中国经济增长与货币供给机制转变
文章摘要:2012年中国经济进入新常态以来,经济增长结构性减速,以货币供给驱动资本形成推动GDP增长的目标越来越难以实现。基础货币供给的基础资产发生了根本性变化,从长期的外汇资产转为为金融机构流动性服务的短期资产,意味着“脱实向虚”从基础货币供给就有根源性特征。本文通过对经济增长与货币供给阶段性变化的经验、逻辑和体制安排进行梳理,分析货币供给机制的基础性变化特征,探索开放格局下经济增长与货币供给的新关系和面临的挑战,发现在新常态下重新设计财政和金融体... 展开
Abstract:Since China’s economy entered a new normal in 2012,the economic growth has been slowed down structurally,and the goal of GDP growth by increasing capital supply to promote capital formation has become increasingly difficult to achieve. Fundamental changes have taken place in the basic assets of the basic money supply,from long-term assets of foreign exchange to short-term assets serving financial liquidity. It means that ‘off rea... 展开