摘要
我国历年严厉执行的现金投放计划属于计划经济性质的现金管理政策。这在市场化改革过程中已造成了M0与M2、M0与GDP之间的非均衡增长。文章认为,当前我国公众消费仍以使用M0交易为主。基础货币管理政策和现金投放计划这种双轨的货币调控制度,容易引起消费量与信贷投资量之间的非均衡增长,从而形成消费需求与投资相比的缺口。因此,现金管理效应可能是造成我国流动性过剩的制度原因之一。
In a period of time, the cash plan which was implemented in China was a kind of plan economy＇s monetary policy. It causes the imbalanced growth between M0 and M2, M0; and GDP Nowadays, M0 is still the main form of public consumption. The double track system of money management and cash input will easily cause the imbalanced growth between consumption and investment, which would make indentation. Therefore the cash restriction effect maybe one of the main reasons that liquidity surplus happens.
出处
《改革与战略》
北大核心
2008年第6期56-58,共3页
Reformation & Strategy
