流动性洪流的背后探究中国经济流动性过剩之源.pdfVIP

Abstract The question whether Chinese economy could maintain its high rates of growth in the near future has attracted a lot of attention. In order to make this miracle continue, one of essential conditions is to stabilify financial environment and moneytary environment of the economy in China. In this article, the interaction between the moneytory environment stability and the entity economy movement will be elaborated. Speaking of China, the cause for excess liquidity is not only the imbalance between currency supply and demand, but also the structural unbalance in the entity economy and the intrinsic flaw in the economic system. Whatever to say, the miracle “high growth, lowinflation” continued several years was challenged and tested in 2007. As CPI climbed, the residents daily life costs rised, simultaneously the infaltion expectancy what the Central Bank most fears was forming. The excess liquidity has accumulated in economy for many years, and it took inflation as its outlet at last. To make it worse, the accumulation is still endless now. The causes for excess liquidity must be found instead of carrying out some emergent policies such as issuing Central Bank bills, raising the ratio of bank reserve against deposit and so on, no matter whether these policies could really make excess liquidity freeze, an effective way is needed in accordance with the cause. Talking ahout excess liquidity, people always think of flood. Flood is a kind of natural disasters, which is really hard to be controlled in the source, and people know the best way fighting agaist flood is to guide it instead of blocking it. This is also true to solve the problem of excess liquidity. Currency and liquidity is created by human beings, it is helpful to control its scale in the source if the cause for excess liquidity is found out, and the understanding and guidence of the source is a must to reduce the pressure of inflation.