstrating currency overissuing is lacking of rigorous theoretical and logical structure, besides, the explanatory power of economic variables is also inadequate. Analysis on the ISLM model showed the crux of high ratio of M2/GDP is not the amount of money too much, but the monetary impact on economic output in low efficiency. The focus needs to shift from currency overissuingto create the institutional environment for monetary policy.The settlement way is not blocking but dredging

Key words: currency overissuing , ISLM , inflation

摘要： 2013年10月末，我国广义货币余额达到107万亿元，与GDP之比接近200%，M2/GDP也被广泛用来佐证我国货币已经超发的论点，但简单地将M2与GDP相对应，论证货币超发缺乏严谨的理论依据与逻辑结构，对经济变量的解释力也不足。从IS—LM模型分析发现我国高M2/GDP的症结不在货币量的多少，而是货币对经济产出的影响效率偏低，关注的重点需要从“货币超发”转向为货币政策创造制度环境，解决的途径也不在“堵”而在“疏”。

关键词: 货币超发 , ISLM模型 , 通货膨胀

FAN Cong-Lai, WANG Yong. CURRENCY OVERISSUING OF CHINA: CRITERIA, CAUSES AND TREATMENT[J]. Economic Theory and Business Management, 2014, 34(3): 5-13.

范从来, 王勇. 中国“货币超发”：
判断标准、成因及其治理[J]. 经济理论与经济管理, 2014, 34(3): 5-13.

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