摘要
由于我国长期实行换汇政策,这导致了我国外汇储备的迅速增加。而我国实行的是"钉住"美元的汇率政策,为了稳定汇率,这就要求中央银行在外汇市场上频繁地使用冲销工具,这也有可能造成国内经济的不稳定。中央银行的冲销政策导致了大量基础货币的投放,而这些投放的基础货币又是通过商业银行进入经济体系的,并且这些基础货币通过乘数效应进行放大,从而导致了货币供给的增加超过了经济系统所需的货币数量,由此产生了通货膨胀。
Since the long-standing policy of exchange in China,it has led to a rapid increasment in China's foreign exchange reserves.While China has been adopting the exchange rate policy of 'pegging the US dollar',the central bank in China has to use the offset tools frequently in the foreign exchange market in order to steady the exchange rate.And this may cause the instability in domestic economy.Central bank's offset policy has largely increased the basic currency which came into the economic system through commercial banks.The basic currency was bloomed by geometric series so that the monetary supply exceeded the economic system's demand.So,the inflation happened.
出处
《世界经济研究》
CSSCI
北大核心
2009年第2期35-39,46,共6页
World Economy Studies
基金
国家社会科学基金项目<完善国家宏观调控体系与保持经济平稳较快发展>的资助(项目批准号为06&ZD028)
