摘要
运用计量分析方法,对我国1994-2009年外汇储备与货币供应量M2、外汇占款及基础货币的相关关系进行实证研究,结果表明,双顺差引致外汇储备的大量增长是导致M2增长的原因,外汇占款已经成为央行供应基础货币的重要渠道之一,而国际收支双顺差最终会造成货币政策的有效性降低。
Double surplus cause substantial increase in foreign exchange reserves, while excessive growth of the reserves forces the central bank to increase the amount of base money supply, as the result, the excessive money supply affects the effectiveness of monetary policy. This paper, by using quantitative analysis, makes an empirical research on the eorrelativity between foreign reserves and M2 as well as money occupied by Foreign Currencies and the amount of money supply in the period of 1994 -2009. The result shows that the substantial increase of foreign reserves resulted from Double Surplus is the reason for the increase of M2, Money occupied by Foreign Currencies has already been an important way to offer the amount of money supply, and the Double Surplus may finally lead to reduction of the Money Policy validity.
出处
《南京人口管理干部学院学报》
CSSCI
2010年第4期76-80,共5页
Journal of Nanjing College for Population Programme Management
关键词
国际收支
双顺差
外汇储备
外汇占款
基础货币
货币供应量
货币政策
Balance of Payments
Double Surplus
Foreign Exchange Reserves
Funds Outstanding for Foreign Exchange
Monetary Base
Money Supply
Money Policy
